Critical Finance Review 2019, Vol 8+

回购优先权与破产法

作者：Jun Kyung Auh（Georgetown University）

Suresh Sundaresan（Columbia Business School）

摘要：本文表明，在破产法保护债权人权利并且不损害担保债权人利益的情况下，债权的发行，例如自动中止回购的豁免，不增加任何价值。当破产程序承认违反绝对优先权规则或导致担保债权人的抵押品减值时，负债结构包括短期债务，当抵押品达到最低流动性阈值时，得到安全港保护。安全港的权利导致企业发行更多的短期债务，更少的长期债务，并增加长期利差。

Repo Priority Right and the Bankruptcy Code

Jun Kyung Auh（Georgetown University）, Suresh Sundaresan（Columbia Business School）

ABSTRACT

This paper shows that when the bankruptcy code protects the creditors’ rights with no impairments to secured creditors, issuance of debt such as repo with exemption from automatic stay adds no value. When the bankruptcy process admits violations of absolute priority rules or results in collateral impairments to secured creditors, the liability structure includes short-term debt, with safe harbor protection when the pledged collateral satisfies a minimum liquidity threshold. Safe harbor rights lead firms to issue more short-term debt, less long-term debt and increase the long-term spreads.

原文链接：

http://cfr.ivo-welch.info/readers/2018/auh-sundaresan-2018.pdf

翻译：董宇佳