资产重组与债权人保护

【作者】 刘潇；

【导师】 卢代富；

【作者基本信息】 西南政法大学 ， 经济法学， 2004， 硕士

【摘要】 本文针对我国资产重组中损害债权人权益严重的现实，运用法经济学的研究方法，就资产重组及资产重组中的债权人保护作了探讨。文章除前言和结语外，由三部分组成。 第一部分——资产重组的一般理论由这样一个问题开始讨论：什么是资产重组?通过历史的分析，本部分提出，当前学术界对资产重组的理论看法并不一致，其主要原因是视角的过于单一或是机械结合：我国的资产重组始终存在着两种动因——国有企业改革与企业成长，两个视角——“国有资产重组”与“企业资产重组”，资产重组理论的难以统一，这一现象要负绝大部分责任。企业资产重组的根本内涵在于通过产权的重新安排实现资源的优化配置，无论改制、破产还是兼并、收购，都是以资源优化配置为基本内涵的。对资产重组更为具体的层次上的特征，包括三个基本问题：谁来进行资产重组，重组什么，以及怎样重组。由此可以看出，我国当前的资产重组制度是处于我国经济体制改革的总体制度之中的，且有其自身的重点目标。 第二部分——资产重组中保护债权人的理论与实证分析指出，资产重组的制度目标和因之而为的资产重组博弈利益格局的设定，是当前资产重组中损害债权人现象的根本原因。这或许并非制度设计者的本意，但却是其必然结果。在本部分中，笔者首先分析了市场经济条件下资产重组中损害债权人的行为和债权保障机制，并以之与当前我国企业资产重组中损害债权人的现象相比较：如果债权人同样要面对商业风险和道德风险，在我国当前债权人是很难获得保障的，而这要归因于资产重组制度所设定的利益格局。由是提出了资产重组中保护债权人的要求：损害债权人的现象相当严重这一事实，说明了制度倾向的后果已经到了非纠正不可的地步。 第三部分——建立我国资产重组中的债权人保护法律制度提出，我国资产重组中的债权人保护问题，其实质是资产重组制度的重新设计问题：直到国有企业改革的任务完成以前，国有企业改革将会一直是资产重组的制度目标。这一目标决定了制度安排的利益格局，在导致债权人面临道德风险的同时，又削弱了债权人的抵御能力。该部分从对资产重组的法律规范开始，探讨资产重组本身为法律提出了什么要求，以及法律应该给债权人在资产重组的利益格局中安排一个什么样的位置;如果说制度化和规范化是法律对资产重组的要求，整体性和平衡性则是资产重组对法律的要求。以之为原则，笔者对目前我国资产重组中的债权人保护法律规范作了一个概述，最后，提出为了使我国资产重组中债书夕\保护的法律制度更加完善，法律应当在哪些方面作出修改。更多还原

【Abstract】 In about 30 years, China’s economic system reform has gone through a course of choosing and reselecting constantly. After 1992, the goal of the State-owned enterprise (hereinafter refered as SOE ) reform was established finally: to set up modern enterprise system. "Asset Reordering" become a social trend in modern China, as well as more and more fierce phenomenon of damaging creditor’s rights and interests.Directing against the serious reality of damaging creditor’s rights and interests in the course of the Asset Reordering of our country, This text discusses the Asset Reordering and the question of protection to the creditors following it in the Law and economics method.The first part , General theory of Asset Reordering, is begun by such a question: What is "Asset Reordering"? In the method of analysis of history, this part finds that in our country ’s Asset Reordering practices, there are two visual angles, and two main motives that are impelling Various Asset Reordering: SOE reform and growing of enterprises. Behavior of the rearrangement of assets has a basic intension, which is rearranging the property rights, so that they can acquire a more rational distribution of resources. Then, the reasons and intension are used to analyze and summarize those characteristics on more concrete level of Asset Reordering, because my intention is to describe the basic state of Asset Reordering in our country to find a prerequisite of relevant system norms, this part probes into three basic problems of Asset Reordering : Who does it , does what , and how to do . This shows that present system of Asset Reordering of our country is a part of our economic system reform ’s overall system, though it has its own key goal, too.The second part , The theory and real example analysis toprotection to creditors in Asset Reordering , indicates that Asset Reordering System’s goals and the Interests patterns settled to realize those goals are basic reasons to damage creditors in course of Asset Reordering. Maybe the system designer’s didn’t do it in purpose, but it’s an inevitable outcome. Comparing with Asset Reordering behaviors damaging creditors’ interests and security mechanism in market-economy , in China creditors will face more serious commercial risks and morals risks, but they are more difficult to obtain guarantees. In a word , consequences of the system’s inclination must make a change .As this essay’s the last part, the third part, Set up the legal system to the protection to the creditors in the Asset Reordering, argues that the question of protecting the creditors in the Asset Reordering just is the question of redesigning our Asset Reordering system. SOE reform will be one of the important goals of our Asset Reordering System until be completed. Because of this goal , the Interests patterns settled may cause creditors to face serious morals risks; in the same time, it weakens the creditor’s ability of resisting. This part try to find what requests has Asset Reordering proposes to the laws, and, to pursuing an "idea" Asset Reordering, what kind of position should laws arrange the creditors of the interests pattern of Asset Reordering. At last, on his basis, I analyzed our present legal norms protecting the creditors in the Asset Reordering Assets, asked and answered to make our legal system of protecting the creditors in the Asset Reordering more perfect, what is our legal system should be devoted to, and proposed some suggestion.更多还原