上市公司破产重整中债权人利益保护的实证分析

An Empirical Discussion on the Creditors' Interest Protection in the Reorganization of Listed Company

新《破产法》构建重整制度后,上市公司成为了适用该制度的主要主体。破产重整虽以社会利益为首位,但仍应对债权人的利益加以平衡保护。本文以新《破产法》实施以来被法院裁定破产重整的26家上市公司为样本,通过实证分析指出,在买壳上市的模式下,债权人由于不能分享上市公司壳资源所带来的价值,其利益实际上是处于被忽视的地位。对此,应该修改现有的债权人重整利益是否合理的评价机制以实现对债权人利益的有效保护。

The Law of the People＇s Republic of China on Enterprise Bankruptcy introduces the reorganization procedures to China,and listed companies have become the major subjects for this system.Although the social interests should be put in the first place,the creditors＇ interests need protection,too.In this paper,through an empirical analysis of the 26 listed companies which have been ruled to the reorganization under the Enterprise Bankruptcy Law,we figure out that creditors＇ interests are ignored as they cannot share the shell value.To protect the creditors＇ interests effectively,the evaluation mechanism of whether the creditors＇ interests is reasonable must be modified.