地方政府债务调整是解决地方政府债务危机的有效手段吗?——兼论破产重整制度的功能与局限

Whether Municipal Debt Adjustment Procedure is the Effective Way to Solve the Debt Crisis of Local Government:A Discussion on the Function and Limitation of Bankruptcy Reorganization

以债务人新生理论为基础,以公司重整为模板,美国构建了独具特色的地方政府债务调整制度,希望在地方政府债务清偿不能时,通过破产法的框架让地方政府与债权人达成新的债务调整协议,从而助地方政府渡过难关。其实质是通过司法程序实现的对债权人非自愿性的债权调整。因受制于联邦和州的权力制衡,联邦《破产法》第9章只能迫使债权人做出让步但却无法从根本上改善地方政府本身的治理困境,为此美国学界也一直在探索可能的解决之道,从中也可以管窥破产重整制度本身的功能与局限。我国也正通过市场化和法治化的手段来解决地方政府债务问题,但也要考虑当中央政府不兜底的情况下如何通过法定程序解决地方政府债务确实清偿不能的难题,在时机成熟时构建相应的地方政府债务调整程序是可能的选项之一。

The USA builds up its unique legal system on the adjustment procedure of municipal debt under the fresh start theory and borrows a lot of rules from corporation reorganization.If the municipalities cannot pay off debts,the frame of the bankruptcy law is helpful for municipalities by reaching a new debt adjustment agreement between municipalities and creditors.The substance of the bankruptcy law is the involuntary debt adjustment for creditors by judicial proceedings.As a result of the separation of powers between the federal government and state,the chapter nine of United States Bankruptcy Code could only force creditors to make concessions but do nothing to resolve the governance dilemma of local government,so the scholars are seeking the possible solution.We can conclude the function and limitation of bankruptcy reorganization from this discussion.Now the Chinese central government is making efforts to solve the debt crisis of local government through market-driven and law-based measures and has announced that it would not repay municipal debt,therefore we should think twice on constructing the legal procedure if the municipalities cannot pay off debts one day.It can be a possible plan to construct the legal adjustment procedure for municipal debt according to national conditions.