从企业破产重组看政府与市场的关系——以无锡尚德为例

The Relationship Between Government and Market in the Case of Corporation Bankruptcy Reorganization—In the Case of Wuxi Suntech

政府与市场之间的关系是经济理论界和实践界不断探讨的永恒话题。在无锡尚德从成立到破产重组的过程中,政府扮演了重要的角色。文章通过对无锡尚德破产重组案例的分析,解剖企业破产重组中政府与市场之间的关系,并得出结论:企业面临破产困境时,政府"兜底"的解决方式只能解决企业的"一时之需",并不能从根本上给企业带来技术、管理及商业模式上的脱困之术;通过法庭外协商重组的方式并不能在有限的时间内平衡好各利益相关方的权利和义务,短期内也不易达成共识;而破产重组方式是较为可行的办法。此案例中,政府坚持市场化运作,在破产法机制下减少行政干预,实施完全市场化、法制化的重组方案,具有标志性意义。

The relationship between government and market is the eternal topic in the discussion of the theoretical and practical community. In the process from inception to bankruptcy reorganization of Wuxi Sun- tech, the government played an important role. Based on the analysis of Sunteeh bankruptcy reorganization case, the relationship between government and the market in corporation bankruptcy reorganization is dissected, of which the conclusion is, when corporations facing with bankruptcy dilemma, the government＇ s ＂revealing all the details＂ can only provide the ＂temporary relief＂ of companies, but not able to fundamentally bring the turn- ing around art of technology, management and business models ; The way of negotiating restructuring outside the court eouldn＇ t create a good balance between rights and obligations of all the stakeholders in the limited time, it＇s not easy to reach a consensus in the short term; However, the more viable way to solve the problem is bankruptcy reorganization in court. In this case, the government insists market operations, reduce administra- tive intervention mechanisms under the bankruptcy law, and implement a fully marketization and legalization-o- riented restructuring plan, which has symbolic significance.