公司重组的债权人财富效应研究综述

An Overview of Existing Research on Creditors' Wealth Effecting by Corporate Restructuring

从公司重组的概念出发,对公司重组的债权人财富效应文献进行了分类和归纳;探讨了公司重组的价值创造效应、财富再分配效应和信号效应,确认了由于样本规模、数据质量、正常收益率的计算方法不同,许多文献得出的结论并不一致,有时甚至相互矛盾;分析了在不同的公司治理体系下,公司重组的债权人财富效应应具有不同的特征。我国是新兴市场国家,企业经营的法律、金融、会计环境在短期内经常发生较大变化,在应用事件研究法分析公司重组的债权人财富效应应予关注。

According to its definition, the paper provides an overview of existing research on how corporate restructuring effects of creditors wealth, and discusses the value creation effect, wealth redistribution effect and signaling effect of corporate restructuring. The paper identifies significant gaps in the literature because of the differences in sampling size, data quality and the benchmark return, and analyzes the different characteristics of creditors wealth effecting under different corporate governance regimes. As our country is merging market economy, the legal, financial and accounting environment is often changing in short-term, the attention should be paid to the use of event study in the analysis of corporate restructuring and creditors wealth effecting.