The Administrative Costs of Debt Restructurings: Some Recent Evidence
研究企业债务重组的成本大小及其影响因素，发现债权人竞争越少，重组成本越低。这对理解财务困境成本和优化资本结构有参考价值。
How much does it cost to restructure a firm's debt? What factors can explain differences in restructuring costs across firms? The central thesis of the paper is that restructuring costs should be lower when there is less competition among creditors. Understanding the size and determinants of direct financial distress costs is important for two reasons. Under the "static trade-off" theories of capital structure, financial distress costs can be an important determinant of firms' optimal capital structures. Documenting the nature of financial distress costs is essential to understanding and testing these theories. Also, the debt restructuring process has been criticized for becoming increasingly inefficient and costly. Understanding the determinants of restructuring costs is necessary before policymakers can discuss ways to reduce these costs.