도산기업의 갱생요인에 관한 추가적 증거 - 채무면제이익과 상장여부를 중심으로 -

Whether a bankrupt firm reorganizes or liquidates deeply affects the wealth of the firm's interested parties, and therefore it has been an interest of many researchers to investigate the factors of bankrupt firms' reorganization. Nonetheless, existing empirical studies in Korea on this subject have been very few, and even they have some limitations due to the difficulties of sample selection and data collection. Based on this point of view., this study performed an empirical study on factors of bankrupt firms' reorganization by improving the limitations of existing studies.Sample firms are composed of STOCK-listed companies, KOSDAQ-listed companies and other companies that are under legal management or composition from 1997 to 2005 and finally reorganized(liquidated) under legal management or composition law. Logit analysis, t-test and Wilcoxon rank-sum test are used as the empirical test methods. The test results show that business type, firm size, gain on exemption of debt, and whether listed or not have significant explanatory power, but unsecured asset, current asset, fixed liability, and cash flow from operation do not have significant explanatory power. These findings suggest that the bankrupt firms' reorganization could be deeply affected by the judgement of the court that tries to reorganize the firms having more interested parties and thereby to minimize the social costs from liquidation of the firms, and some bankrupt firms without so much social benefit from reorganization could reorganize through the support of gain on exemption of debts.