【摘要】：世界經(jīng)濟(jì)開放的時代,市場發(fā)展的動力來源于企業(yè),充分發(fā)揮企業(yè)的經(jīng)濟(jì)與社會價值。因此,企業(yè)破產(chǎn)會產(chǎn)生大范圍的經(jīng)濟(jì)下行,上個世紀(jì)與本世紀(jì)存在的全球經(jīng)濟(jì)危機(jī)正好印證了這個規(guī)律。倘若比較著名的上市公司和跨國企業(yè)存在著財(cái)務(wù)困難,則其就是一個國家甚至整個全球經(jīng)濟(jì)危機(jī)的源頭。所以,全球法律界都比較重視破產(chǎn)重整程序的實(shí)施。破產(chǎn)重整程序是新破產(chǎn)法中的一項(xiàng)新設(shè)程序,它對原破產(chǎn)法的結(jié)構(gòu)以及觀念進(jìn)行了更新,商法與民法的思維也隨之拓寬,使得在公平清償債務(wù)的前提下困境公司擁有了重生和復(fù)興的渠道,具有十分重要的意義。整個破產(chǎn)程序的關(guān)鍵之處在于重整計(jì)劃。使債務(wù)人恢復(fù)正常經(jīng)營是破產(chǎn)重整的目標(biāo),然而經(jīng)歷過重整的公司會和其他的公司有些不同的經(jīng)歷,因此其經(jīng)營也必然帶有自身的特點(diǎn),而這些特點(diǎn)正好體現(xiàn)在各自的重整計(jì)劃中�？梢哉f制定的重整計(jì)劃的優(yōu)劣對整個破產(chǎn)重整的成功與否有著非同一般的作用,所以重整程序的重點(diǎn)是制定重整計(jì)劃。制定計(jì)劃的時候應(yīng)遵循公正合理、可行性和效率原則;債權(quán)人、債務(wù)人等各相關(guān)利益主體的利益平衡都充分體現(xiàn)在重整計(jì)劃的內(nèi)容、表決、執(zhí)行與監(jiān)督中。本文對上海超日太陽能科技股份有限公司(以下簡稱“ST超日”)的破產(chǎn)重整案例進(jìn)行了探究。首先,從ST超日的重整方式出發(fā),當(dāng)ST超日公司陷入債務(wù)危機(jī)而瀕臨破產(chǎn)時,其公司資產(chǎn)、經(jīng)營狀況及主營業(yè)務(wù)依舊可以開展,也有盤活部分困境業(yè)務(wù)的可能性,因此,本著破產(chǎn)重整“再生型重整”的立法精神,采取了公司經(jīng)營保留模式;然后,分析了整體破產(chǎn)重整計(jì)劃的運(yùn)作程序以及公司破產(chǎn)重整運(yùn)用的相關(guān)手段。為了使企業(yè)通過重整手段并且不會實(shí)施破產(chǎn)清算,ST超日的領(lǐng)導(dǎo)和第三方管理人全心全意地進(jìn)行相關(guān)工作,其中含有清理和評估企業(yè)的資產(chǎn)以及債權(quán)核對和審核等流程。并且對企業(yè)的財(cái)產(chǎn)適當(dāng)處理或者重組企業(yè)現(xiàn)有的債務(wù),希望可以有投資方為企業(yè)投入資產(chǎn),公司得以繼續(xù)生產(chǎn)經(jīng)營。同時分析公司破產(chǎn)重整對財(cái)務(wù)績效的影響以及對債務(wù)人、職工和股東、債權(quán)人四個不同利益主體所產(chǎn)生的結(jié)果,發(fā)現(xiàn)在實(shí)施破產(chǎn)重整程序后,保留原主營業(yè)務(wù)的同時業(yè)績能夠扭虧為盈;對于債權(quán)人來說,ST超日破產(chǎn)重整能夠使其獲得比破產(chǎn)清算更高的重整償還率;對于職工和股東來說,公司在整個破產(chǎn)重整程序中也維護(hù)了這些個體利益主體的利益。本文最后從ST超日破產(chǎn)重整的案例中,得出了幾點(diǎn)企業(yè)在破產(chǎn)重整中可以借鑒的做法。本章通過前文的分析得出結(jié)論,歸納和總結(jié)了上市公司破產(chǎn)重整的一些必要條件并提出相關(guān)的建議,為破產(chǎn)重整的推廣和實(shí)施運(yùn)用提供一些經(jīng)驗(yàn)和幫助。首先,上市公司在進(jìn)入破產(chǎn)重整程序后,管理人的第三人地位使重整順利進(jìn)行,管理人可以保證破產(chǎn)重整程序高效運(yùn)行,以及在破產(chǎn)重整過程中實(shí)現(xiàn)公平公正;破產(chǎn)重整是能夠給企業(yè)帶來增值,避免企業(yè)資源的浪費(fèi);重整制度的用意也可以展現(xiàn)如何在調(diào)整權(quán)益時平衡各方利益,也能展現(xiàn)重整制度的立法本位;若企業(yè)選擇經(jīng)營保留模式,則其破產(chǎn)重整短期績效提升明顯。其次,進(jìn)行破產(chǎn)重整要從保障公司雇員及其他相關(guān)聯(lián)主體的基本利益出發(fā),因此,破產(chǎn)重整是保護(hù)債權(quán)人及中小股東利益的有效途徑;債務(wù)重組與資產(chǎn)重組的有機(jī)結(jié)合是破產(chǎn)重整成功的必要條件;保證公司破產(chǎn)重整中利益主體的多元化,所以在破產(chǎn)重整計(jì)劃中應(yīng)體現(xiàn)破產(chǎn)重整對各方利益的平衡和保護(hù)的宗旨;當(dāng)上市公司運(yùn)行了重整程序時,其運(yùn)作過程需要不斷改進(jìn),使企業(yè)在破產(chǎn)重整監(jiān)督機(jī)制多元化的背景下得到期望的效果。
[Abstract]:The time of the world economy is open, the power of the development of the market is derived from the enterprise, and the economic and social value of the enterprise is brought into full play. Therefore, the bankruptcy of the enterprise will produce a large-scale economic downturn, and the global economic crisis that existed in the last century and this century has just confirmed the law. It is the source of a country or even the entire global economic crisis in the event of financial difficulties in comparing well-known public and multinational companies. Therefore, the global legal profession has attached great importance to the implementation of the bankruptcy reorganization process. The bankruptcy reorganization procedure is a new procedure in the new bankruptcy law, and the structure and the idea of the original bankruptcy law are updated, and the thinking of the commercial law and the civil law is also widened, so that the plight company has the channel of rebirth and recovery on the premise of fair debts. and is of great significance. The key to the whole bankruptcy process is the reorganization plan. The normal operation of the debtor is the objective of the bankruptcy reorganization. However, the company that has experienced the reorganization will have some different experiences with other companies, so its operation will also have its own characteristics, which are reflected in the respective reforming plan. It can be said that the advantages and disadvantages of the reorganization plan have an extraordinary effect on the success of the whole bankruptcy reorganization, so the reform process is focused on the development of the reorganization plan. The principle of fair, reasonable, feasibility and efficiency shall be followed in the development of the plan; the interests balance between the creditors, the debtor and other relevant stakeholders is fully reflected in the content, voting, implementation and supervision of the reorganization plan. In this paper, the case of bankruptcy reorganization of Shanghai Supersun Solar Science and Technology Co., Ltd. (hereinafter referred to as" 鈥淪T-day鈥，

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