中外企业不良资产债务重组方式的法律比较研究

发布时间：2018-09-18 08:50

【摘要】：目前,企业在不同程度上存在着一定的不良资产债务问题,无论是在中国抑或在国外,无论是国有企业抑或非国有企业,莫不如此。2008年国际金融危机的爆发,使得企业的不良资产债务困境愈发“雪上加霜”。企业中不良资产的大量存在,不仅使得企业资产的流动性降低,而且也使得企业的资产流失加剧,在无法给企业带来预期收益的同时,更是导致企业资产竞争力大副度下降。由此,如何应对因不良资产债务问题而引起一连串的企业债务困境乃至恶性循环,进而恢复和提升企业的资产竞争力,无疑成为了一个既具有理论深度更具有现实意义的重大课题。为此,企业的不良资产债务重组问题不仅在理论讨论上趋于白热化,而且在实践操作中也开展得如火如荼。然而,在企业不良资产债务重组过程中,作为企业不良资产债务重组中的关键环节——不良资产债务重组方式,因受到多种利益的驱动和多种因素的影响,呈现出了多种方式并存的格局,不仅相互之间的界限不明,而且在适用上往往“张冠李戴”,从而导致了各种的违规违法现象层出不穷。因此,企业不良资产债务重组方式,无论在制度设计上抑或业务操作中,均显现出一定程度上的混乱不堪。值得注意的是,当前中国学者对企业不良资产债务重组方式的研究仅仅限于经济学、会计学上的实证性分析和法学上的“零星式”探讨,这种状况无法满足企业不良资产债务重组方式在实践运用时对理论指导的渴求。而与此同时,域外主要国家及地区对企业不良资产债务重组方式的法律规定趋于完善,在实践操作中也相对娴熟,无疑给了中国企业不良资产债务重组方式的法律改进予以极大的启发。由此,有必要对中外企业不良资产重组方式进行进一步的梳理与总结,在对中外企业不良资产债务重组方式的不同规定进行比较考察的基础上,对企业不良资产债务重组方式进行系统性的法律比较研究,以期对中国企业不良资产债务重组方式法律制度的改进和完善有所助益。为此,本文对企业不良资产债务重组方式的研究,实行下述“三步走”方案,即：第一步,科学归纳。首先,在对中外企业不良资产债务重组方式的概念进行比较分析的基础上,结合经济学、会计学上有关企业不良资产债务重组方式的规定,科学地界定了企业不良资产债务重组方式法律上的涵义；其次,在对当前中外企业不良资产债务重组方式进行系统梳理的基础上,采用科学归纳法对其进行合理分类并将其划分为自由协商式企业不良资产债务重组方式、《破产法》项下企业不良资产债务重组方式和政策性企业不良资产债务重组方式。最后,对三种方式之间的关系进行科学定位,即在当前企业不良资产债务重组方式体系中,自由协商式企业不良资产债务重组方式为主导,政策性企业不良资产债务重组方式为补充,而《破产法》项下企业不良资产债务重组方式则与自由协商式企业不良资产债务重组方式并存的一种重要的债务重组方式。并且,上述三种方式并非孤立存在和相互对立的,而是相互联系、相互补充的,在特定条件下,可以同时进行适用、交叉适用乃至组合适用。第二步,比较研究。先分别对有关自由协商式企业不良资产债务重组方式、《破产法》项下企业不良资产债务重组方式和政策性企业不良资产债务重组方式的中外法律规定或政策指导进行比较研究,后对中外之间的法律规定或政策指导进行客观评价,以便对中国企业不良资产债务重组方式未来的改进和完善能有所启发。第三步,借鉴启发。先对中国当前的自由协商式企业不良资产债务重组方式、《破产法》项下企业不良资产债务重组方式和政策性企业不良资产债务重组方式进行逐一分析,在查找出相关问题的基础上,后结合域外主要国家及地区的相关法律规定或政策指导提出中国企业不良资产债务重组方式改进和完善的具体建议。通过上述研究,我们发现,上述三种企业不良资产债务重组方式在相当长的时期内将会继续存在,且相互间的融合渗透将会体现的更为频繁、更为密切。尤其,在市场经济的庞大格局中,自由协商式企业不良资产债务重组方式将会在法律允许范围内进一步深化组合,甚至在金融创新的带动下,出现新的操作方法或新的方法组合；在后金融危机的持续影响下,现有《破产法》项下企业不良资产债务重组方式的弊端越发显现,破产和解与破产重整遭遇了“制度瓶颈”；在国有企业在市场经济中仍占一席之地的现实背景下,政策性企业不良资产债务重组方式则有待于进一步限定与规范。有鉴于此,在对中外企业不良资产债务重组方式不同法律规定进行系统考察与全面比较的基础上,结合中国当前企业不良资产债务重组方式存在的问题,从多个角度、多个层次对其进行全面而深入的研究,并进行了有针对性的思考,即：关于自由协商式企业不良资产债务重组方式,应当进一步坚持商事主体的意思自治原则,在法律允许的范围内,进一步发挥着商事主体解决企业不良资产债务的主动性、积极性和创造性。就其具体操作方法上存在的立法上的滞后、空白以及不同法律法规之间的冲突,立法机关应当借鉴域外主要国家及地区的相关规定,及时对现行法律法规进行修改和完善。关于《破产法》项下的企业不良资产债务重组方式,就其和解程序中存在的操作程序繁琐、制约因素强大以及重整程序中存在的监控措施缺位、关键机制缺陷和转换机制缺乏,立法机关应当借鉴域外主要国家及地区的相关规定,及时对现行法律进行修改,并进行一定的制度创新予以解决。关于政策性企业不良资产债务重组方式,就其操作实践中存在的方式不明、政策模糊,需要进一步限定政策性企业不良资产债务重组方式的具体操作方法,充分发挥政策性债转股的功能和作用,参考美国商业性债转股的成功做法,对其进行进一步规范,使之与商业性债转股进行有机对接。
[Abstract]:At present, enterprises have some problems of non-performing assets and liabilities to varying degrees, whether in China or abroad, whether state-owned enterprises or non-state-owned enterprises. The outbreak of the international financial crisis in 2008 has made the non-performing assets and liabilities of enterprises worse and worse. It not only reduces the liquidity of enterprise assets, but also aggravates the loss of enterprise assets, and at the same time it can not bring expected profits to the enterprise, it also leads to the decline of enterprise assets competitiveness. Therefore, the problem of non-performing assets debt restructuring of enterprises not only tends to be white-hot in theoretical discussion, but also develops in full swing in practice. As a key link in the restructuring of non-performing assets debt, the way of non-performing assets debt restructuring is driven by various interests and influenced by many factors. It presents a pattern of coexistence of various ways. Not only the boundaries between them are not clear, but also the application of the method is often "crowned with each other" which leads to various violations of the law. It is noteworthy that the current research on the restructuring of NPL debts by Chinese scholars is limited to economics, accounting empirical analysis and legal science. At the same time, the legal provisions of the major countries and regions outside China on the restructuring of non-performing assets debt tend to be perfect and relatively skilled in practice, which undoubtedly gives Chinese enterprises. Therefore, it is necessary to further sort out and summarize the ways of non-performing assets reorganization of Chinese and foreign enterprises. On the basis of comparative study of the different provisions of non-performing assets debt reorganization of Chinese and foreign enterprises, this paper discusses the relationship between the ways of non-performing assets debt reorganization of enterprises. A general legal comparative study is expected to be helpful to the improvement and perfection of the legal system of non-performing assets debt restructuring in China.
To this end, this paper carries out the following "three-step" plan for the study of the restructuring of non-performing assets and liabilities of enterprises, namely:
Firstly, on the basis of comparative analysis of the concepts of non-performing assets debt restructuring mode of Chinese and foreign enterprises, and combining with the provisions of economics and accounting on non-performing assets debt restructuring mode of enterprises, this paper scientifically defines the legal meaning of non-performing assets debt restructuring mode of enterprises; secondly, it defines the legal meaning of non-performing assets debt restructuring mode of enterprises at home and abroad. On the basis of systematically combing the modes of non-performing assets debt restructuring of enterprises, this paper adopts scientific induction method to classify them reasonably and divides them into the modes of non-performing assets debt restructuring of enterprises through free consultation, the modes of non-performing assets debt restructuring of enterprises under the Bankruptcy Law and the modes of non-performing assets debt restructuring of policy-oriented enterprises. In the current system of non-performing assets debt restructuring, free negotiation is the dominant mode, policy-based non-performing assets debt restructuring is the supplement, and the non-performing assets debt restructuring mode under the Bankruptcy Law is the free negotiation enterprise. Moreover, the above three methods are not isolated and mutually opposed, but interrelated and complementary. Under certain conditions, they can be applied simultaneously, cross-applicable and even combination applicable.
The second step is the comparative study. First of all, it compares the Chinese and foreign legal provisions or policy guidance on the free consultative restructuring of non-performing assets and debts of enterprises, the restructuring of non-performing assets and the restructuring of non-performing assets and debts of policy-oriented enterprises under the Bankruptcy Law. The objective evaluation will be helpful to the improvement and perfection of the way of restructuring NPL debts of Chinese enterprises in the future.
The third step is to draw lessons from it. First of all, this paper analyzes the current free negotiation restructuring mode of non-performing assets and debts, the restructuring mode of non-performing assets and debts under the Bankruptcy Law and the restructuring mode of non-performing assets and debts of policy-oriented enterprises one by one. Specific suggestions for the improvement and perfection of the restructuring methods of non-performing assets and liabilities of Chinese enterprises are put forward by law or policy guidance.
Through the above-mentioned research, we find that the above-mentioned three types of non-performing assets debt restructuring will continue to exist for a long time, and the mutual integration and infiltration will be more frequent and closer. Especially, in the huge pattern of market economy, the free negotiation type of non-performing assets debt restructuring will be in law. Under the influence of the post-financial crisis, the drawbacks of the existing restructuring methods of non-performing assets and debts under the Bankruptcy Law have become more and more obvious, and the bankruptcy reconciliation and restructuring have encountered "institutional bottlenecks"; Under the realistic background that the state-owned enterprises still occupy a place in the market economy, the way of restructuring the non-performing assets debt of the policy-oriented enterprises needs to be further limited and standardized.
In view of this, on the basis of systematic investigation and comprehensive comparison of different legal provisions of non-performing assets debt restructuring between Chinese and foreign enterprises, combined with the problems existing in the current non-performing assets debt restructuring of Chinese enterprises, this paper makes a comprehensive and in-depth study on it from various angles and levels, and carries out a targeted thinking, that is, considering the problems existing in the current non-performing assets debt restructuring of Chinese enterprises. As for the way of restructuring non-performing assets and liabilities of enterprises through free consultation, we should further adhere to the principle of autonomy of the will of the commercial subject, and give full play to the initiative, enthusiasm and creativity of the commercial subject in resolving the non-performing assets and liabilities of enterprises within the scope permitted by law. In view of the conflicts between different laws and regulations, the legislature should revise and perfect the existing laws and regulations in time by drawing lessons from the relevant provisions of major foreign countries and regions. Legislative organs should draw lessons from the relevant regulations of major foreign countries and regions, amend the existing laws in time, and carry out certain institutional innovations to solve the problems. Regarding the policy-oriented enterprises'non-performing assets debt restructuring mode, its operational practice is also discussed. The existing mode is unclear and the policy is vague, so it is necessary to further restrict the specific operation method of the policy-oriented enterprises'non-performing assets debt restructuring, give full play to the function and role of the policy-based debt-to-equity swap, refer to the successful practice of the US commercial debt-to-equity swap, further standardize it, and make it organic docking with the commercial debt-to-equity swap.
【学位授予单位】：大连海事大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：D996;D922.291.92

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