预重整制度的法律经济分析
王佐发; 1:吉林师范大学政法学院 2:伊利诺大学 摘要(Abstract)：

预重整是一种介于重整和庭外重组之间的企业解困模式。这种制度安排,既克服了庭外重组谈判中的"钳制"成本,又降低了庭内重整中的制度成本。预重整也存在适用上的局限性。预重整需要适宜的法律环境支撑。但预重整制度对于企业解困具有借鉴意义,对于我国破产法的良性发展具有促进作用,我国有必要完善以破产法为核心的预重整法律环境。

关键词(KeyWords)： 预重整;;制度优势;;法律环境;;规制

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作者(Author): 王佐发;

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参考文献(References)： [1]John.J.McConnel&Henri Servaes,The Economics of Prepackaged Bankruptcy,Journal of Applied Corporate Finance,SUMMER1991,Vol.4.2,p.94.[2]Anderson E.R.(1990,October),Companies walkthe line between debt restructuring and bankruptcy,Business Credit,pp.12-14.转引自:Tavakolian,Bankruptcy:An Emerging Corporate Strategy,SAMAdvanced Management Journal,Spring1995,p.21.[3]Steven L.Schwarcz,Rethinking Freedomof Contract:A Bankruptcy Paradigm,77Tex.L.Rev.595.[4]参见BRD(Bankruptcy Research Database)数据库:http://lopucki.law.ucla.edu/glossary.ht m。该数据库是美国著名破产法专家,加州大学洛杉矶分校的Popucki教授制作的破产法研究数据库。原文:Prepackaged means that the debtor drafted the plan and successfully solicited votes onit before filingthe case.“Prenegotiated”means that the debtor negotiatedthe terms of the plan with some,but not all creditor groups before filing——evenif no prefiling vote was taken on the plan.[1]Sandra E.Mayerson,Current Developments in Prepackaged Bankruptcy Plans,PLI Order No.A0-00E6,p.339.[2]A.C.Eberhart,W.T.Moore,and R.L.,Roenfeldt,Security Pricing and Deviations fromthe Absolute Priority Rule in Bank-ruptcy Proceedings,Journal of Finance(December1999),pp.1457-1469.[3]Stephen J.Lubben,The Direct Costs of Corporate Reorganization:An Empirical Examination of Professional Fees in Large Chapter11Cases,74Am.Bankr.L.J.509,531.[4]Brian L.Betker,The Administrative Costs of Debt Restructurings:Some Recent Evidence,Financial Management26(Winter1997),56.[5]这里大公司的标准是按照美国1989年物价指数资产总额达到或超过一亿美元的公司。参见BRD数据库的解释说明。根据BRD数据库记载,第一例预重整发生在1986年。[1]See John J.McConnell&Henri Servaes,The Economics of Prepackaged Bankruptcy,Journal of Applied Corporate Finance,P.94.[2]See id.[3]See Courtney C.Carter,Saving Face in Southeast Asia:The I mplementation of Pprepackaged Plans of Reorganizationin Thai-land,Malaysia,and Indonasea,Bankruptcy Developments Journal2000,pp.304-306.[2]See Thomas J.Salerno and Craig D.Hansen,APrepackaged Bankruptcy Strategy,The Journal of Business Stragety,January/February1991.[3]See id.[4]See S.Dahiya et al,Detor-in-possession financing and bankruptcy resolution:Empirical evidence,Journal of Financial Eco-nomics69(2003),pp.270-73.[5]See Sandeep Dahiya,Kose John Puri and Gabriel Ramirez,Debtor-in-possessionfinancing and bankruptcy resolution:Empir-ical evidence,Journal of Financial Economics,69(2003),p.261.[6]Seeid.p.261,277.[7]See The McGraw-Hill Companies,Inc.S&P DAILY NEWS,Oglebay Norton Co.March.10,2004and May.7,2004.[1]See The McGraw-Hill Companies,Inc.S&P DAILY NEWS,BushIndustries Inc.April.27,2004.[2]See Donald Lee Rome,Business Workout Manual,Second Edition,2001cumulative supplement,West Group,p.S19-45.[3]John C.McConnell&Henri Servaes,The Economics of Prepackaged Bankruptcy,Journal of Applied Corporate Finance,SUM-MER1991,Vol4.2,P.95.事实上这也是一种搭便车现象。[4]See11USC§1141(a).[6]11USC§502(b)(6).[1]11USC§502(b)(7).[3]See Brian L.Betker,An Empirical Examination of Prepackaged Bankruptcy,Financial Management,Vol.24,No.1,Spring1995,P.10&12.[1]See id.pp.9-10.[2]See75F2d947(4th Cir.)from,Donald Lee Rome,Business Workout Manual,Second Edition,2001cumulative supplement,West Group,p.S19-3.[3]11USC§1102(b)(6).[4]11USC§1121(a).[5]See Donald Lee Rome,Business Workout Manual,Second Edition,2001cumulative supplement,West Group,p.S19-11.[1]See id.[2]11USC§1129(a)(3).[3]See1933Act,15USC§§77a-77aa;1934Act,15USC§§78a-78ll.[4]11USC§1125(a)(1).[5]11USC§1126(b)(1),(2).[1]See Donald Lee Rome,Business Workout Manual,Second Edition,2001cumulative supplement,West Group,S19-11.[2]See In re Grand Union,case no.98-27912,Bankr.D.N.J.,June24,1998.[3]See Donald Lee Rome,Business Workout Manual,Second Edition,2001cumulative supplement,West Group,S19-25,26,27.[4]11USC§1126(f).[5]See Donald Lee Rome,Business Workout Manual,Second Edition,2001cumulative supplement,West Group,S19-38.[6]124.B.R.211.[1]Case No.98-37(Bankr.D.Del.,Jannary7,1998).[2]Case No.95-33058(Bankr.D.Or.May12,1995).[3]See Donald Lee Rome,Business Workout Manual,Second Edition,2001cumulative supplement,West Group,S19-40,41.[4]See supra note1at page309.[5]See Donald Lee Rome,Business Workout Manual,Second Edition,2001cumulative supplement,West Group,S19-41,42.[6]See id.[1]数据来源:http://lopucki.law.ucla.edu/study_results.asp最后访问时间:2008年11月1日。[1]林晨:“S*ST华龙破产重整或将恢复上市”,载《21世纪经济报道》2008年3月21日(019)。[2]徐锐:“重组方案出炉,ST宝硕获注化工资产”,载《上海证券报》2008年5月24日(008)。[3]王婧:“ST宝硕能否踏上重整路”,载《法制日报》2007年8月12日(010)。[4]徐强:“S*ST兰宝破产案中的法律智慧”,载《法制日报》2008年1月27日(010)。[5]马玉荣:香港均富:“新破产法造就了上市公司保壳或扭亏的空间”,载《证券日报》2008年9月21日(007)。[6]尹中立:“券商内幕交易第一案”反思,载《南方周末》2009年1月15日(016)。