摘要： 法律及其体系存在固有的功能及局限，应对“大规模侵权”等非常态问题不能倚赖债权受偿顺序上的制度更迭。担保物权优先受偿并非绝对、更非完美，而是基于风险分配在制度变迁中形成的相对有效平衡。侵权之债与合同之债、人身侵权之债与财产侵权之债的区分更多具有理论意义，于实践中的制度化则缺乏合理空间。破产债权受偿顺序的确定与变更事关理念、规范和技术三个维度，应当基于整体主义的思想及方法寻求合理的制度设计，在保障担保物权优先受偿的基础上，整合企业、政府和社会的力量建立赔偿基金并予专业管理和监管，从而在大规模侵权导致责任企业破产时尽力增加对受害人的赔偿。

关键词: 债权受偿顺序, 担保物权, 风险分配, 赔偿基金, 整体主义解释

Abstract: Both the legislations and the legal systems have internal function and limitations, thenefore we  should not rely on changes of the sequencing of creditors’ rights when we confront the unusual issues such as “mass torts”. The priority of the claims with secured real right is neither absolute nor  perfect, but it is a comparatively useful balance which has been established in the process of system  transition on the risk division.  The difference between tort-related claims and contract-related  claims, the personal tort-related claims and property tort-related claims is a theoretical tradition, but it is difficult to be transferred into systems in the practice. Confirmation and change on the sequencing of creditors’ rights under bankruptcy refer to ideal norms and techniques, so we should  search for the reasonable system transition under the ideal and method of holism. Guarantying the  priority of the claims with secured real right, we should collect resources from companies, government and other social entities to establish a compensating fund with professional management and  strict regulation, so as to increase the compensation when the mass torts cause the related company  to lose the ability to compensate the victims.

Key words: Sequence of Creditors’Rights, Secured Real Right, Risk Division, Compensation Fund, Holism Analysis