GCOESOFTLAW-2011-1
1 2 2 * E-mail: keiko.yamamoto@boj.or.jp COE COE
... 1... 4... 4... 4... 5... 6... 7... 10... 12... 14... 15... 17... 17... 17... 18... 20... 20... 20... 22... 23... 25... 28
1 2 2001 13 9 3 4 5 6 7 1 1998 2 2 2010 312 2008a 17 2009 2 ADR Alternative Dispute Resolution 2010 312 3 2001 136 7 4 2002 149 2002 2005 173 5Q&A 5 21 2007 3 6 2006 5 7 2005 528 1
9 10 12 13 14 15 8 1981 7 2008a 17-18 9 2009 10 10 2009 10 2008a 19-20 2005 525 11 2004 1612 5 DES DDS 317 2 16 12 2007 361-362 2002 32 2007 170 13 59 2005 3-5 14 2
. 16 17 18.. 2005 912008b 387-388 15 2007 18-19 16 51 1 36 2009 2009 1 1 17 20082002 2004 18 Gertner and Sharfstein [1991] Berkovitch and Israel [1998] 2005 2008 2008 36 1 3
2 A B 5 19 20 A B 2 1A B 1 21 5 5 5 A B 2.5 9 9 A B 4.5 A B 19 2 20 21 4
22 A B 4 A B 1 A B A B A B 23 24 25 2 22 44 23 24 2005 212-213 25 5
26 27 28 29 30 1 1 26 2008a 3 2005 212-213 16 27 28 See, Jackson [2001] p.17. 29 2009 39-40 30 Jackson [2001] p.17. 2005 212-213 6
1 2 2 2 2 31 1 A B 2 1 A B 32 A B 2 1 2 1 2 2 31 32 2009 58 7
33 9 6 5 A B A B 1 1 34 1 33 14 34 2006 66 Aoki [1988] Aoki & Patrick [1994] A B 2008 8
35 2 3 35 44 54.5 4.5 1 1 A B 3 3 A B 5 4 A B 4 5 A B 4.5 4.5 1 A B 35 9
2 2 2 1 9 36 2 36 2 16 10
7 2 37 7 38 2 37 7 2 3 33 3 3 33.5 3.5 1 38 4 3 2 3 3 4 33 43.5 3.5 1 11
39 2 40 2 A B 5 A B 3 2 B A A 2 A B B 100 % 0 <1/7 41 1 7 2 7 (1- ) 2 6 3 3 d 42 d = 3 3 39 2 2 40 n >1 n 2 41 A B <1/7 42 threat point 12
B A A 4-7, 3+7 B d (3, 3) 4-7, 3 B A 43 2 A 1 A 2 100 % 7-7 3 B A =4-7 A B 43 B 13
B A A 2 A B A 2 7 B B A B 7-4 73 7A 3 A B B 3 3 A B 1 3 14
2 3 3 15
3 44 1 2 B A 45 3 46 3 44 22 45 A B B 2 A B A B B A A B A 46 19 16
47 48 49 50 51 47 48 1974 548 549 49 167 1 1 154 1 1 50 2005 241 2010 24 380 466 51 168 1 155 1 17
52 53 2 1 52 168 3 155 2 53 2004 304 1965 334 2005 241 2004 304 18
2 54 55 56 57 54 55 56 200 174 2 1 11 Jackson [2001] p.214. 2011 57 19
58 59 60 61 62 58 5 3 Q&A23 22 2 5 59 2002 34 2007 12 60 26 222 11 158 1 2 61 20
63 2 1 45 1 64 65 66 67 ADR 68 69 62 2001 63 18 17 20 17 2007 426 64 45 1 65 21 63 2009 21 10 66 RCC 2 1999 11 4 RCC 67 1999 11 8 11 131 15 47 41 42 2007 436 68 ADR 16 151 ADR 2 25 48 ADR 2 26 69 2007 19 3 6 21
70 71 72 ADR 73 74 DCF Debt Equity Swap 100% 70 29 71 2007 429 72 2007 438 73 2009 29 74 22
DES 75 DES 76 207 9 5 DES 77 78 75 2008 138 DES DES 76 2001 8 68 77 2005 26 78 2005 29 2005 26-27 23
79 80 1 199 1 2 81 82 27 79 2005 25 17 80 2005 26 429 2005 25 2009 696 81 2002 89 2002 33 102005 19 800 1000 1 1.25 2005 25 2004 3-4 2002 82 2005 25 24
DES 83 84 19 83 2008 84 25
85 DES DES 86 85 57 86 2005 118 26
87 88 87 14 88 2009 228-234 27
5 1741 2005 15 31 440 1981 5 17 2 2009 R. 7 2007 CDAMS 05/6J2005 3 2009 2008 3 1965 243 351 Secondary Rule 2 2005 113 136 2002 2 2006 1974 1219 2002 30 35 2004 2004 HP 2005 525 540 2004 WG 2005 1659 2002 30 36 27 2 2008 1 45 28
9 6 2009 58 64 1998 2007 1NBL 822 2005 20 32 1629 2001 28 33 2005 1632 2002 16 21 1616 2001 4 9 6 2006 1 18 2008 117 142 2009 9 2009 220 234 1226 2002 84 90 ADR ADR ADR 2009 24 63 NBL 800 2005 91 3 2008 a ADR 223 2008 b 387 417 2009 525 540 2 2010 29
24 2005 207 244 27 2008 111 154 2011 Aoki, Masahiko, Information, Incentives, and Bargaining in the Japanese Economy, Cambridge University Press, 1988., & Hugh Patrick, THE JAPANESE MAIN BANK SYSTEM ITS RELEVANCE FOR DEVELOPING AND TRANSFORMING ECONOMIES, Oxford University Press, 1994 1996. Berkovitch, Elazar, and Ronen Israel, The Bankruptcy Decision and Debt Contract Reorganizations, European Finance Review, 2(1), 1998, pp.1-27. Gertner, Robert, and David Scharfstein, A Theory of Workouts and the Effects of Reorganization Law, Journal of Finance, 46, 1991, pp.1189-1222. Jackson, Thomas H., THE LOGIC AND LIMITS OF BANKRUPTCY LAW, Beardbooks, 2001 (originally published: Harvard University Press, 1986). 30