Default and Bankruptcy Resolution in China

被引：2

作者：

Hotchkiss, Edith ^{[1
]}

John, Kose ^{[2
]}

Li, Bo ^{[3
]}

Ponticelli, Jacopo ^{[4
,5
,6
]}

Wang, Wei ^{[7
]}

机构：

[1] Boston Coll, Carroll Sch Management, Boston, MA USA

[2] NYU, Stern Sch Business, New York, NY 10003 USA

[3] Tsinghua Univ, PBC Sch Finance, Beijing, Peoples R China

[4] Northwestern Univ, Kellogg Sch Management, Evanston, IL USA

[5] Natl Bur Econ Res, Cambridge, MA 02138 USA

[6] Ctr Econ Policy Res, London, England

[7] Queens Univ, Smith Sch Business, Kingston, ON, Canada

来源：

ANNUAL REVIEW OF FINANCIAL ECONOMICS | 2023年 / 15卷

关键词：

bankruptcy law; nonperforming loans; shadow banks; bond markets; default; restructuring; SHADOW BANKING; REFORM; LOANS; LAW;

D O I：

10.1146/annurev-financial-110921-014557

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this article, we review the literature on the recent growth of corporate debt in China and present stylized facts on the evolution of debt composition, nonperforming loans, defaults, and bankruptcy filings. We then describe the legal and political institutions that characterize the system for restructuring and liquidating financially distressed firms, including recent reforms of China's bankruptcy law. Finally, we discuss the main challenges faced by China in the implementation of these reforms, including frictions in judicial enforcement.We also propose potential avenues for future research.

引用

页码：369 / 385

页数：17

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