| 摘要: |
| 实质合并破产或重整中已生效之法人格否认裁判，能否直接用于公司法、证券法纠纷中关于法人格独立性之判断？实践中常有争议。公司法关于法人格独立性之要求，侧重于“惩罚主义”思维，旨在让滥用公司法人格和有限责任之股东直接对公司债权人承担连带清偿责任，所采测试标准主要是“过度控制”“人格混同”和“资本不足”；证券法侧重从“预防主义”角度，确保发行人在公开融资时，不做虚假信息披露，以便投资者能做出正确判断；在破产法上，主要是基于如何有利于增加破产财产池中的财产数额及企业之重整价值来考量法人格否认的，裁判标准更为概括和模糊，法院大多在“破产”或“重整”有需要时，从“人格高度混同”“财产区分成本过高”“有助于提升破产及重整效率、提高清偿之公平性”等角度，做出实质合并破产或重整裁定。因此，不同法域对法人格独立虽均有要求，但其追求的价值目标、法人格否认之主体、证据标准、责任构造要件等均存在差异。故法人格否认之裁判并不当然具有“普适效力”，应明确限定破产法中法人格否认裁判的效力射程，以维护不同法域中“公司人格独立性”所意图实现的多维功能，此系“部门法尊重”之当然之理，也是“尊重部门法”在救济/司法程序中的体现。 |
| 关键词: 实质合并重整 法人格否认 公司法 证券法 破产法 效力 |
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| 基金项目:国家社会科学基金重点项目“公司法修订中的重大问题研究——基于私人自治与公共规制之间的平衡”(项目编号： 21AFX019) |
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| On the Range of Effectiveness of the “Judgment on Disregard of Corporate Personality”—Does the “Judgment on Disregard of Corporate Personality” Have Cross-Domain Effect? |
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Jiang Daxing
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| Abstract: |
| Whether the effective judgement on disregard of corporate personality in substantive consolidation can be directly applied to judge the separate personality in the disputes of corporation law and securities law is usually controversy in practice. In corporation law, the requirement of separate personality focuses on “punitive” thinking, aiming to make shareholders abusing the corporate personality and limited liability directly liable for joint and several liability to the corporation's creditors, and the tests adopted are mainly “excessive control”, “confusion of personalities” and “inadequate capitalization”. In securities law, it focuses on “preventive” perspective to ensure that issuers do not make false information disclosure when financing from public so that investors can make correct judgments. In bankruptcy law, it is mainly based on how to increase the amount of property in the insolvency estate and the reorganization value of the enterprise, and the judgement standard is more general and vague. In most cases, when the court needs to disregard of corporate personality in “bankruptcy” or “reorganization”, the court will make a decision on substantive consolidation of bankruptcy or reorganization from the perspectives of “high degree of confusion of personalities”, “high cost of property separation”, “helping to improve the efficiency of bankruptcy and reorganization, and fairness of liquidation” and so on. Therefore, although different laws all have requirements for separate personality, there are differences in their pursuit of value objectives, subjects of disregard of corporate personality, standards of evidence, and elements of liability. As a result, the judgement on disregard of corporate personality does not certainly have “universal effect”, and the range of effectiveness of the judgement on disregard of corporate personality in the bankruptcy law should be clearly limited to maintain the multi dimensional function intended to be realized by “separate personality” in different laws. This is the natural result of “respect for sectoral laws”, and also the embodiment of “respect for sectoral laws” in the remedies and judicial proceedings. |
| Key words: Substantive Consolidation, Reorganization, Disregard of Corporate Personality, Corporation Law, Securities Law, Bankruptcy Law, Effectiveness |
