【摘要】：2008年以來,全球爆發(fā)了嚴(yán)重的金融危機(jī)。美國雷曼兄弟投資銀行的破產(chǎn)引發(fā)的連鎖反應(yīng),使得世界范圍內(nèi)大部分銀行紛紛陷入了兌付危機(jī)。對于世界諸多國家的企業(yè)公司經(jīng)營者而言,“金融危機(jī)”四個(gè)字成為了2008年度的深刻而又沉重的關(guān)鍵詞。嚴(yán)重的經(jīng)濟(jì)及金融危機(jī)所造成的影響,波及了全球范圍內(nèi)的許多國家。為穩(wěn)定本國金融市場秩序,降低金融危機(jī)帶來的負(fù)面影響,聯(lián)邦德國立法機(jī)構(gòu)就德國破產(chǎn)法第19條第2款所規(guī)定的資不抵債制度,重新引入了“修正的雙層資不抵債”概念。德國破產(chǎn)法所規(guī)定的資不抵債概念,其意義自德國破產(chǎn)法立法以來,在實(shí)務(wù)界與理論界就備受爭議。依據(jù)此前,即1999年1月1日至2008年10月18日生效的破產(chǎn)法第19條第二款版本,衡量債務(wù)人資產(chǎn)狀況的重要標(biāo)準(zhǔn),在于綜合當(dāng)時(shí)經(jīng)濟(jì)環(huán)境及各方因素,企業(yè)是否明顯存在繼續(xù)經(jīng)營的可能。也即,持續(xù)經(jīng)營可能性預(yù)測的結(jié)果取決于對于債務(wù)人財(cái)產(chǎn)的估值,而這到底是應(yīng)置于企業(yè)的持續(xù)經(jīng)營預(yù)測考量之下,還是應(yīng)置于企業(yè)的清算程序之中。此版本概念被稱為“原始的雙層資不抵債”概念；而根據(jù)自2008年10月18日生效的破產(chǎn)法第19條第二款版本,繼續(xù)經(jīng)營預(yù)測的結(jié)果不再取決于企業(yè)估值預(yù)測,相反,若企業(yè)在一開始的繼續(xù)經(jīng)營預(yù)測中,獲得正面結(jié)果,則上述按照規(guī)定,可以排除企業(yè)財(cái)務(wù)上的資不抵債狀態(tài)。這樣的資不抵債概念在理論界被稱為“修正的雙層資不抵債”概念。立法者們采取相應(yīng)措施修正破產(chǎn)法中資不抵債概念規(guī)定的用意十分明顯——他們擔(dān)心金融危機(jī)將導(dǎo)致股權(quán)資產(chǎn)和不動(dòng)產(chǎn)價(jià)值的大幅度縮水,從而引發(fā)企業(yè)規(guī)模性破產(chǎn)。為扭轉(zhuǎn)這一可能的破壞性危機(jī),立法者引入了在理論界曾受到嚴(yán)格批判的“修正的雙層資不抵債”概念。得益于強(qiáng)有力的國家公權(quán)力手段,以及全體民眾的共同努力,德國經(jīng)濟(jì)在2011年與2012年間發(fā)展勢頭良好。2012年11月9日,德國議會(huì)宣布解除對于現(xiàn)行資不抵債概念有效期限的規(guī)定。而事實(shí)上,按照此前立法決議,“‘修正的雙層資不抵債概念”僅有兩年的有效期,即效力截止至2010年12月31日,期間立法者曾將其效力期間延長至2013年12月31日。根據(jù)最新決議,“修正的雙層資不抵債概念”將于2013年底過后,在破產(chǎn)法中截止期限的持續(xù)發(fā)揮效力。德國聯(lián)邦立法機(jī)構(gòu)的最新決議,在德國法學(xué)研究的理論與實(shí)務(wù)界掀起了新的波瀾。一方面,立法者臨時(shí)引入“修正的雙層資不抵債概念”,是否對于抵抗經(jīng)濟(jì)危機(jī)具有積極意義尚待考察討論；另一方面,在德國經(jīng)濟(jì)好轉(zhuǎn)后,持續(xù)適用較為溫和的“修正的雙層資不抵債”概念,是否有利于構(gòu)造良好的企業(yè)市場環(huán)境亦令人心存疑問。本文將通過對資不抵債制度發(fā)展歷程的梳理、對資不抵債制度構(gòu)成要件的分析,結(jié)合德國經(jīng)濟(jì)發(fā)展背景以及未來發(fā)展趨勢,對上述問題做出法律理論及司法實(shí)踐層面的分析解答,并對這一制度做出立法性評價(jià)。
[Abstract]:Since 2008, a serious financial crisis has broken out in the world. The bankruptcy of Lehman Brothers investment bank in the United States triggered a chain reaction, making most banks around the world have fallen into a cash crisis. In order to stabilize the order of domestic financial markets and reduce the negative impact of the financial crisis, the Federal German Legislature has reintroduced the "modified double-decker" system of insolvency as stipulated in Article 19, paragraph 2, of the German Bankruptcy Law. The meaning of the concept of insolvency stipulated in German Bankruptcy Law has been controversial in both practical and theoretical circles since the legislation of German Bankruptcy Law. In other words, the outcome of the forecast depends on the valuation of the debtor's property, and whether this should be taken into account in the enterprise's continuing operation forecast or in the enterprise's liquidation process. On the other hand, according to the second version of Article 19 of the Bankruptcy Law, which came into effect on October 18, 2008, the results of the continuing operation forecast no longer depend on the valuation forecast of the enterprise. On the contrary, if the enterprise obtains a positive result in the initial continuing operation forecast, the above-mentioned provisions can exclude the financial assets of the enterprise. This concept of insolvency is known in theorists as the "modified double-deck insolvency" concept. Legislators are taking steps to amend the bankruptcy law's definition of insolvency with a clear intention - they fear that the financial crisis will lead to a sharp decline in the value of equity assets and real estate, thereby triggering enterprises. To reverse this potentially destructive crisis, legislators introduced the revised concept of "double insolvency", which has been critically criticized by theorists. Thanks to the powerful means of national power and the joint efforts of all citizens, Germany's economy grew well between 2011 and 2012. November 9, 2012 On December 31, 2010, the German Parliament announced the lifting of the current term of validity of the concept of insolvency. In fact, in accordance with previous legislative resolutions, the "revised concept of dual insolvency" has only two years of validity, that is, until December 31, 2010, during which the legislator extended its validity until December 31, 2013. The latest resolution of the German Federal Legislature has set off a new wave in the theoretical and practical circles of German jurisprudence. On the one hand, the legislator temporarily introduced the "revised concept of dual insolvency", whether it is right or not. On the other hand, it is doubtful whether the more moderate concept of "modified double-deck insolvency" will help to construct a good market environment for enterprises after the German economy improves. Based on the analysis of the constituent elements of the insolvency system and the background of German economic development as well as the future development trend, this paper gives an analysis and solution to the above-mentioned problems in the aspects of legal theory and judicial practice, and makes a legislative evaluation of the system.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：D951.6;DD912.29

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