The Research Of Problem Of The Interest's Conflict And Balance In Enterprise Bankruptcy Reorganization

Conflict and balance of interest in bankruptcy proceedings is a permanent topic in bankruptcy law.Conflict and balance are rife in every corner of bankruptcy reorganization norms and judicial practice.In previous studies,no scholar has been able to summarize all conflict patterns and balance paths.On the one hand,it is because of the complex types of conflicts;on the other hand,it is because of the constant development and changes of the society to change the game state of interests in the restructuring at any time,and thus generate new conflicts at any time.But the bankruptcy reorganization procedure subproject under the framework of a bankruptcy procedure,based on the stakeholders of the rational economic man,through to build enterprise and release the continuing operations of the enterprise value(Going Concern),the value of the system was not changed,when faced with a financially,but with the value of sustainable enterprise need to make a save of bankruptcy reorganization,but because of conflicts of interest and stem the reorganization process smoothly,it will need to ask,why lose rational economic thinking,such as those creditors,and exclude reorganization process.Mainly based on case analysis research,is unable to find all the types of conflicts of interest and the solution of the established on the basis of their findings conflict type path may be relatively narrow,because there are differences between the debtor and the debtor enterprise enterprise,enterprise's debt structure,profitability,operation mode,market prospect,enterprise culture and so on are differences,just as Leibnitz,puts it: "There are no two identical leaves in the world",but the in-depth analysis of the case can find the real appearance of conflict,the most intuitive understanding of the face of the conflict of interest in bankruptcy reorganization,on this basis,the balanced path can provide some Suggestions and reference for other cases.Bankruptcy reorganization is a rescue procedure for the subjects who fail in market competition.The system structure of stakeholder negotiation and game platform under judicial intervention can promote the realization of market-oriented dominant resource allocation,but there are conflicts in the process of interest negotiation and game.To resolve conflicts with the interests of balance function is the implementation of the bankruptcy reorganization system means and ways,the realization of the balancing of interests can be driven from the dimension of the social structure of bankruptcy reorganization system function,both dimension of social behavior guidance function,including social and cultural dimensions of the transformation function,even is the transformation of social and economic dimensions of resource allocation and the macroeconomic policy to carry out the function,but it must be on the premise of the realization of the interests balance.Conflicts of interest and balance in the bankruptcy reorganization of the eternal theme,enterprise financial distress caused by the debtor's property can not meet the needs of all parties,and then from the enterprise into the bankruptcy process will be likely to break out fierce conflicts of interest,how to achieve the balance of interests is the bankruptcy reorganization process needs to solve the problem.Diverse roles and interests overlap is conflicts of complex representation of bankruptcy reorganization,identify the reality faces a conflict of interest is a necessary choice to realize the balancing of interests in the bankruptcy reorganization,in the perspective of the role of stakeholders and appeal to the empirical analysis,both give priority to with the data analysis to deconstruct the enterprise financial distress and sustainable business value,including field survey found that the real demands of stakeholders,the empirical research to penetrate fog of reorganization between judicial practice and system specification clear creditors,the debtor and the demands of strategic investors and other interest groups,as well as the role of executive power and jurisdiction in the reorganization process of the real.However,it is impossible to resolve and balance all the conflicts of interest in the bankruptcy reorganization process.To successfully save the enterprise through the bankruptcy reorganization process,preserving and releasing the sustainable operating value of the debtor enterprise is a way to safeguard the public interests,and can also realize the value function of the reorganization system.For this purpose,we can find a systematic solution to the conflicts of interest in bankruptcy reorganization.Firstly,it is the relationship between debtor's property and the balance of interests of bankruptcy reorganization.Needless to say,the value attribution of property is the goal of the game of stakeholders,and the bankruptcy reorganization of enterprises is based on the reality of financial distress,which is behind the limited and insufficient property value and liquidity of debtors.People have the nature of pursuing profits,and stakeholders represented by creditors implement self-interested strategies for limited debtors' property,resulting in interest conflicts in the game.Therefore,the basis of realizing the balance of interests in bankruptcy reorganization is to improve the property value of debtors and make proper distribution.Debtor's property the value has not been up to bankruptcy law basic principle dimensions,but the important feature of the bankruptcy law and the bankruptcy law system is based on bankruptcy revocation right,automatic freeze in order to realize the debtor property value as the goal of system design,the logic behind is the essence of the creditors under the overall benefit maximization goal fair pursuit.And mining the debtor's business ability during bankruptcy can effectively realize the debtor's property appreciation.Distribution of the debtor's property to be on the basis of the bankruptcy law rules to determine the right holder,the holder of the lock range,and in bankruptcy during the time axis coordinates for scale,the bankruptcy reorganization,restructuring period before and after the reorganization of the right holder of an orderly distribution and discharge,thus realize the bankruptcy reorganization procedure system behind the essence of the value of efficiency and fairness.And the realization of the bankruptcy reorganization procedure interests balance need marketization and government by law path as the instruction,the debtor to the debtor property distribution and enterprise save dangerous purpose of interests equilibrium path also need in the above framework implementation,reorganization procedure justice platform system construction requirements of the jurisdiction conflicts of interest in leading and responsible for dealing with reforming and implementation of the restructuring of the balance of interests,but under the collective action logic,because in the reorganization process specification is not complete,the conflict caused by the judicial organ for the cautious attitude.The bankruptcy reorganization of enterprises on the local economic development,worker placement and other factors,the administrative power inevitably does not pay attention to it.However,the intervention of the administrative power will impact the neutral position of the judicial power,make the interests deviate from the balance balance and tilt to one side,and then damage the interests of other rights.In addition,the bankruptcy administrator's performance of duties is influenced by the centralism of the court,which weakens its own functions.The root cause is the lack of market-oriented and scientific performance evaluation system,and the bankruptcy administrator's performance becomes leadership,which is contrary to the requirements of marketization.The balance of the interests of bankruptcy reorganization needs the guarantee of public power,and whether the power can be properly allocated between the administrative power,the judicial power and the manager affects the success of the reorganization process.The judicial power,based on the judicial authority of the judges in disputes,enjoys the dominant right of bankruptcy reorganization process,and it is correct to use the right of bankruptcy declaration,the right of compulsory approval of reorganization plan and other procedural control to overcome the prudent attitude.When the market economic system is not complete,bankruptcy reorganization process can not effectively use the market,weaken the restructuring function,the executive power should assist the bankruptcy reorganization process to succeed and save the enterprise for the purpose,from the benefit of the dominant right of the process to make up for the failure of the process;On the other hand,managers should be market-oriented and actively perform their duties to maximize their own benefits.They should make proper use of commercial judgment rules in the restructuring process and establish an evaluation standard based on the amount of debtors' property,so as to motivate managers to actively perform their duties and achieve the balance of interests of all parties.Finally,the realization path of interest balance in restructuring,the realization of interest balance is the distribution process of interest,the distribution of interest in bankruptcy restructuring needs to accept the adjustment of interest level,different protection according to the different interest level,and the obligees with different debtor property for repayment.Public interest,group interest and individual interest are the three levels of interest in restructuring.Under contingency theory,the protection of financial creditor's rights has been raised to the category of social public interest,and the protection of group interest has also been added to the right to participate in the process.Finally,the consistent principle of overcoming rigidity can protect individual interest.According to different interest rates,the claims of stakeholders in the arriving on reforming the specification is not complete blank,with the manager started with the assistance of the executive power,under the jurisdiction of the leading exploration such as settlement of the reforming path,to overcome rigid ideas to realize the reorganization of the benefit balance,promote bankruptcy reorganization procedure in order to achieve success,protection enterprise sustainable business value and the purpose of the reorganization system function into full play.