摘要
企业集团经营和治理的复杂性对传统单一法人理论范式构成挑战。法人人格独立和股东有限责任的重要意义是通过资产分割降低交易成本。企业集团内部资产分割功能因治理穿透与经济一体化显著弱化。企业实体理论将集团视为单一责任实体,虽矫正了单一法人实体的形式主义,却可能抑制集团协同优势并推高交易成本。关联企业实质合并破产是独立于人格否认制度的单独制度。实质合并破产的逻辑基础应包含资产分割功能的实际收益和经济实质双重考量。实质合并破产应摒弃人格混同清单式认定模式,转向以收益分析为核心的客观认定模式。人格混同重点审查导致资产分割失效的资产财务混同和交叉担保。当资产区分困难时,实质合并有必要性。实质合并破产应当符合债权人受益且公平清偿标准。《企业破产法》修改应当增加实质合并破产规则,明确认定标准,并通过指导案例等方式,细化区分资产成本、债权人利益损益评估方法,增强规则的确定性。
The operational and governance complexities of corporate groups pose challenges to the traditional single legal entity paradigm.The significance of separate legal personality and limited shareholder liability lies in reducing transaction costs through asset partitioning.However,the asset partitioning function within corporate groups is significantly weakened by governance penetration and economic integration.While the enterprise entity theory,which treats corporate groups as single liability entities,corrects the formalism of the single legal entity approach,but it risks suppressing synergies within corporate groups and increasing transaction costs.Substantive consolidation in bankruptcy,a legal mechanism distinct from the doctrine of piercing the corporate veil,should be grounded in a dual analysis:the practical benefits of asset partitioning and the economic substance of group operations.Courts must abandon checklist-based criteria centered on identity confusion and adopt a benefit-centric objective assessment framework.Identity confusion should focus on asset and financial commingling and cross-guarantees that undermine asset partitioning.When it is difficult to distinguish between assets,substantive consolidation is necessary.The application of substantive consolidation must satisfy both creditor benefit and equitable distribution standards.Revisions to China's Enterprise Bankruptcy Law should codify substantive consolidation rules,clarify adjudicative standards,and enhance procedural certainty by refining methodologies for assessing asset differentiation costs and creditor interest impacts through judicial guidelines or precedents.
出处
《财经法学》
2025年第4期51-66,共16页
Law and Economy
关键词
关联企业
人格否认
实质合并破产
收益分析
affiliated enterprises
piercing the corporate veil
substantive consolidation in bankruptcy
benefit analysis
