부실기업 처리제도 비교 - 법정관리, 화의, 부도유예협약-

국문 초록 (Abstract)

法定管理와 和議는 대상기업이 재정적 파탄에 빠진 경우 이를 해결하기 위한 법적 장치(會社整理法, 和議法)인 점에서는 동일하나
- 법정관리는 회사가 갱생가능성이 있다고 판단될 경우에 법원의 관리·감독하에 회사의 유지, 재건을 목적으로 하고 그 과정에서 채권자·주주 등 이해관계인을 보호해 주는 절차인 반면
- 화의는 현재의 재산상태에서 채권자의 양보를 얻어 파산을 막는 것을 목적으로 함
- 協約은 부실징후기업의 정상화 촉진 및 부실채권의 효율적 정리를 위하여 채권금융기관이 조기에 공동대처하는 것을 목적으로 함

국문 초록 (Abstract)

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다국어 초록 (Multilingual Abstract)

This paper presents the results of the analysis on Workout, which has been implemented since 1998 on 106 large business corporations, in terms of legal, economic, and management perspectives. The followings are the findings of this research.
① Workout is on the line of continuous interventions by the government into the corporate exit mechanism following the Industrial Rationalization Measures since late 1960's. Workout Agreement among creditor financial institutions is, in an honest sense, not a self-motivated pact, but the government-urged rule.
② The enhancement of debt restructuring of workout firms are less effective than those of the firms under the corporate reorganization procedures. It is because that the restructuring process initiated by creditors has its own limits.
③ The management of ailing firms preferred workout to judicial process including corporate reorganization because they expected to maintain their control over the firms under the workout. It was not true in most cases.
④ It was not fully supported that workout was better tools for failing firms to continue their operation than corporate reorganization procedures. Empirical evidence shows that corporate reorganization procedure is better than workout to large firms with regard to continuing operation, whereas workout is more efficient to relatively small firms.
⑤ To make corporate exit market efficient, more firms should be restructured through judicial process not through governmen-backed measures. Expectation that the government would eventually intervene reduces incentives for creditors as well as debtors to do their best in negotiating for restructuring.

국문 초록 (Abstract)

- 주요 사안별 차이점
- 제도별 장,단점