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1、本科毕业论文（设计）外文翻译原文：TheDesignofCorporateDebtStructureandBankruptcyBankruptcylawregulatestheinteractionbetweendebtorsandcreditorswhendebtorsdefaultandthepartiescannotworkouttheirdifferencesoutsidethecourts.Thelawaddressestwomaintypesofconflicts:conflictsbetweenadebtorandhercre
2、ditors,andconflictsamongcreditorsthemselves.Empirically,thislattertypeofconflictisthemajorsourceofcomplexityinmodernbankruptcylaw,andhasthereforegivenrisetoasubstantialliterature,muchofwhichinlaw.Thisliteraturetypicallytakesanex-postperspective:howtosortoutclaimsoncethefir
3、misbankrupt,giventhecontractualandlegalarrangementsinplace.Butthewayex-postconflictsareresolvedalsoinfluencestheinitialfinancingandvaluationofthefirm,whichsuggeststhatthetwoproblemsshouldbeanalyzedjointly.Infact,theproblemofbankruptcyismostinterestingwhenposedinanex-antefr
4、ameworkasitraiseswhatseemslikeaparadox:ifbankruptcywithmultiplecreditorsissocomplex,whywouldafirmcontractwithseveralcreditorsinthefirstplace?Putdifferently:ifconflictsofinterestmustberesolvedexpostanyhowandtheseresolutionsarecostly,whycreatethemandhowstructurethemexante?We
5、attempttoanswerthesequestionsinanoptimalcontractingapproachtocorporatedebtandbankruptcy.Thepaperanalyzesafirm’schoiceofdebtstructureanditseffectonincentivesforstrategicdefault.Westartfromtheobservationthatmultiplecreditorsmakecontractrenegotiationsmoredifficultandemphasize
6、a)theex-postconflictsamongmultiplecreditors,b)thedesignofindividualclaimsandtheirimpactontheseconflictsandc)theroleofbankruptcyrulesinresolvingsuchconflictsfromanexanteperspective.Inourmodel,havingmultiplecreditorsgivesrisetopotentialex-postinefficiency,whichstemsfromfrict
7、ionsinmultilateralconflictresolution.Thiscorrespondstothewell-knowninefficienciesintheworkoutsoffinancialdistress,documented,e.g.,byAsquith,Gertner,andScharfstein(1994).However,inthespiritoftheliteratureonstrategiccapitalstructuredesign,1wenotethatthisex-postinefficiencyal
8、sohasapositiveincentiveeffect,asitforcesthefirmtohonorseveralclaimsinsteadofonlyoneifitwa
