1、1硕士学位论文（20 届）论上市公司破产重整计划之法律构建姓 名学 科 、 专 业 经 济 法 （ 全 日 制 法 学 硕 士 ）研 究 方 向 商 法指 导 教 师论文提交日期2论上市公司破产重整计划之法律构建（硕士论文摘要）企业破产法颁布以后，实施破产重整的企业渐多，上市公司由于广泛的社会影响和其壳资源的稀缺性成为破产重整制度最主要的受益者。上市公司破产重整计划是上市公司破产重整的核心，却仅有寥寥两三个条款予以规范，显得过于宽泛与笼统，详细阐述上市公司破产重整计划的论文和专著又非常匮乏。相较于美国详细的立法规定和完善的衡平规则，研究我国上市公司破产重整计划的法律构建显得非常必要。自企业破产
2、法颁布至今，实施破产重整的上市公司一共有 15 家，受益于破产重整的上市公司将会越来越多。不完善的法律规定会造成实践的混乱并增加了制度实施的阻力，影响到制度设计之初的价值追求。因而，研究我国上市公司破产重整计划的法律构建又显得非常地紧迫。没有调查研究，就没有发言权。通过两个多月的调研和资料搜集，笔者绘制了四张图表完整地展现了已经实施破产重整的上市公司的基本情况及重整计划的主要内容。这为文章的分析提供了佐证，并为今后其他上市公司的重整实践提供借鉴。本文紧紧围绕企业破产法第 81 条，通过大量国外立法例的比较研究并充分考虑法律移植的本土化因素，拟对完善破产重整计划提出立法建议。本文共分四章：第一章
3、破产重整制度之一般问题。通过对破产重整制度历史沿革的梳理，窥见破产法的立法价值已由单纯保障债权人演进到债权人利益与债务人利益并重同时开始注重社会利益的多元化阶段。上市公司破产重整需要遵循“效率优先、兼顾公平”的原则，因而上市公司破产重整计划从制定过程到实质内容都应该遵循并体现这一原则。第二章破产重整计划：上市公司破产重整之核心。上市公司破产重整计划从表面看来是一个重整方案，从实质上讲是一种特殊的协议。其法律性质决定了对计划的立法规定需要充分尊重当事人的意思自治。破产重整制度的价值追求决定重整计划拟定过程要充分体现公正合理原则和效率原则。破产重整计划3内容的立法规定过于笼统，通过比较各立法例，笔
4、者认为采取绝对必要记载事项和相对必要记载事项的规定更为科学，并应增加“公司资产评估标准及方法” 、“公司员工的调整或裁减”为绝对必要记载事项。第三章主体论：上市公司破产重整计划之法律权益。本章从重整计划中涉及的债权人、出资人、债务人和职工四类主体的角度架构上市公司重整计划的法律框架。本文通过“债转股”的界定、尝试、法律依据和适用范围的分析；出资人组是否单独设立的立法争议和权益调整方案合法性的剖析、债务人融资措施法律对接的研究以及职工债权和安置的法律安排的探讨，丰富并完善了上市公司破产重整计划实体部分的法律建构。本章的研究始终贯穿实证分析方法和比较分析方法，有力地增强了研究的理论和实践基础。华源
5、股份“债转股”的研究，使笔者更直观地了解“债转股”实践中遇到的瓶颈问题与成功实施的关键。 “郑百文案”从实践中首开出资人权益调整的先河，引发对出资人权益保护及权益调整合法性的探讨。通过破产重整拯救上市公司需要畅通的融资渠道，只有这样才能真正令上市公司“起死回生” 。现行法律对融资的严格要求使得如果不变通现有法律，很多融资措施就无法实现。通过对域外法律的研习，笔者拟提出变通我国现行法律的立法建议。第四章程序论：上市公司破产重整计划之批准。本章主要从程序的角度考察拟定上市公司破产重整计划的要求。从某种意义上讲，法院对上市公司破产重整计划正常批准和强行批准的条件是对重整计划拟定要求的细化。上市公司破
6、产重整计划重要内容之一的执行期限和监督期限关涉重整的效率，立法对此疏于规范，本文提出了修订建议。关键词 上市公司 重整计划 破产 法律构建1Legal Construction on Reorganization Plans of Listed CompaniesAbstractAfter the promulgation of “Enterprise Bankruptcy Law“, reorganized enterprises have increased. Due to a wide range of social impacts and the scarcity of shell r
7、esource, listed companies become the main beneficiaries of bankruptcy reorganization system. Although reorganization plans of listed companies are the core of bankruptcy reorganization, yet only two or three articles to regulate them which are too broad and general, and the thesis and monograph on b
8、ankruptcy reorganization plans of listed companies is very scarce. Compared to the United States detailed provisions of legislation and the perfect equity rules, the research on the legal construction of reorganization plans of listed companies in China seems very necessary.Since the “Enterprise Ban
9、kruptcy Law“ was promulgated, the reorganized listed companies have summed to 15. And the listed companies which are benefit from the bankruptcy reorganization system will be more and more. The imperfect legal provisions would create practical confusion and increase the resistance to the implementat
10、ion of the system, which will affect the value pursued at the beginning of the system design. Thus, the research on the legal construction of reorganization plans of listed companies in China seems very urgent.No investigation, no right to speak. After more than two months of research and data colle
11、ction, four charts have been drawn to show the basic situation of reorganized listed companies and the main content of reorganization plans, which provides corroborations for the analysis of article and reference for the future reorganization practice of other listed companies. Through the comparati
12、ve study of a large number of foreign legislation examples and giving full consideration to the localization factors of the legal transplantation, this article intends to give legislative proposals for the improvement of the reorganization plans.This article consists of four chapters.2Chapter is abo
13、ut the general problem of the reorganization system. Through the carding of the reorganization systems history, we can see the value of bankruptcy law legislation evaluate from purely protecting the interests of creditors to the stage of protecting the benefits of creditors and debtor while paying a
14、ttention to the society benefit. Reorganization of listed companies need follow the principle of “giving priority to efficiency with due consideration to fairness“. And formulating and the substance of the reorganization plans of listed companies should also follow and embody it.Chapter is bankruptc
15、y reorganization plan, the core of the bankruptcy reorganization. Bankruptcy reorganization plan of listed companies which appears to be a reorganization program, in essence is a special protocol. This legal nature determines that the legislative provisions of the plan require full respect to the pa
16、rties autonomy. The value pursuit of the bankruptcy reorganization system determines that fair and reasonable principles as well as efficiency principles should be fully embodied at the process of reorganization plan designed. The legislative provisions of reorganization plans content are too genera
17、l. By comparing with extra-territorial laws, the writer believes that providing the absolutely necessary record matter and the relatively necessary record matter is more scientific, including “the company assets assessment criteria and methods“, “staffs adjustment or reduction program“ as absolutely
18、 necessary record matters. Chapter is on the subject- legal rights and interests about bankruptcy reorganization plans of listed companies. This chapter structures the legal framework of reorganization plans of listed companies from the perspective of creditors, investors, debtors and shareholders i
19、nvolved in the reorganization plans. So as to enrich and perfect the legal structure of the entity part of listed companies bankruptcy reorganization plans, this chapter analyzes the definition, the practice, the legal basis and the scope of application of “debt-to-equity swap”, anatomizes the legis
20、lative controversy on whether or not a separate group of contributors to establish and the legitimacy of rights and interests adjustment programs, researches on legal docking of 3debtors financing and explores the legal arrangement of staffs claim and resettlement. The methods of empirical analysis
21、and comparative analysis throughout the research of this chapter effectively enhance the Theoretical basis and practical foundation of the research. Through the study of Worldbest shares “debt-equity swap“, the writer has a more intuitive understanding of the bottleneck problem and the key to succes
22、sful implementation of “debt-equity swap“ in practice. “Zhengbaiwen case“ being the first adjustment case of contributors rights and interests, has triggered the discussion of protection of contributors rights and interests and the legitimacy of the adjustment of the rights and interests. Free finan
23、cing channels which are required when saving listed companies through bankruptcy reorganization, can really make a listed company “revive”. The existing law makes strict demands on financing. If no changes happen on such law, lots of financing measures will not be able to achieve. Through the study
24、of extra-territorial laws, the writer tries to propose legislative modification to the present Chinese law.Chapter is on the procedures-approval of the reorganization plan of listed companies. This chapter, from the respective of the procedures, mainly explores the requirements when designing a reor
25、ganization plan. In a sense, the conditions for courts normal approval and forcibly approval of reorganization plans are the detailed requirements for designing a plan. Execution limit and supervision duration together as an important content of reorganization plans concerns the efficiency of reorga
26、nization, but is in want of legislative norms. This paper puts forward a revised proposal.Key Words: listed companies reorganization plans bankruptcy legal construction1目 录导 言 .1第一章 破产重整制度之一般问题研究 .5第一节 破产重整制度之概述 5一、破产重整之概念厘定 5二、破产重整之历史沿革 6第二节 效率与公平之间：破产重整制度之价值嬗变 8一、对效率的优先追求 8二、对公平的内在保护 9三、效率优先、兼顾公平
27、10第二章 破产重整 计划：上市公司破产重整之核心 .11第一节 实施破产重整的上市公司概况 11第二节 上市公司破产重整计划之法律性质和内容 15一、上市公司破产重整计划之法律性质 15二、上市公司破产重整计划之内容 16第三节 上市公司重整计划的确定原则 20一、公正合理原则 21二、效率原则 21第四节 上市公司破产重整计划之效力分析 22一、上市公司破产重整计划之拘束力 22二、上市公司破产重整计划之执行力 23第三章 主体论：上市公司破 产重整计划之法律权益 .25第一节 债权人法律权益之调整 25一、债权保证基础：债权人分组之立法选择 25二、债权调整方案：以“债转股”为核心 29
28、三、债权受偿方案：方案之法律构建 372第二节 出资人法律权益之调整 45一、引子：典型案例“郑百文案” 46二、独立组设立之立法争议 48三、权益调整方案之合法性分析 49第三节 债务人融资措施之法律对接 54一、债务人发行新股、债券之法定条件变通 55二、债务人股权、资产收购之法律规定变通 58第四节 职工法律权益之保障 61一、对职工债权的法律保护 61二、对职工安置的法律安排 62第四章 程序论： 上市 公司破产重整计划之批准 .65第一节 上市公司破产重整计划之正常批准 65一、法院批准的程序性法律要求 65二、法院批准的实质性条件 66第二节 上市公司破产重整计划之强行批准 69一、强行批准之立法动因 70二、强行批准之各立法例 71三、强行批准之条件完善 72第三节 执行期限与监督期限之立法建议 74一、破产重整计划执行期限 74二、破产重整计划监督期限 75结 语 .77
