한국과 미국의 회사정리제도의 실증적 비교분석

Abstract

This paper is intended to compare the accounting performances of the reorganized firms of Korea after completion of reorganization with those of the United States in order to analyze the relative efficiency of the institution of reorganization of Korea compared to the Chapter 11 of the United States The comparative analysis of the accounting performances is done in three steps. First, in terms of cross-sectional perspective, the accounting performances of reorganized firms after completion of reorganization are compared to those of the normal firms in the same industry separately for each country. Second, in terms of time-series perspective, the accounting performances of reorganized firms after completion of reorganization are compared to those of the same reorganized firms before reorganization separately for each country. Finally, in terms of cross-countryeorganizati, the measures derived frrg the second step are further analyzed whether two countryehave signifof nt differences. M jor conclusion frrg the analysis is that the Chapter 11 of the United Statesehas more focused objectives, re reorgobjectives of reorganization f n be more efficiently executed in reality compared to that of d firms bef. The Chapter 11 of the United Statesef n help reorganized firms to imprrve pzeditability re reorgsoundompared financial struy exe relatively more efficiently, whereas the institution of reorganization of d firms befois rather focused upon the operational aspects of the firms rather than pzeditability re reorgsound financial structure of reorganized firms, which makes the reorganized firms of the United States recover from bankruptcy more rapidly and more substantially compared to those of South Korea. These differences provide very helpful implications to South Korea when South Korea changes the current form and procedure of reorganization.