论企业破产重整信息披露时间节点的规范与细化

企业破产重整中债权人与债务人利益的平衡依赖于破产法上的正当程序,知情权的实现是保障债权人等利害关系人利益的基本前提。本文通过对26家上市公司重整程序中的信息披露情况进行实证分析并结合制度比较后发现,目前我国企业破产法上关于重整程序中信息披露的时间没有明确的规定,在实践和立法上均存在不足。建议结合我国实际情况按照破产重整程序推进的逻辑完善我国破产法上信息披露制度,规范信息披露的时间节点,在重整程序启动前、重整计划草案表决前和重整计划执行三个阶段对信息披露的时间节点与内容进行规范与细化。

On the Standardization and Refinement of Information DisclosureTime Node of Enterprise Bankruptcy Reorganization

The balance of interests between creditors and debtors depends on due process in bankruptcy law.The realization of the right to know is the basic premise to protect the interests of creditors and other interested parties.Based on the empirical analysis of the information disclosure in the reorganization procedure of 26 listed companies and the comparison of systems,this paper finds that the time of information disclosure in the reorganization procedure is not clearly stipulated in the enterprise bankruptcy law of our country,and there are deficiencies in practice and legislation.It is suggested to improve the information disclosure system in China’s bankruptcy law according to the logic of bankruptcy and reorganization proceeding,standardize the time nodes of information disclosure,and standardize and refine the nodes and contents of information disclosure according to the three stages before the commencement of bankruptcy proceeding,before the voting of reorganization draft and the implementation of reorganization plan.