破产公司治理的现实困境与消解路径

Challenges and solutions in bankruptcy corporate governance

破产法中的公司治理问题不仅决定了企业的生死存亡,还与破产制度的运行效果密切相关。破产程序本应将债权人利益作为公司治理的终极目标,然而《企业破产法》所构建的以债权人会议、破产管理人和司法/行政互动为核心的三重权力体系却令债权人的治理权存在落空风险。为了应对债权保护制度失灵的困境,消解路径应从债权人权利保障的目标定位出发,确立破产管理人的履职行为坚持债权主导原则,在股权与债权相互掣肘时奉行债权优规则,同时革新信息披露制度,完善破产公司治理的基础设施建设。

Corporate governance in bankruptcy law not only determines the survival of companies but also have a significant impact on the effectiveness of the bankruptcy system.The bankruptcy process was supposed to prioritize the interests of creditors as the ultimate goal of corporate governance.However,the triple power structure established by the Enterprise Bankruptcy Law,which revolves around creditor meetings,bankruptcy administrators,and judicial/administrative interactions,poses risks of ineffective governance rights for creditors.To address the challenge,the solution should be established based on the goal of safeguarding creditor rights.This includes emphasizing the creditor-oriented principle in the performance of bankruptcy administrators’duties and adopting the priority rule for creditors when conflicts arise between equity and debt.Additionally,new information disclosure mechanisms should be implemented to enhance the infrastructure of bankruptcy corporate governance.