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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
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