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姓名 周伯寅(Bo-Yien Chou) 查詢紙本館藏 畢業系所 產業經濟研究所 論文名稱 論債權式新資金引入—以公司重整制度為中心
(The Post--commencement Finance-Focusing on Corporation Reorganization)相關論文 檔案 [Endnote RIS 格式]
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摘要(中) 公司因經營不善導致無法在市場上繼續生
摘要(英) There are many instances where companies cannot survive any longer in the market because of poor management. When this happens, a company has two options to choose from, liquidation or reorganization. Under the current legal system, due to the lack of a good company reorganization system, the number of successful reorganization cases is limited, and most companies would choose to go down the liquidation route.
However, this paper believes that the reorganization system is necessarily needed. From the perspective of the industry, to give a company the opportunity to reorganize can save factories and equipments from becoming idle, and workers from unemployment; from the perspective of shareholders of the company, reorganization can save their investment so that they do not lose everything; from the perspective of the creditors of that company, a company that continues to operate is of course more likely to be able to repay their debts. Therefore, we can say that a well--‐considered reorganization system is capable of creating win--‐win situations.
The key to the reorganization system is the “injection of new funds", because regardless of the perfect conditions of a company, or how attractive the reorganization program is, eventually that company has to face the problem whether there are new investors who are willing to invest to solve the financial difficulties. For companies who filed for reorganization, there are two ways to observe whether new investors would be willing to invest in them; from a management perspective, the new fund investors care about whether the reorganized company would have enough essential elements to turn a profit; and from the legal perspective, lawmakers should design a set of incentives sufficient to attract new influxes of funds, at the same time taking into account the interests of the shareholders/creditors.
The influx of new funds, from both the management and legal perspective, has issues worth discussions. But due to limited space, this paper will focus on the legal perspective. It will discuss how the legal system should strike a balance between the creditors and shareholders toallow a fast and efficient reorganization, and thereby reach win--‐win situations.
關鍵字(中) ★ 新資金
★ 程序開始後之融資
★ 重整
★ 清算關鍵字(英) ★ New funds
★ Liquidation
★ Reorganization
★ Post--‐commencement Finance論文目次 摘要 ....................................................................................................................................................I 目 錄 ................................................................................................................................................. IV 表目錄 ...........................................................................................................................................VII 圖目錄 ...........................................................................................................................................VII
1.緒論................................................................................................................................................1 1.1 研究動機與目的.................................................................................................................................... 1 1.2 研究方法 .................................................................................................................................................. 2 1.3 研究架構 .................................................................................................................................................. 2
2.企業債務清理制度....................................................................................................................5 2.1 企業債務之清理.................................................................................................................................... 6 2.1.1 債務清理之範圍..........................................................................................7 2.1.2 債務處理思想之演變..................................................................................8 2.1.3 債務處理之機能 ............................................................................................................................ 11 2.2 企業債務處理制度............................................................................................................................ 13 2.2.1 重整 .....................................................................................................................................................16 2.2.2 重整制度與清算制度之比較 ................................................................................................... 25 2.2.3 小結 .....................................................................................................................................................27
3.問題企業取得資金的方式與新資金引入 ......................................................................28
3.1 企業內部的新資金取得 .................................................................................................................. 29
3.2 企業外部新資金引入....................................................................................................................... 30 3.2.1 股權式新資金引入 ....................................................................................................................... 31 3.2.2 債權式新資金引入 ....................................................................................................................... 33
3.3 結論:新資金引入的兩難—誘因增加與債權保護 ............................................................ 35
4.我國法制與實務 .....................................................................................................................37 4.1 我國現行法規 ..................................................................................................................................... 38 4.1.1 破產法 ................................................................................................................................................38 4.1.2 公司法重整篇 .................................................................................................................................42 4.2 現行的新資金引入............................................................................................................................ 46 4.3 結論 ......................................................................................................................................................... 47
5.美國聯邦破產法 .....................................................................................................................48 5.1 美國聯邦破產法架構.....................................................................................48 5.2 美國聯邦破產法就問題企業取得資金之規定 ...................................................................... 56 5.3 小結 ......................................................................................................................................................... 63
6.國 際 組 織 報 告 與 立 法 原 則 ................................................................................................... 65 6.1 聯合國國際貿易法委員會(UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW,UNCITRAL)—破產法立法指南(LEGISLATIVE GUIDE ON INSOLVENCY LAW)..... 68
6.1.1 聯合國國際貿易法委員會(UNCITRAL)簡介..............................................................68 6.1.2 破產法立法指南簡介...............................................................................70 6.1.3 破產法立法指南的程序後融資 .............................................................................................. 72
6.2 世界銀行(WORLD BANK)與國際貨幣基金組織(INTERNATIONAL MONETARY FUND,
IMF)—破產與保護債權人機制有效處理原則(THE PRINCIPLES AND GUIDELINES FOR v
EFFECTIVE INSOLVENCY AND CREDITOR RIGHTS SYSTEMS) ............................................................. 80 6.2.1 破產與保護債權人機制有效處理原則(Principles and Guidelines for Effective Insolvency and Creditor Rights Systems)簡介 .......................................................................... 82
6.3 其它國際組織 ..................................................................................................................................... 84 6.4 小結 ......................................................................................................................................................... 85
7.我 國 債 務 清 理 制 度 修 法 方 向 .............................................................................................. 86 7.1 我國修法概述 ..................................................................................................................................... 86 7.2 研究報告 ............................................................................................................................................... 88
7.2.1 企業破產與重整法制報告 ........................................................................................................ 89
7.2.2 公司重整與法典單一化報告與修法草案 .......................................................................... 92 7.3 法規草案 ............................................................................................................................................... 99 7.3.1 破產法草案(2004)............................................................................................................... 100 7.3.2 債務清理法草案(2007)..................................................................................................... 101 7.3.3 債務清理法草案(2009)..................................................................................................... 106 7.4 小結.......................................................................................................................................................111
8.結 論 ...........................................................................................................................................112 8.1 債權式新資金引入的成功要素 .................................................................................................112 8.2 對我國法制的建議..........................................................................................................................113
參 考 文 獻 .....................................................................................................................................118
參考文獻 (一)專書
1. 中文
參考文獻
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(二)研究報告 1. 中文
(1) 理律法律事務所(2001/10),企業破產與重整法制研究,行政
118
院經濟建設委員會八十九年度委託研究計畫。
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(三)專書論文 1. 中文
(1) 王文宇(2003),我國公司重整法制之檢討與建議(1999/10), 新公司與企業法,頁 237-255,台北:元照出版社出版。
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119
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發兼論我國公司法典、民法典與破產法典未來應有之調整
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(四)期刊論文 1. 中文
(1) 王文宇(2000/12),資產管理公司政策與法制問題研究,台灣 金融財務季刊,第 1 輯,第 2 期,頁 13-33。
(2) 王志誠(2002/6),企業組織再造法制之適用與檢討—金融法與 企業法之交錯與接軌,月旦法學,第 85 期,頁 119-136。
(3) 王志誠(2005/12),公司重整法制—重整之聲請程序、重整債 權
及重整債務,月旦法學
指導教授 鄭有為、王明禮
(Albert Yu-Wei Cheng、Ming-Li Wang)審核日期 2012-7-25 推文 plurk
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