公司重整中债权交易的法律规制

On the Legal Regulation of Claims Trading in Corporate Reorganization

作为市场力量影响重整程序、塑造重整制度的典型体现,公司重整中的债权交易从利益分配和公司治理两个层面撼动了公司重整原有的制度逻辑。债权交易同时为各方利害关系人带来收益与风险:一方面,债权交易能增进市场上资本分配的效率,促进重整的成功;另一方面,债权交易也可能会破坏公司重整中的分配秩序和治理机制,造成营运价值被侵蚀,损害利害关系人共同利益。由破产法和证券法组成的法律规制体系,能有效防范债权交易在利益分配和公司治理两个层面带来的风险。防范利益分配层面的风险,主要通过破产法和证券法上的信息披露制度来实现;防范公司治理层面的风险,主要通过对法院的概括授权以及重整计划投票规则来实现。我国发展破产债权市场具有必要性与可行性,应当鼓励公司重整中的债权交易,推动破产债权市场的发展,同时完善相应的法律规制体系。

As a typical embodiment of the market power that effects reorganization procedures and shapes the reorganization system, claims trading in corporate reorganization has shaken the original logic of corporate reorganization system in both aspects of interest allocation and corporate governance.Claims trading brings benefits and risks to parties in interest simultaneously.Claims trading in corporate reorganization can improve the efficiency of allocating capital in the market, thus facilitate the success of reorganization.But it may also destroy the allocative order and governance mechanism in corporate reorganization, thus make going-concern value be eroded and damage the common interest of all parties in interest.The legal regulation system composed of bankruptcy law and securities law can prevent the risks caused by claims trading in both aspects of interest allocation and corporate governance.The risks in interest allocation are mainly prevented by the information disclosure system in bankruptcy law and securities law.The risks in corporate governance are mainly prevented by general authorization of the court and the voting rule of reorganization plans.It is not only necessary but also feasible to develop the market of bankruptcy claims in China.China should encourage claims trading in corporate reorganization, promote the development of the market of bankruptcy claims and perfect the corresponding legal regulation system.