重整中利益衡量之于公司治理——以重整企业经营控制权的配置和制约为例

Interest Measurement in Corporate Governance during Restructuring——As an Example of Configuration and Constraints in Restructuring the Control of Business

破产重整制度涉及不同层次、不同主体之间的利益冲突。由于债权人、债务人、社会利益之间的博弈和交锋,公司治理结构必然会产生一些变化。对社会效益和效率的追求使债务人自行管理成为比较可行的方案,而债权人、管理人、股东和利害关系人对经营机构的监督则是重整期间公司治理的独有特点。

The system of bankruptcy reorganization involves conflict of interests among different subjects in different levels.Because of the game and confrontation among creditors,debtors,and the interests of society,corporate governance structure will inevitably bring out some changes.The pursuit to social benefits and efficiency makes debtors＇ self-managing more feasible options,and the creditors,managers,shareholders,and stakeholders＇ supervision to the operating agency is a unique feature of corporate governance during restructuring.