论公司集团破产的特殊性及其法律调整

发布时间：2018-09-04 12:41

【摘要】： 一、研究目的公司集团作为生产社会化的产物,对一国的经济发展和国际竞争力的提高有着重要意义。原则上,公司集团的成员都是具有法人资格的经济实体,依法独立自主经营和独立承担民事责任。但是事实上,公司集团往往是纵横交错、相互协同的利益团体,他们的一致行动往往置外部债权人于不利地位。尤其是当集团中的个别成员陷入破产困境时,其他集团成员在获得清偿方面具有一种事实上的优先地位,因而形成一种不公平清偿的局面。公司集团还可以通过安排个别成员公司的策略性破产,向市场转嫁风险或者攫取不正当利益。公司集团的这种相对优势,源自其内部成员与外部当事人之间在“信息对称性”方面的差异。一般地说,集团内部成员总是更能够及时掌握债务人的财务状况并更能够与之达成相应的清偿安排。因此,如何在鼓励公司集团发展的同时加强对外部债权人的保护,以实现破产法的公平清偿目标,值得研究。二、主要内容文章第一部分首先概括介绍了公司集团的特征,论述了其出现的必然性、合理性,其可能产生的不利影响,并指出了公司集团内部成员与外部当事人之间在“信息对称性”方面的差异。同时,文章论述了公司集团成员破产情况下的规制需求。目前,一些国家对于公司集团已经在公司法领域给予了特别关注甚至特殊对待。但是,尽管集团成员公司破产尤其是集团成员的连环破产可能产生的巨大社会冲击力不可小视,在破产法领域对公司集团的特别规制,在许多国家还没有得到应有的重视。至于跨国公司集团的破产问题,由于篇幅限制,本文不做专门讨论。文章第二部分论述了处理公司集团成员破产问题的指导原则。文章认为,应以最大限度地保护各相关利益主体的合法权益为根本出发点,同时注意平衡各相关方的利益;在处理集团内部和外部关系时,应当使有过错者承担相应的责任,对于虽无过错或有无过错难以辨明的受益者,也要使其付出相应的对价;要个案衡量以决定是否追究控制公司的无限责任以及在何种程度上追究这种责任;要为公司集团在破产中的责任范围提供尽可能详尽、充分的规定,以便使交易各方有清楚的预期;强化信息披露,特别是破产程序中的资讯保全、管理人调查权和债权人知情权的制度,并明确对欺诈行为的惩治措施;政府资金应在公司集团拯救过程中发挥一定作用;要注重整体协调,使公司集团的资源整合优势在涉及个别成员破产时也得到发挥;应基于各子公司经营状况的不同予以区别对待。文章第三部分对已有主要法律制度进行了经验考察。首先,次级债权制度可以防止虚置债权影响外部债权人的合法利益,但也有其固有的缺陷:从政策上讲,次级债权制度本身是受质疑的;次级债权的设计也很难从根本上解决恶意侵害外部债权人的问题。其次,刺破公司面罩制度允许法庭在一定情况下令母公司对子公司的债务承担无限责任,但到目前为止,刺破公司面罩制度在实践中用得很少;其规制对象一般为纵向关系,对横向关系即姊妹公司间的责任承担较少涉及;该制度的适用通常要求原告证明存在需要刺破公司面罩的特别事由,适用的难度较高。再次,破产连带责任制度将集团公司的内部纵横关系都包括进来,大大强化了对附属公司外部债权人的保护,但同样存在着冲击有限责任原则和抑制公司集团发展的负面效果。此外,文章还对从属求偿、控制股东义务、实质合并原则等法律制度进行了利弊分析。在文章的第四部分,笔者得出了要利用多种法律制度综合调整公司集团破产问题的结论,具体包括:要求公司集团及其成员在对外交易时承担更高的信息披露义务;建立公司集团的破产预警制度;设立集团成员对外交易时关联公司的说明义务和担保义务;集团成员公司破产的,其他集团成员特别是控制公司应当就其影响或参与的涉及破产公司的破产欺诈行为承担连带责任;设立以受益性为条件的有限的次级债权制度。同时,笔者认为也应充分利用已有的各种民法、商法、经济法制度,甚至借鉴刑法的相关理论,衡平保护外部债权人的合法权益。
[Abstract]:I. research purposes
As a product of socialization of production, corporate groups are of great significance to a country's economic development and the improvement of international competitiveness. In principle, the members of corporate groups are economic entities with legal personality, operating independently according to law and assuming civil liability independently. But in fact, corporate groups are often crisscross and coordinate with each other. Interest groups, whose concerted actions tend to disadvantage external creditors. Especially when individual members of a group are in bankruptcy, other group members have a de facto priority in obtaining liquidation, thus creating a situation of unfair liquidation. Strategic bankruptcy of a corporation, transferring risk to the market or seizing unfair interests. This comparative advantage of a corporation group stems from the difference in "information symmetry" between its internal members and external parties. Generally speaking, the internal members of the group are always better able to grasp the debtor's financial situation in a timely manner and achieve better results with it. Therefore, it is worth studying how to strengthen the protection of external creditors while encouraging the development of corporate groups so as to achieve the goal of fair liquidation in bankruptcy law.
Two, main contents
The first part of the article first introduces the characteristics of the company group, discusses its inevitability, rationality, and possible adverse effects, and points out the differences in "information symmetry" between the members of the company group and the outside parties. At the same time, the article discusses the regulation of the bankruptcy of the members of the company group. Demand. At present, some countries have given special attention and even special treatment to corporate groups in the field of corporate law. However, although the bankruptcy of group members, especially the serial bankruptcy of group members, may have a huge social impact, the special regulation of corporate groups in the field of bankruptcy law can not be ignored, and in many countries, it is also the case. Not getting the due attention.
As for the bankruptcy of multinational corporations, there is no special discussion in this paper due to space constraints.
The second part of the article discusses the guiding principles for dealing with the bankruptcy of the members of a corporate group. Beneficiaries who are neither fault-free nor fault-free should also be accounted for; individual cases should be weighed to determine whether and to what extent unlimited liability of the controlling company should be held accountable; and the scope of liability of the corporate group in bankruptcy should be provided as detailed and sufficient as possible so that the transactions can be conducted separately. We should strengthen the system of information disclosure, especially information preservation in bankruptcy proceedings, administrator's right to investigate and creditor's right to know, and clarify the punishment measures for fraudulent acts; government funds should play a certain role in the rescue process of corporate groups; we should pay attention to overall coordination, so that the advantages of resource integration of corporate groups are involved. It should be treated differently according to the different operating conditions of each subsidiary company.
The third part of the article makes an empirical study of the existing main legal systems. Firstly, the secondary creditor's rights system can prevent the false creditor's rights from affecting the legitimate interests of external creditors, but it also has its inherent defects: from the policy point of view, the secondary creditor's rights system itself is questioned; the design of the secondary creditor's rights is also difficult to fundamentally solve the malicious infringement. Secondly, piercing the corporate mask system allows the court to impose unlimited liability on the debts of subsidiaries under certain circumstances, but so far, piercing the corporate mask system is seldom used in practice; the object of regulation is generally vertical relationship, and the liability for horizontal relationship, i.e. between sister companies, is less. Thirdly, the bankruptcy joint and several liability system includes the internal vertical and horizontal relations of the group company, which greatly strengthens the protection of external creditors of subsidiary companies, but there is also the principle of limited liability for shocks. In addition, the article also analyzes the advantages and disadvantages of legal systems such as subordinate claims, controlling shareholders'obligations and the principle of substantive merger.
In the fourth part of the article, the author draws a conclusion that the bankruptcy of a company group should be adjusted comprehensively by using various legal systems, including: requiring the company group and its members to undertake higher information disclosure obligations in foreign transactions; establishing a bankruptcy early warning system for the company group; establishing affiliated companies in foreign transactions of group members In the case of bankruptcy of a group member company, other group members, especially the controlling company, shall be jointly and severally liable for the fraudulent acts involving the bankruptcy of the bankrupt company which they have influenced or participated in; and a limited secondary creditor's rights system with the benefit as the condition should be established. Commercial law, economic law system, and even drawing on the relevant theories of criminal law, equitable protection of the legitimate rights and interests of external creditors.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2007
【分类号】：D912.29

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