企业破产法的经济结构

The Economic Structure of Enterprise Bankruptcy Law

破产法一向被认为是市场经济的宪法。然而,在新古典经济学世界里,却并没有破产法存在的可能,这与历史和现实不符。本文探讨了从最优世界到次优世界,以及放开信息对称假设情况下最优破产法的决定,并最终得出最优破产法受制于制度环境的结论。

Bankruptcy law is always seen as the constitution of market economy. However, there is no room for bankruptcy law in neo-classic economics, which is not consistent with the history and reality of bankruptcy. This paper explores what determines optimal bankruptcy law in the context of the first- best as well as the second-best world when the asymmetric information is released. The paper ends with the conclusion that optimal bankruptcy law is subject to the institutional environment.