| 摘要: | 我國現行公司法第五章第十節所設立之公司重整制度，旨在提供有財務困難的企業得以重建再生、再續營運的法律途徑，避免走向破產結束營業。然而，在實務的運作上，關於重整計畫中如何進行利益的分配，特別是債權人和股東之間的清償順序，現行法規範上尚屬模糊，亦未明文採行「絕對優先原則」（Absolute Priority Rule）。此一缺口可能損害債權人在法律上應有的優先受償權益，亦不利於重整制度的公信力，引發程序濫用的疑慮。
本文首先聚焦在美國聯邦破產法第十一章的重整制度，分析其如何透過分組表決、強制認可機制，確保債權清償順位與資本結構正義，並透過「新價值例外」平衡原股東參與企業重整的機會。進而，本文針對我國企業環境之特性，特別是家族企業比例高、資本結構集中等因素，探討此類企業結構對實施絕對優先原則可能產生的影響與挑戰。
除法制設計外，本文亦從經濟學角度進行分析，指出明確的清償規則有助於降低資訊不對稱、強化協商預測性，進而提升整體資源配置效率與誘因一致性。絕對優先原則不僅提升債權保護，亦有助於建立制度信賴、降低交易成本，實現企業重整法制的經濟功能。
本文主張，我國公司法應適度考量引進絕對優先原則，以補足現行制度上對債權保障與經濟效率的不足，並嘗試提出具體修法建議，包括增訂債權順位條文、引入新價值例外機制、健全重整價值評估程序並搭配過渡條款以利彈性適用。期待透過優化制度的設計，提升重整程序的公平公正性、透明性與可預測性，建立信賴基礎，促進企業重整，並與國際重整法制接軌，實現程序與實質經濟功能的目標。
;The current corporate reorganization mechanism in Chapter V, Section 10 of our country’s Company Act is designed to provide a legal pathway for financially distressed companies to rebuild and resume operations, thereby avoiding liquidation and business termination. However, in practice, the statutory framework remains vague regarding the distribution of interests under a reorganization plan—particularly the order of payment between creditors and shareholders. Notably, the current law does not explicitly adopt the “Absolute Priority Rule”, a doctrinal principle that requires senior class of creditors to be fully satisfied a value equal to the allowed amount of the claims before any junior class, including shareholders, can receive any distribution. This legislative gap may undermine creditors’ legally entitled priority rights, reduce the credibility of the reorganization process, and create potential for procedural abuse.
First, this paper examines the U.S. Chapter 11 reorganization system under the Federal Bankruptcy Code, focusing on how it enforces the priority of claims and capital structure fairness through classified voting and cramdown confirmation mechanisms, while allowing limited flexibility for shareholders’ participation via the “new value exception.” Building on this comparative foundation, the paper then analyzes the unique characteristics of our country’s corporate landscape, especially the prevalence of family-owned businesses and highly-concentrated ownership structures, and how these features might affect the feasibility and implementation of Absolute Priority Rule.
In addition to legal framework design, this study also conducts an analysis from an economic perspective, highlighting that clear rules of distribution help reduce asymmetrical information and enhance the predictability of negotiations, thereby improving overall resource allocation efficiency and aligning stakeholder incentives. The Absolute Priority Rule not only strengthens creditor protection but also contributes to building institutional trust, reducing transaction costs, and realizing the economic functions of a corporate reorganization regime.
This study maintains that our country’s Company Act should consider introducing the Absolute Priority Rule to strengthen both creditor protection and institutional economic efficiency, fill the current legal ambiguity. It proposes a set of concrete legislative reforms, including the codification of claim priority, incorporation of a new value exception mechanism, enhancement of valuation procedures for reorganization plans, and the design of transitional provisions to ensure flexible adaptation. Through these institutional improvements, the reorganization process in our country may be made more fair, transparent, and predictable. It is hoped that it could reinforce procedural legitimacy, facilitate successful corporate reorganization, and align our country’s legal framework with international insolvency standards. |
