破产债权交易的理论构造及规制路径
Theoretical Foundation and Regulatory Approach on Bankruptcy Claims Trading
蔡嘉炜1
作者信息
- 1. 中国政法大学法与经济学研究院,北京 100088
- 折叠
摘要
破产债权交易市场的培育属于破产制度市场化改革的关键组成部分,渐成规模的破产债权交易市场,将对我国企业重整程序开展产生愈益显著的影响.域外经验表明,破产债权交易市场的高效运转,将助力于强化破产债权的流动性,降低企业融资成本,推动重整程序的成功开展.不过,破产债权交易的开展同样也会给部分重整程序的有序进行带来挑战,如侵害少数债权人权益,阻碍重整计划获得批准等.是故,从制度建构的角度出发,一方面,未来我国应积极着手建立完善的破产债权交易市场基础设施,并鼓励交易行为开展;另一方面,还需重点围绕交易信息披露、恶意表决行为限制以及受让债权瑕疵承继等问题,探索有针对性的规制方案并建立起配套的体系性规则.
Abstract
The establishing of an insolvency claims trading market is a key part of the market-oriented reform of the Chinese bankruptcy system,and in the foreseeable future,an large-scale insolvency claims trading market will play an increasingly significant role in the reorganization of listed companies in China.Experience from the U.S.shows that the core value of the insolvency claims trading market is reflected in strengthening the liquidity of insol-vency claims,reducing the cost of enterprise financing and promoting the efficient conduct of reorganization proce-dures.However,the trading of insolvency claims may also pose challenges to the corporate reorganization proceed-ings,such as infringing on the rights and interests of monority creditors and impeding successful reorganization pro-ceedings.Therefore,on one hand,infrastructure of insolvency claims trading market should be actively established and improved in the near future,thereby encouraging the claim trading activities.On the other hand,it is also nec-essary to focus on the disclosure of information on insolvency claim trading,bad faith voting behavior and assign-ment of defective claims to explore effective regulatory solutions and establish systematic rules.
关键词
破产债权交易/信息披露/善意表决/瑕疵债权/重整投资/重整新融资Key words
bankruptcy claims trading/information disclosure/good faith voting/defective debt/restructuring investment/restructuriag new financing引用本文复制引用
基金项目
北京市社会科学基金重点项目(22FXA004)
出版年
2024
NETL
NSTL
维普
万方数据