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1

2

3 time inconsistency

4 DCF...43 DCF (DCF) DCF

5 SPC DIP...60 DIP...60 DIP...62 DIP DIP DIP...66 DIP...67 DIP...68 DIP...69 DIP DES DES...72 DES DES

6 M&A M&A M&A M&A M&A M&A M&A M&A RCC RCC RCC ~

7 RCC

8 6

9 :

10 GDP 8

11

12 RCCCCPC 10

13

14 : 15 12

15 4 4 13

16 : 3: DCF

17

18 2 ex-ante efficiency Pareto efficiency ex-post efficiency 16

19 time inconsistency bonding 1 bonding time inconsistency 1: 17

20 3 18

21 19

22 20

23 21

24 22

25 23

26 exist voice 24

27 / 25

28 90 90 DES DES

29 27

30 1 2 2 DCF DCF DES DIP DES DIP 2 28

31 M&A M&A DES DIP DES 29

32 DES observable but not verifiable 30

33

34 DES

35 DES 1 1: 33

36 DIP DIP DIP 5-1 2: 942 3: 34

37 DIP DIP DIP 35

38 :

39 DIP DIP DIP DIP DIP DIP 37

40

41 5 DIPDebtor In Possession DIP 5: 39

42 40

43 M&A

44 100% 42

45 3 DCF DCF ( DCF)DCF () DCF 43

46 44

47 (DCF) DCF (DCF) ( ) DCF DCF DCF DCF () DCF 45

48 DCF 46

49 DCF DCF DCF DCF DCF DCF DCF DCF 47

50 DCF DCF DCF DCF ( ) (WACC) 48

51 DCF DCF DCF 49

52 (EBITDA) EBITDA Earnings Before Interest, Tax, Depreciation and Amortization EBITDA EBITDA EBITDA ( 5 10 ) 3 EBITDA PER 50

53 DCF () CAPM(Capital Asset Pricing Model)APT(Arbitrage Pricing Theory) 51

54 (WACC) WACC D E = ( 1 T ) R( d) + R( e) D + E D + E WACC(Weighted Average Cost of Capital) D E() T R(d) R(e) WACC 52

55 4 53

56 54

57 SPC 6: 55

58 SPC SPC SPC SPC BondNote Note SPC Bond SPC Loan SPC SPC SPC SPC SPC 56

59 SPC SPC SPC SPC SPC 57

60 58 SPC SPC 5-5 SPC SPC

61 59

62 DIP DIP DIP DIP 6-1 DIPdebtor-in-possession DIP DIP DIP 6-2 DIP DIP DIP DIP DIP 6-1 DIP DIP DIP 60

63 2 DIP! DIP DIP DIP HP Exit Finance DIP 61

64 DIP DIP DIP DIP DIP DIP DIP DIP DIP DIP DIP 62

65 DIP 63

66 DIP 64

67 DIP DIP 1: 65

68 DIP DIP6-4 DIP 66

69 DIP DIP DIP DIP DIP DIP 67

70 DIP DIP DIP DIP DIP DIP DIP DIP 68

71 DIP 3 5 DIP M&A 7 M&A DIP DIP DIP 69

72 DIP DIP Super priority DIP DIP DIP DIP DIP DIP DIP DIP DIP DIP DIP 70

73 7 DES DES 7-1 DES 50 DES DES 7-1DES BS BS ( ) 1 DES 2 DES 50 DES No.621 BS

74 DES DES DES DES DES DES DES DES DES DES 72

75 1 DES DES DES DES DES DES DES DES DES 2 DES 7-2 DES DES DES 1: G S1 S2 20 5S1 S S1 G S2 S S1 S2 DES GS1S2 2: hope certificate 73

76 7-3 DES DES 3 DES DES 7-2 DES DES DES BS DES BS DES DES DES DES 21 No.616 3: 74

77 7-3 DES BS BS DES 21 No.616 DES DES DES DES 4 DES DES DES DES 2 DES DES DES 4: 75

78 DES DES DES 5 DES DES DES DES DES DES DES DES : 6:

79 DES DES DES No

80 DES DES 14 DES DES DES 7: 36 8: : 57 10: 47 11: 12: 78

81 7-5 DES DES No.1002 DES DES DES % 0.15% 13: DES DES DES 79

82 DES DES DES DES DES 5 5 DES DES DES 15 DES 14:: :

83 DES DES 5 DES DES DES DES DES 81

84 M&A M&A M&A M&A 8-3 M&A 8-1 M&A ININ M&A INOUT M&A OUTIN M&A 82

85 8-2 M&A 8-3 MA M&A % MBO 50% 50% 83

86 M&A 1 M&A M&A M&A M&A M&A 1: 84

87 M&A M&A M&A M&A 100% 85

88 M&A M&A M&A M&A 86

89 M&A M&A M&A DIP M&A M&A 2 M&A 8-4 2: 87

90 X

91 A B B bad good good M&A M&A 5 89

92 3 M&A M&A M&A M&A MA M&A M&A M&A M&A 34 2~3 3: 1 90

93 M&A 2 3 DIP M&A 91

94 () RCC (PE ) PE PE PE PE 92

95 DES PE 93

96 M&A 94

97 ( ) 95

98 DES (DES) 5 DES DES DES DES DES DIP IPO M&A () 96

99 () (RCC ) DES ()

100 98

101 DES IPOM&A 99

102 EXIT EXIT IPOM&A IPO M&A M&A M&A GP LPGP GP LP GP LP LP 100

103 GP LP LP GP GP LP 9-2 PE GP 101

104 LP 102

105 RCC

106

107

108 EXIT IPO 106

109 M&A M&A M&A M&A M&A 107

110 M&A M&A M&A M&A M&A M&A M&A M&A M&A M&A M&A M&A M&A 108

111 M&A 109

112 ROE RAROA MBO MBO MBO 110

113 () RCC

114 DES DES

115 113

116 No

117 DIP DES M&A DIP DESM&A DES DES DES DES DES M&A M&A M&A 115

118 116

119 10 RCC RCC99 RCC RCC RCC RCC RCC RCC RCC 3694 RCC RCC RCC 1:RCC

120 RCC RCC RCC RCC RCC RCC RCC RCC RCC 2 2 2: :International Federation of Insolvency Professionals 8 118

121 M&A RCC RCC RCC DES DIP RCC RCC RCC RCC 53 RCC RCC RCC RCC RCC 119

122 3 RCC RCC RCC 3:RCC 120

123 10-1 RCC 121

124 RCC 13 6 RCC 10-2 RCC RCC RCC RCC 53RCC 10-2 RCC 122

125 RCC 2 RCC RCC 10-3 RCC RCC 4: 123

126 10-4 RCC 3 RCC 10-4 RCC RCC 124

127 RCC RCC RCC RCC RCC 2 RCC 2 2 RCC 125

128 11 ~ UFJ 126

129 RCC

130 HP

131 DIP DES 129

132 Hold Out 2 take-it-over-or-leave-it 130

133 131

134 3 132

135 RCC RCC RCC RCC

136

137 RCC RCC RCC RCC RCC RCC RCC RCC RCC 135

138 1 SMBC RCC 2 RCC RCC 1: 2:RCC

139

140 ESP ESP No No No No DIP DESDIP No DIP No

141 ESP RCC RCC No DIP No No No No M&A RCC No ESP DIP DES 21No No DIP ESP BP

142 RCC UFJ

143 7 HP DIP JEC 141

Page

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