“僵尸企业”破产重整法律问题研究

发布时间：2018-05-09 04:22

本文选题：僵尸企业 + 破产重整　；参考：《北京外国语大学》2017年硕士论文

【摘要】："僵尸企业"是病的企业,是实质上具备破产条件,但由于政府、银行出于社会稳定和债权人利益的考虑,在形式上维持生存的企业。"僵尸企业"的存在浪费着大量优质的社会资源、挤压着良性企业的生存空间,是我国进行供给侧结构性改革的一大障碍。破产重整是处置"僵尸企业"的较好出路之一,但"僵尸企业"又具有不同于普通企业的特殊性。利用破产重整手段解决"僵尸企业"必须要在我国破产制度的基础上进行多元化的制度创新。本文根据"僵尸企业"的特殊性,分析我国破产重整制度解决"僵尸企业"存在的问题,并借鉴国外关于"僵尸企业"重整的立法制度经验为我国完善破产重整制度、依法处置"僵尸企业"提供建议。本文第一部分介绍了 "僵尸企业"的概念,首先从国外学者对"僵尸企业"的最早定义开始,分析不同时期、不同国家和地区对"僵尸企业"定义的演变和完善,并结合我国学者、政府对"僵尸企业"的识别标准来明确我国"僵尸企业"的界定标准和其特殊性。其次,梳理了我国"僵尸企业"出现的历史及解决方案,重点分析了我国目前"僵尸企业"出现的原因、现状。第二部分分析破产重整制度处置"僵尸企业"存在的主要法律问题。首先,"僵尸企业"涉及利益主体众多,债权债务关系复杂。该问题主要体现在担保债权人和其他债权人在重整计划的制定过程中涉及担保财产时的矛盾;税收机关作为公共利益主体减免税负对"僵尸企业"复活的重要性;在涉及重大"僵尸企业"重整时政府的政策指导和帮助以及银行债权人在重整程序中对债务人的妥协和承担的风险等。其次,强制批准制度不能保护未通过重整计划的少数债权人权益,由于该制度自身的不足和地方法院受到政府或者社会压力等原因,容易导致少数债权人的权益被多数债权人"绑架"。并且,破产管理人在选任方面往往会受到政府和其他主要债权人的过度干预,管理人队伍不专业,取得报酬权利无法保障以及管理人不享有异议权等问题。最后,债务人重整成功后,面临着企业信用的恢复问题。第三部分从拯救"僵尸企业"的几个主要法律手段进行分析。通过比较预重整制度与传统重整制度的不同,突出预重整制度在解决"僵尸企业"过程中存在的优势,并分析英国和美国的预重整制度,结合预重整制度在实践中的应用,论证我国实行预重整制度解决"僵尸企业"的可行性和必要性。同时,以市场化债转股的方式通过债权和股权的置换解决债务人重整程序中债务负担重,融资困难的问题。并积极创新资产管理公司、商业银行和其它投资机构多元主体合作的模式,探索债务置换、不良资产处置和债权的保值增值的新方法。第四部分整体上构建了解决"僵尸企业"的法律制度体系。第一,完善传统破产重整制度的前期程序。完善传统重整制度中的强制批准制度和增加异议债权人的救济制度能够避免重整计划被政府、多数债权人"绑架"。第二,根据我国"僵尸企业"的特殊性,借鉴国外预重整制度有效经验从预重整计划申请的主体、信息披露制度、管理人的选任等方面增设预重整制度,最大限度尊重债权人和债务人的重整自主权。第三,积极引导商业银行、金融资产管理公司、基金管理机构等多元主体合作通过债务置换、不良资产处置、改善公司治理结构、加强政府监管服务职能等实现债权人股权和债权的安全退出。第四,论述了我国征信体系的模式和我国征信立法的必要性。征信制度的完善能够使重整后的"僵尸企业"在银行的不良信用记录及时更新消除,恢复其金融信用和社会信誉。
[Abstract]:"Zombie enterprise" is a disease enterprise, which is essentially a bankrupt condition, but because the government, the bank is in the form of social stability and the interests of the creditors to maintain the survival of the enterprise. "Zombie enterprise" is a waste of a large number of high-quality social resources, squeezing the living space of good enterprises, is the structural reform of the supply side in China. A big obstacle. Bankruptcy reorganization is one of the better ways to dispose of the "zombie enterprise", but the "zombie enterprise" is different from that of the common enterprise. To solve the "zombie enterprise" by the means of bankruptcy reorganization, we must carry out a diversified system of innovation on the basis of our country's bankruptcy system. This paper analyzes me on the basis of the particularity of the "zombie enterprise". The state bankruptcy reorganization system solves the problem of the "zombie enterprise", and draws on the experience of the legislative system of the "zombie enterprise" for reference. The first part of this paper introduces the concept of "zombie enterprise", first of all, the first definition of the "zombie enterprise" by foreign scholars. At the beginning, it analyzes the evolution and perfection of the definition of "zombie enterprise" in different countries and regions, and combines the Chinese scholars and the government to identify the "zombie enterprise" in our country to define the definition standard and its particularity of "zombie enterprise" in our country. Secondly, it combs the history and solution of the "zombie enterprise" in our country and focuses on the analysis of our country. The second part analyzes the main legal problems of the existence of the "zombie enterprise" in the bankruptcy reorganization system. First, the "zombie enterprise" involves a large number of interests, and the relationship of debt and debt is complex. This problem is mainly embodied in the process of the security creditors and other creditors involved in the formulation of the reorganization plan. The contradiction of the property protection; the importance of tax authorities as a public interest subject to the resurrection of the "zombie enterprise"; the government's policy guidance and assistance in the reorganization of the major "zombie enterprises" and the compromise and risk of the debtors in the reorganization proceedings. Secondly, the compulsory approval system cannot protect the failure. The minority creditor's rights and interests of the overreformer plan, due to the lack of the system itself and the local court under the government or social pressure, can easily lead to the "kidnapping" of the minority creditors' rights and interests by the majority of creditors. And the insolvency administrator tends to be overintervened by the government and other main creditors in the election. In the third part, the third part analyses the main legal means of saving the "zombie enterprise". The reorganization system has the advantages in the process of solving the "zombie enterprise", and analyzes the pre reforming system in the United Kingdom and the United States, and combines the application of the pre reforming system in practice to demonstrate the feasibility and necessity of the implementation of the pre reforming system to solve the "zombie enterprise" in China. The debtor restructures the debt burden and the financing difficulties, and actively innovating the mode of cooperation between the Asset Management Co, the commercial bank and other investment institutions, exploring the new methods of debt replacement, the disposal of non-performing assets and the value preservation and appreciation of the creditor's rights. The fourth part constructs a legal system to solve the "zombie enterprise" in the whole body. First, to improve the pre procedure of the traditional bankruptcy reorganization system. To improve the compulsory approval system in the traditional reorganization system and to increase the relief system of the dissenting creditors, the reform plan can be avoided by the government and the majority of the creditors "kidnapped". Second, according to the special character of the "zombie enterprise" in our country, we can learn from the effective experience of the foreign pre reforming system from the pre reforming. The main body of the application, the information disclosure system, the selection of the manager and other aspects of the pre reorganization system, and maximum respect for the reorganization of the creditor and the debtor. Third, actively guide commercial banks, financial Asset Management Co, fund management institutions and other pluralistic subjects to improve corporate governance through debt replacement, disposal of non-performing assets, and improvement of corporate governance. Structure, strengthen the government supervision and service functions and so on to realize the safe withdrawal of the creditor's rights and creditors' rights. Fourth, the model of the credit system and the necessity of our country's credit legislation are discussed. The perfection of the credit collection system can make the "zombie enterprise" after the reorganization to update the bad credit record of the bank in time and restore its financial credit and society. It will be creditworthy.

【学位授予单位】：北京外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.92

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