破产重整中共益债投融资模式的价值分析、现实困境与推动路径

Value Analysis,Practical Dilemmas,and Promotion Path of the Mutual Benefit Debt Investment and Financing Model in Bankruptcy Reorganization

破产程序启动后融资是一种基于共益债制度的创新型融资方式,它能够有效地帮助破产企业恢复生产经营,并提供有力的发展支持。然而,在破产重整程序中,该模式的实施面临着诸多法律和实务上的障碍,主要包括法律规范的不完善导致的共益债投融资性质难以明晰,时间范围不明确等。完善共益债投融资模式,应当在立法中明确共益债融资的法律性质,适当扩张共益债融资的时间要件,赋予共益债融资债权相应优先权,构建符合市场经济规律和法治精神的重整融资机制。

Commencement of post-financing in bankruptcy proceedings is an innovative financing method based on the common benefits debt system,which can effectively help bankrupt enterprises resume production and operation and provide strong support for their development.However,in the bankruptcy reorganization process,the implementation of this model faces numerous legal and practical obstacles,mainly including the unclear nature of common benefits debt investment and financing due to imperfect legal norms,as well as ambiguity in the time frame.To improve the investment and financing model of common benefit debt,it is necessary to clarify the legal nature of common benefit debt financing in legislation,appropriately expand the time requirements for common benefit debt financing,grant corresponding priority to the creditor's rights of common benefit debt financing,and establish a restructuring financing mechanism that conforms to the laws of the market economy and the spirit of the rule of law.