利益衡平视角下重整新融资债权优先级跳跃的实践审视与制度完善  

Practice Review and System Improvement of Priority Leap in New Financing Claims During Corporate Reorganization from the Perspective of Interests Equilibrium

作　　者：舒翔 丁若泓 SHU Xiang;DING Ruohong

机构地区：[1]北京金融法院

出　　处：《经贸法律评论》2025年第2期85-103,共19页Business and Economic Law Review

摘　　要：企业进入破产重整程序后,能否获得新融资,关系其能否破局而立、重获生机。为了吸引更多融资人对债务人企业伸出援手,我国破产法赋予重整新融资以一定程度的“优先级跳跃”。但这样的“优先级跳跃”在减少新融资债权人风险的同时,也增加了原有债权人清偿率降低的风险。如何在吸引新融资的同时保障原有债权人的清偿率不受影响,在提升整体利益的同时不过分损害个人利益,是制度设计、完善必须要考虑的问题。笔者从正当性和必要性两方面论证了“优先级跳跃”作为权利让渡和博弈的结果的合理性,分析了实践中“优先级跳跃”被不当利用的原因,包括“共益性”定义模糊导致实践中的认定标准缺失,债权人会议权利休眠导致认定主体缺位,以及附加性条款的滥用导致偏颇性清偿频发。对此,笔者对规制重整新融资的“优先级跳跃”给出了建议。就认定标准而言,应当明确新融资的共益性质,并建立分类清偿制度,对新融资的认定和分类标准进行完善;就参与主体而言,应强化和规范司法参与,明确债权人会议对重大事项的决定权和债权人委员会可依授权开展日常事项履职,建立起多方有效参与、金字塔式的分类审批的审查模式;就流程监督而言,应加强对新融资交易过程的法律监督,防止新融资在交易过程中产生异化、背离共益性的目标,保证其始终服务于全体债权人的整体利益。Whether a company can secure new financing after initiating bankruptcy reorganization proceedings is pivotal to its revitalization.To incentivize more financiers to assist debtor enterprises,China’s Bankruptcy Law provides for a certain degree of“priority leap”for new financing during bankruptcy reorganization.However,such“priority leap”,while reducing the risk for new financing creditors,also poses a potentially unjustifiable risk of reduced repayment rates for existing creditors.The questions of how to attract new financing while safeguarding the repayment rates of existing creditors from negative impacts,and how to enhance overall interests without unduly compromising individual interests,are issues that must be considered.This article justifies the rationality of“priority leap”as a result of the transfer and negotiation of rights from the perspectives of legitimacy and necessity,and analyzes the reasons and impacts of improper utilization of“priority leap”in practice,including the lack of identification standards due to the vague definition of“common interest”,the absence of identification entities due to dormant creditor meeting rights,and the frequent occurrence of biased repayments due to the abuse of additional clauses.In response,this article offers suggestions for regulating the“priority leap”of new financing in reorganization.In terms of identification criteria,it is necessary to clarify the nature of common interest of new financing and establish a system for classified repayment to improve the identification and classification standards for new financing;In terms of participating entities,it is necessary to strengthen and standardize judicial participation,clarify the decision-making power on major issues and the empowerment for performing duties related to daily matters of the creditor meeting,and establish a pyramid-style review model with classified approval and effective participation;in terms of process supervision,it is necessary to strengthen legal supervision of the

关 键 词：重整新融资 共益债务 超级优先权 

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