• 作者： 王文宇；白梅芳
• 作者服務機構： *台灣大學法律學院 **東吳大學法律系
• 中文摘要： This paper endeavors to illustrate the significance of "corporate reorganization." Focusing on the system of corporate reorganization in the R.O.C. ("Taiwan"), this paper uncovers the many challenges the Taiwanese system has faced since its establishment years ago. In addition, it also examines the reasons behind the general skepticism regarding the value of such system. Many articles have been written to address the flaws of the system and to explain why the system has frequently been abused. To offer an alternative perspective, the authors of this article seek to provide an analysis from an "economic" viewpoint. This article will first introduce an economic perspective and then conduct an analysis of the corporate reorganization system of the R.O.C. Limitations that accompany such economic analysis will also be considered. The relevant American laws and regulations will be employed for comparative purposes, backed up by several significant cases. The authors will then propose a system of "workouts" and "prepackaged reorganization" to counter against the inefficiency of the current system. To conclude, this paper will make suggestions for improving the current system. In particular, the prepackaged system will be recommended as a good alternative to the current system, especially in its ability to establish an efficient corporate reorganization. It is hoped that these suggestions, if adopted, will improve the operation of the R.O.C. corporate reorganization system.
• 英文摘要： 公司重整制度之規劃固立意良善，惟證諸我國施行迄今三十餘年之經驗，廢除公司重整制度之議論亦甚囂塵上。導致我國公司重整制度長年存在著績效不彰、遭濫用而人民普遍不信任此制度之現象的成因究為何？現存國內文獻中對我國公司重整制度之缺失已多所批判，並業提出諸多修正建議。本論文則以經濟觀點檢視我國公司重整制度，嘗試對我國公司重整制度之研究另闢蹊徑。首先概述本論文所採取之經濟觀點，在承認經濟分析所具有之侷限性下，肯定經濟學上之概念對於法律之研究所扮演之功能，進行本論文之討論。其次，採取廣義之經濟觀點以分析我國公司重整制度，同時採擇美國公司重整制度以作為靜態與動態之比較分析之觀察對象，並輔以實際案例之研究以資佐證。為思突破我國公司重整法制所存在之缺乏效率的現象，除藉由對我國公司重整制度之參考國在制度上的觀察外，本論文並藉由實務上所存在之非正式的、私下重建債務方式之「法院外協商機制」而析引出兼具正式程序與非正式程序之特點的「預先包裹式重整制度」。最後，則本諸研究所得而歸納出決定重整制度模型之經濟觀點考量因素，進一步提出具體的改革建議，並倡議「預先包裹式重整制度」，以謀減少資源的浪費、降低債務人公司之資金成本、債權人透過重整程序所獲得者較多、利用重整制度之公司確得藉此重建更生而人民信賴此制度，俾呼應「使重整制度合乎效率而得發揮預期功能」之核心想法。
• 中文關鍵字： corporate reorganization; corporate rehabilitation; economic analysis; Coase Theorem; workouts; prepackaged reorganization
• 英文關鍵字： 重整、經濟分析、寇斯定理、法院外協商機制、預先包裹式重整