{"title":"新冠肺炎危机下的企业结构调整","authors":"R. Greenwood, Benjamin Iverson, D. Thesmar","doi":"10.1353/eca.2020.0029","DOIUrl":null,"url":null,"abstract":"ABSTRACT:In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many surviving firms will need to be downsized or acquired. In normal times, this triage is supported by the court system, banks, and financial markets. The goal of this paper is to size up the coming surge of financial distress, list the challenges it presents in the current environment, and offer potential policy solutions. Overall, our analysis suggests that the two key issues will be court congestion and excess liquidation and failure of small firms.","PeriodicalId":51405,"journal":{"name":"Brookings Papers on Economic Activity","volume":"16 1","pages":"391 - 441"},"PeriodicalIF":2.7000,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"44","resultStr":"{\"title\":\"Sizing Up Corporate Restructuring in the COVID-19 Crisis\",\"authors\":\"R. Greenwood, Benjamin Iverson, D. Thesmar\",\"doi\":\"10.1353/eca.2020.0029\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT:In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many surviving firms will need to be downsized or acquired. In normal times, this triage is supported by the court system, banks, and financial markets. The goal of this paper is to size up the coming surge of financial distress, list the challenges it presents in the current environment, and offer potential policy solutions. Overall, our analysis suggests that the two key issues will be court congestion and excess liquidation and failure of small firms.\",\"PeriodicalId\":51405,\"journal\":{\"name\":\"Brookings Papers on Economic Activity\",\"volume\":\"16 1\",\"pages\":\"391 - 441\"},\"PeriodicalIF\":2.7000,\"publicationDate\":\"2020-11-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"44\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Brookings Papers on Economic Activity\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1353/eca.2020.0029\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Brookings Papers on Economic Activity","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1353/eca.2020.0029","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
Sizing Up Corporate Restructuring in the COVID-19 Crisis
ABSTRACT:In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many surviving firms will need to be downsized or acquired. In normal times, this triage is supported by the court system, banks, and financial markets. The goal of this paper is to size up the coming surge of financial distress, list the challenges it presents in the current environment, and offer potential policy solutions. Overall, our analysis suggests that the two key issues will be court congestion and excess liquidation and failure of small firms.
期刊介绍：
The Brookings Papers on Economic Activity (BPEA) is a semi-annual academic conference and journal that pairs rigorous research with real-time policy analysis to address the most urgent economic challenges of the day. Working drafts of the papers are presented and discussed at conferences typically held twice each year, and the final versions of the papers and comments along with summaries of the general discussions are published in the journal several months later. The views expressed by the authors, discussants and conference participants in BPEA are strictly those of the authors, discussants and conference participants, and not of the Brookings Institution. As an independent think tank, the Brookings Institution does not take institutional positions on any issue.
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