营商环境评估中破产效率指标扩展及度量浅析

A Brief Analysis of the Expansion and Measurement of Bankruptcy Efficiency Indicators in Business Environment Assessment

B-READY较之前的DB有较大变化,且均是国际基准项目,各经济体可进行扩展。B-READY中企业破产主题第三支柱为破产效率,指标为时间、成本,笔者认为宜将回收率指标直接在破产效率中明确体现,同时对扩展后的组成成分及分值进行了设置。通过对近二年重整上市公司在效率指标度量上存在的瑕疵分析,笔者认为,时间、成本、回收率之间应是匹配相关的,并给出了公允度量回收率的相关公式,同时建议破产效率及其指标的评估方法可参照企业绩效评价分五档的方法,最后结合某重整案例对回收率公允度量方法进行了解析。

In recent years,the B-READY has undergone significant changes compared to its predecessor,DB.Both are international benchmark projects developed by the World Bank,upon which individual economies can build and develop.Within the B-READY framework for corporate bankruptcy,the third pillar is bankruptcy efficiency,with indicators being time and cost.The author believes it’s appropriate to directly incorporate the recovery rate indicator into bankruptcy efficiency,while also establishing the components and scores for the expanded elements.After analyzing the shortcomings in measuring efficiency indicators for publicly traded companies undergoing restructuring over the past two years,the author believes that there should be a coherent relationship between time,cost,and recovery rate.The author also provides a relevant formula for the fair measurement of recovery rates and suggests that the assessment methods for the bankruptcy efficiency and its indicators could follow a five-tier approach similar to corporate performance evaluations.Finally,the author analyzes the fair measurement method for recovery rates in the context of a specific restructuring case.