論我國中小企業重整之金融手段 ─以美國DIP融資及SBRA法案為借鏡;On Financial Means of Small and Medium-sized Businesses Reorganization in Taiwan: taking examples from DIP Financing and SBRA under the United States Bankruptcy Code

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題名:	論我國中小企業重整之金融手段 ─以美國DIP融資及SBRA法案為借鏡;On Financial Means of Small and Medium-sized Businesses Reorganization in Taiwan: taking examples from DIP Financing and SBRA under the United States Bankruptcy Code
作者:	陳妤彤;Chen, Yu-Tong
貢獻者:	產業經濟研究所
關鍵詞:	企業債務清理程序;中小型企業;重建型債務清理程序;公司重整;新資金取得;The Taiwanese Law of Corporation Bankruptcy Proceedings;small and middle business;Reconstruction of Debts Clearance Procedure;corporate reorganization;DIP financing
日期:	2021-06-22
上傳時間:	2021-12-07 12:19:07 (UTC+8)
出版者:	國立中央大學
摘要:	2020年自新冠病毒爆發以來，以我國經濟發展為主要基底與架構的中小企業，在這波疫情的衝擊下，亦遭遇了重大的經濟危機，許多中小企業瀕臨事業破產倒閉的邊緣，是以如何在這一波全球經濟大衰退的潮流下，使面臨經營倒閉的中小企業得以重建再生乃是時下重要之議題，又我國現行破產法於1935年公布後，實施至今，已逾80年，期間我國破產法並無大規模翻新，公司法重整章亦有類似情形，是以，乃是時候探討我國企業債務清理法制的最佳時機。而當一家企業面臨破產倒閉時，應以其仍持續經營為處理導向，則在重建型債務清理程序就呈現了此種解決方向，故，在新冠病毒衝擊企業運營的背景下，重建型債務清理程序就成為得以解救面臨破產倒閉的企業最後一根救繩，因此，重建型之債務清理程序乃為本文之探討核心，其中，重建型債務清理程序目前散落於破產法的和解程序(以下或簡稱破產和解)以及公司法的重整程序(以下或簡稱公司重整)。目前我國公司重整制度，僅限公開發行股票或發行公司債之企業(公司法第282條)得以申請公司重整，而該些類型企業多屬於大型企業，使得我國中小型企業無法使用公司重整程序，又觀2016年司法院債務清理草案雖然立法者有注意到公司重整資格過於狹隘的問題，而放寬至無限公司、兩合公司、有限公司等法人事業，但仍附加條件限制該法人事業必須其資本額超過一億元以上方得為之，則按我國目前的中小企業認定標準得以知悉，中小型企業之認定標準為一億元資本額以下，故這代表著草案仍將中小型企業排除在外，僅仍依破產和解為債務清理，但是破產和解程序並無法為中小型企業為完整的債務清理，為此，本文認為得仿效美國聯邦破產法典第十一章以及2020年施行的小型企業重整法案(Small Business Reorganization Act，以下或簡稱SBRA )，於我國的公司重整程序中為中小型企業專設公司重整程序之特別規定，賦予中小型企業程序選擇權，既能保留我國破產和解之立法特色又能保障中小型企業其公司完整債務清理之權益，並且為使公司重整制度更加完善，提倡得效仿美國破產法典的自管債務人融資制度(Debtor-in-possesses，以下或簡稱DIP融資)，增設新資金融資注入的相關規定，以誘使企業外部投資人為債務重建中之企業注入新資金，以維持其於公司重整中之運行，希冀能為中小型企業有完整重建其企業之管道。 ;Since Covid-19 outbreak in 2020, our country faces the economic crisis because our economy is based on small and middle business which are impacted by the pandemic. As a result, how to get through this impaction to rebuild the corporation’s operation reconstruction is the most important thing nowadays. Besides, the Bankruptcy law in Taiwan has been 80 years not amend so this is good timing to reform our Bankruptcy Act also including of Corporation Act which has the slimier situation. One company faces a bankruptcy crisis, the best way of dealing with it is to maintain its operation. And the reconstruction type of debts clearance procedure is the way of rebuilding the company. Thus, this kind of procedure is the core part going through this essay and it also containing two parts, one is the settlement chapter of the Bankruptcy Act, and another is the reorganization chapter of the Corporation Act. The reorganization chapter of Corporation Act in Taiwan, the qualification of applying for this procedure just only for the companies which are public or corporate bond and these businesses usually belong to big enterprise so that made a lot of small and middle business couldn’t get through this process to rebuild their companies. Furthermore, the 2016 Draft of Debts Clearance Act also found this problem and broaden the qualification for this process such as Unlimited Company, Limited Company, Unlimited Company with Limited Liability Shareholders and all kind of corporations, which are independently legally recognized entity and provide limited liability protection creates assets-petitioning and risk-shielding function. However, there is a limitation which is that capital must over 100 million. In fact, the draft did not let small and middle businesses could rebuild from the procedure. Small and middle businesses just could get through from the settlement chapter of Bankruptcy but this process couldn’t make a complete debts clearance for these businesses. As a result, we can follow chapter 11 of the American Bankruptcy Code and the Small Business Reorganization Act which is into effect in 2020. To design a special company reorganization procedure for small and middle businesses in Taiwan and give them the procedure option of the organization process. It is not only can protect the right of option for the procedure but also keep the character of the settlement chapter in the Bankruptcy Act. Also, to make perfect for this procedure design, we can imitate the DIP financing in chapter 11 of the American Bankruptcy Code which is to make the companies get the loan from outside to keep their business operating.
顯示於類別:	[產業經濟研究所] 博碩士論文

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