中小微企业重整中出资人权益保留研究  

Research on the Preservation of Contributors' Rights and Interests in the Bankruptcy and Reorganization of Small and Medium sized Enterprises

作　　者：马强 MA Qiang

机构地区：[1]北京市第一中级人民法院

出　　处：《中国政法大学学报》2024年第5期102-113,共12页Journal Of CUPL

基　　金：国家社会科学基金后期资助项目“新营商环境评估体系下破产债权人利益冲突解决的中国方案”(23FFXB039)的阶段性成果。

摘　　要：中小微企业在资本市场融资难以及企业与其出资人信用、资产、债务、人格高度混同的特征,决定了出资人留任对提高企业重整成功率具有决定性作用。目前我国立法没有针对中小微企业重整规定出资人权益保留原则,而绝对优先规则在重整实践中已经成为保留出资人权益的阻碍。鉴于出资人权益保留为出资人留任的必要条件,我国立法应当引入新价值例外规则削减绝对优先规则对中小微企业重整的不利影响,同时引入适用出资人权益保留原则的配套机制与债权人利益保护的判定标准,借以平衡出资人权益保留与债权人利益的保护,使两者相得益彰,最终提高中小微企业重整的成功率。The difficulty of financing in the capital market for small,medium and micro enterprises and the highly intermingled characteristics of the credit,assets,debts and personality of the enterprise and its contributors have determined that the retention of contributors plays a decisive role in improving the success rate of corporate bankruptcy reorganization.At present,there is no legislation in China that stipulates the principle of retaining the rights and interests of contributors for the bankruptcy reorganization of small,medium and micro enterprises.The absolute priority principle has become an obstacle to the retention of the rights and interests of contributors in restructuring practice.Given that the retention of the rights and interests of contributors is a necessary condition for the retention of contributors,China’s legislation should introduce a new value exception rule to reduce the adverse impact of the absolute priority principle on the bankruptcy reorganization of small,medium and micro enterprises.At the same time,it should introduce a supporting mechanism for applying the principle of retaining the rights and interests of contributors and a standard for determining the protection of creditors’ interests,in order to balance the retention of contributors’ rights and interests and the protection of creditors’ interests,so that both can complement each other and ultimately improve the success rate of bankruptcy reorganization for small,medium and micro enterprises.

关 键 词：出资人权益保留 中小微企业 破产重整 

分 类 号：D922.291[政治法律—经济法学]