财务危机企业重组与金融创新

——No.20011020019——220%50%1(79790130)2,(1)1(2)19Erie47.5%7%13.3.197090(50100)16981918821525%19707.8%25.3%(1)(2)(3)(4)(5)2.(RTC)10RTC70KAMCODANAHARTA(1)(2)(3)(JunkBonds)(JunkBond)(FinanceRestructuringBank)30J.P.MorganLongJ.P.Morgan30%(KKR)30J.P.Morgan8035[1]Chernow,Ron.1996[2]DeLong,J.Bradford,1992,J.P.MorganandHisMoneyTrustWorkingPaper,HarvardUniversity[3]Kaufman,AllenandErnestJ.Englander,1993,KohlbergKravisRoberts&Co.andtheRestructuringofAmericanCapitalismBusinessHistoryReview,67[4]Klingebiel,Daniela,1999,TheUseofAssetManagementCompaniesintheResolutionofBankingCrisesCross-CountryExperiences,WorkingPaper[5]Tufano,Peter.1997,BusinessFailure,JudicialIntervention,andFinancialInnovation:RestructuringU.S.RailroadsintheNineteenthCenturyBusinessHistoryReview71[6]Tufano,Peter.1995,SecuritiesInnovations:AHistoryandFunctionalPerspectiveJournalofAppliedCorporateFinance7[7]200011[8]199975[9]200012:[e-mail]:NationalCenterforEconomicResearchTsinghuaUniversityBeijing100084ChinaTel:86-10-62789695Fax:[phone]Website:@em.tsinghua.edu.cn