破产制度的经济影响：证据、挑战与机遇

THE ECONOMIC IMPACTS Evidence, ChallengesPublic Disclosure Authorized Antonia Menezes and Akvile GropperPublic Disclosure Authorized THE ECONOMIC IMPACTS Evidence, Challenges Antonia Menezes and Akvile Gropper This work is a product of the staff of The World Bank with external contributions. The findings,interpretations, and conclusions expressed in this work do not necessarily reflect the views of The The World Bank does not guarantee the accuracy, completeness, or currency of the data includedin this work and does not assume responsibility for any errors, omissions, or discrepancies in theinformation, or liability with respect to the use of or failure to use the information, methods, processes,or conclusions set forth. The boundaries, colors, denominations, links/footnotes and other information Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination ofits knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long Any queries on rights and licenses, including subsidiary rights, should be addressed to World BankPublications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522- Cover photo: © iStock TABLE Acknowledgements1 Abstract2 1. Introduction4 2.Context:Bridging the Knowledge Gap—Relevance toEmerging Markets and Developing Economies (EMDEs)6 3.Bird’s Eye View:Unpacking the Benefits of Effective InsolvencyFrameworks 5. Conclusions22 Annexes24 References Acknowledgements This note updates the World Bank Group Insolvency and Debt ResolutionProgram’sViewpoint“Insolvency Reform for Credit,Entrepreneurship,andGrowth” July 2014 edition. The Viewpoint July 2014 edition was based on This revised note draws on further research by Professor Kristin van Zwieten.Thedevelopment of this publication was led by Antonia Menezes,SeniorFinancialSector Specialist,Finance,Competitiveness&Investment GlobalDepartment and Akvile Gropper, Senior Consultant, Finance, Competitiveness& Investment Global Department under the overall supervision and guidanceof Jean Pesme (Global Director in the Finance, Competitiveness & InvestmentGlobal Department) and Harish Natarajan (Practice Manager in the Finance,Competitiveness & Investment Global Department). We extend our gratitude tothe World Bank’s Insolvency & Debt Resolution team for their invaluable inputs: This publication is supported by The State Secretariat for Economic Affairs(SECO), which implements Switzerland’s economic and trade policy measures forthe benefit of developing countries. It coordinates its activities with the Swiss Abstract This note reviews empirical evidence on the impacts of insolvency regimes onentrepreneurship, access to credit, preservation of viable businesses and jobs,and other variables contributing to economic development. Its objective is toprovide policy makers with evidence to guide insolvency reforms that fosterpositive economic outcomes. The note summarizes findings of empirical studiesselected after a wide-ranging literature review.Most of these studies are from INTRODUCTION01. The Economic Impacts of Insolvency Regimes: Evidence, Challenges and The World Bank regards insolvency regimes as an important tool for the treatmentof unsustainable debt levels, both for individuals and firms. The 2022 WorldDevelopment Report, for instance, highlights that not only do well-functioninginsolvency systems establish fairness for debtors by providing a pathway outof perpetual indebtedness, but they also have the potential to drive futureinnovation and economic growth by separating financially distressed but stillviable enterprises from nonviable ones.1This helps free up capital for lending to This note explores some of the evidence, drawn fromempirical literature,2 of the relationship betweeninsolvencyregimes and important variablescontributing to economic development. Focusingon evidence relating to the effects of insolvencyregimes for business debtors (both individual and In highlighting this evidence, this note does notattempt to offer a complete account of the waysin which insolvency frameworks can contributeto economic development,3 but rather to point tosome of what may be at stake when policy makerspursue reform in this area. It is to these policy 2. CONTEXT:BRIDGING THE KNOWLEDGE GAP—RELEVANCE TO EMERGING MARKETS AND Insolvency regimes, which provide mechanisms forthe coordinated treatment of a debtor’s expectedinability to discharge its fixed obligations, are onlyone component of the regulatory and institutionalenvironment for credit. Other relevant components expand the assets that debtors can credibly offeras collateral to lenders, while retaining possessionof the pledged asset, can widen access to credit.In Romania, following reforms of this kind, thefirms most likely to be affected4 i