法院强制批准企业破产重整的法经济逻辑与偿债规则重构  

The Legal and Economic Logic of the Court's Compulsory Approval of Enterprise Bankruptcy Reorganization and the Reconstruction of Debt Repayment Rules

作　　者：巫文勇[1] 杨雨淋 WU Wen-yong;YANG Yu-in(Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学法学院,江西南昌330013

出　　处：《江西财经大学学报》2023年第3期139-148,共10页Journal of Jiangxi University of Finance and Economics

基　　金：国家社会科学基金项目“法定数字货币发行与运行制度规则构建”(21BFX123);国家社会科学基金重大项目“数字社会的法律治理体系与立法变革研究”(20&ZD178);江西省研究生创新专项资金项目“我国反洗钱监管有效性之证成与实现”(YC2021-B133);国家法治与法学理论研究项目“互联网金融行为规则和法律责任研究”(18SFB2044)。

摘　　要：法院强制批准企业破产重整,实际上是公权力借用“社会公共利益”这一模糊概念对破产重整自愿选择和协商价值的否定,增加债权人机会成本,强迫多数债权人接受不可预期的风险,将重整失败的后果转移至债权人。所以企业破产重整立法应该对“社会公共利益”“债权人私权利保护”和潜在的“机会成本”进行平衡,确保能够通过一个公平、合理的债务清偿规则和清偿标准保障其权利。法律应该充分考虑重整存在的风险、预期效益以及债权人损失的时间价值、投资机会和债权人所属行业特征,根据权责均衡原则设置清偿规则与标准,而不是笼统地进行原则性描述。The court's compulsory approval of enterprise bankruptcy reorganization is actually a de-nial of the voluntary choice and negotiation value of bankruptcy reorganization by public power by virtue of the vague concept of social public interest,which increases the opportunity cost of creditors,forces most creditors to accept unexpected risks,and transfers the consequences of reorganization fail-ure to creditors.Therefore,the enterprise bankruptcy reorganization legislation should balance the"so-cial public interest",the"protection of creditors'private rights"and the potential"opportunity cost"to ensure that their rights can be guaranteed through a fair and reasonable debt repayment rule and the repayment standard.The law should fully consider the risks and expected benefits of reorganiza-tion,as well as the time value and investment opportunities that creditors lost,and the characteristics of the creditor's industry.The liquidation rules and standards should be set in accordance with the principle of the balance of rights and responsibilities,rather than a general description of principles.

关 键 词：破产重整 强制批准 利益均衡 公平效率 规则重述 

分 类 号：D922.291.92[政治法律—经济法学]