Optimal Debt and Equity Values in the Presence of Chapter 7 and Chapter 11
分析破产清算与重组并存时，借款人与贷款人的利益冲突，发现重组能提升债务容量、降低信用利差并改善企业价值，但控制权分配影响收益分配。
Explicit presence of reorganization in addition to liquidation leads to conflicts of interest between borrowers and lenders. In the first–best outcome, reorganization adds value to both parties via higher debt capacity, lower credit spreads, and improved overall firm value. If control of the ex ante reorganization timing and the ex post decision to liquidate is given to borrowers, most of the benefits are appropriated by borrowers ex post. Lenders can restore the first–best outcome by seizing this control or by the ex post transfer of control rights. Reorganization is more likely and liquidation is less likely relative to the benchmark case with liquidation only.