論我國上市公司重整中的“府院失衡現象”及其協調

On ''Government and Court Imbalance Phenomenon'' and Its Coordination in Restructuring of Chinese Listed Companies

“府院聯動”是實現我國公司破産重整市場化、法治化的有效路徑，但我國上市公司重整中存在的“府院失衡現象”直接影響了府院聯動目的的實現。上市公司重整中政府公共管理身份、股東身份與管理人身份的混同致使政府對重整的過度干預，直接降低了法院在公司重整中的主導地位，導致上市公司重整市場化程度低、債權人利益受到侵害。為解决“府院失衡現象”，應明確兩者在上市公司重整中的角色定位，法院的主導地位不應動搖，政府僅應發揮輔助性作用。在此定位基礎上，確立上市公司可重整性標準，並由法院指定專業人員調查重整可行性，成立破産重整管理人協會，除對債權人信息披露外還需强化重整中對法院的信息彙報等，以期實現府院關係的平衡。

The linkage between the government and the court is a new path for the bankruptcy and reorganization of the market and the rule of law in China. However, the imbalance of the government in the reorganization of listed companies in China directly affects the realization of the purpose of the linkage between the government and the court. The pre- approval of the government in the reorganization of the listed company, the conflation of the government's public management identity, shareholder identity and managerial identity directly reduces the dominant position of the court in the reorganization of the company, resulting in a low degree of marketization of listed companies and the interests of creditors be infringed. In order to solve the imbalance in the government, it is necessary to clarify the role of the two in the restructuring of listed companies, The dominant position of the court should not be shaken, and the government should only play an auxiliary role. On the basis of this positioning, establish the standard of reorganization of listed companies, and the designated professionals of the court investigate the feasibility of reorganization; establish a bankruptcy reorganization administrator association; in addition to the information disclosure of creditors, strengthen the information on the court in the reorganization disclosure to achieve a balance of government relations.