破产法的成本与效益

破产法成本是一种交易费用,具有非生产性和不确定性的特征。降低交易费用是提高破产法效益的途径,其中最根本的一个方面是要明确界定产权。破产法中的效益观应当是“卡尔多—希克斯”效益观,即只要总收益大于损害,就是有效益的。一般来说,重整的效益总是优于清算,因此,破产法的目的应当是将破产引向重整。 

The Cost and Efficiency of Bankruptcy Law

The cost of Bankruptcy law is a sort of transaction cost, which is unproductive and indefinite.Reducing transaction cost is a way to improve the Efficiency of Bankruptcy law,in which the most important aspect is to determine the scope of property right.We believe that it is efficient when the gross benefit exceeds the damage.Generally,the efficiency of the reforming is always superior to liquidation,thus,the aim of the Bankruptcy law should lead Bankruptcy to Reforming.