企业重组程序的效率损失与破解

The Efficiency Loss of Reorganization Procedure of Enterprises and Countermeasures

专用性资产、市场不完善性和行业冲击问题都要求重组程序的存在。在上述情况下，重组程序可以保护存续价值。避免价值损失。重组程序也有可能产生无效率的结果，包括拯救没有存续价值的企业和对当事人的激励产生负面影响。重组程序的这种两面性意味着，将重组程序引入《破产法》是值得肯定的，但同时需要作出必要的限制。

Reorganization procedure is indispensable due to firm-specific assets,imperfection of markets, and industrial shocks; under these circumstances, reorganization procedure may preserve going concern value. Unfortunately, Reorganization procedure may generate inefficient effects, such as saving firms without going concern value and providing adverse incentives. Consequently, supplementing China＇s bankruptcy law with reorganization procedure deserves praise with some necessary limitations.