摘要
重整债务融资对于盘活困境企业,发挥重整制度的纾困功能意义深远。《最高人民法院关于适用〈中华人民共和国企业破产法〉若干问题的规定(三)》第2条明确了重整债务融资作为共益债的优先顺位,回应了我国破产程序对重整债务融资顺位规定不明的问题。但在融资程序层面,报告加批准的审批流程会带来增量的程序成本,降低融资效率,通过建立分类审批机制可以促进债务融资审批程序的帕累托改进,兼顾防范无序融资和提高融资效率的制度目标;在融资实体层面,共益债的融资顺位无法解决破产企业面临的融资难题,通过有条件地适用超级优先权可以实现在尊重非破产法规范,主要是担保债权人利益保护的基础上,解决共益债顺位无法满足企业融资需求的现实困境。
In the reorganization process,debt financing plays a profound role in revitalizing troubled enterprises and leveraging the relief functions of the reorganization system.Article 2 of the Provisions(III)of the Supreme People's Court on Several Issues concerning the Application of the Enterprise Bankruptcy Law of the People's Republic of China clarifies the priority status of debt financing as a common benefit debt in the reorganization process.It addresses the issue of unclear ranking of debt financing in bankruptcy proceedings.However,in the financing process,the reporting and approval procedures can introduce incremental procedural costs,reducing the efficiency of financing.By establishing a categorized approval mechanism,Pareto improvements can be facilitated in the debt financing approval process,balancing the institutional goals of preventing disorderly financing and enhancing financing efficiency.In the substantive rules of financing,the ranking of common benefit debt does not address the financing challenges faced by bankrupt enterprises.Through the conditional application of super-priority rights,it is possible to practically address the situation where the ranking of common benefit debts fails to meet the financing needs of enterprises,all while respecting non-bankruptcy law norms,particularly the protection of secured creditor interests.
出处
《中国应用法学》
2024年第4期167-178,共12页
China Journal of Applied Jurisprudence
基金
2022年北京市社会科学基金重点项目“营商环境法治化与破产法现代化研究”(项目编号:22FXA004)的阶段性研究成果。
关键词
重整债务融资
审批模式
优先顺位
超级优先权
reorganization debt financing
approval model
priority ranking
super-priority right
