论我国上市公司重整中的“府院失衡现象”及其协调

On "Government and Court Imbalance Phenomenon" and Its Coordination in Restructuring of Chinese Listed Companies

"府院联动"是实现我国公司破产重整市场化、法治化的有效路径,但我国上市公司重整中存在的"府院失衡现象"直接影响了府院联动目的的实现。上市公司重整中政府公共管理身份、股东身份与管理人身份的混同致使政府对重整的过度干预,直接降低了法院在公司重整中的主导地位,导致上市公司重整市场化程度低、债权人利益受到侵害。为解决"府院失衡现象",应明确两者在上市公司重整中的角色定位,法院的主导地位不应动摇,政府仅应发挥辅助性作用。在此定位基础上,确立上市公司可重整性标准,并由法院指定专业人员调查重整可行性,成立破产重整管理人协会,除对债权人信息披露外还需强化重整中对法院的信息汇报等,以期实现府院关系的平衡。

The linkage between the government and the court is a new path for the bankruptcy and reorganization of the market and the rule of law in China. However, the imbalance of the government in the reorganization of listed companies in China directly affects the realization of the purpose of the linkage between the government and the court. The pre-approval of the government in the reorganization of the listed company, the conflation of the government’s public management identity, shareholder identity and managerial identity directly reduces the dominant position of the court in the reorganization of the company, resulting in a low degree of marketization of listed companies and the interests of creditors be infringed. In order to solve the imbalance in the government, it is necessary to clarify the role of the two in the restructuring of listed companies. The dominant position of the court should not be shaken, and the government should only play an auxiliary role. On the basis of this positioning, establish the standard of reorganization of listed companies, and the designated professionals of the court investigate the feasibility of reorganization;establish a bankruptcy reorganization administrator association;in addition to the information disclosure of creditors, strengthen the information on the court in the reorganization disclosure to achieve a balance of government relations.