摘要： 如何处理待履行合同是破产处置和重整的关键一环,对于此,《破产法》第18条规定了破产管理人享有待履行合同处置的选择权。该选择权将使管理人事实上享有解除权,因此应将之置于《民法典》解除权体系下,并从制度、个案、方法三个层面进行理解适用。在制度层面上,管理人选择解除需符合《民法典》解除权体系的一般性限制,即效率性与公正性的限制。在个案层面上,应从单向度目的解释转向联动目的解释,通过与其他规范的联动解释明确效率与公正的具体限制标准。在方法层面上,应在解释学中引入经济分析视角,在市场整体视角下,将效率与公正的限制从单方博弈转向市场整体博弈。同时,为提高市场整体效率,应从“纳什均衡”转向“卡尔多希克斯改进”,以“卡尔多希克斯改进”的方式建构管理人选择权限制的体系化准则,并在破产法修改中以一般条款的形式予以明确。

关键词: 管理人选择权, 《民法典》解除权体系, 效率性, 公正性, 卡尔多希克斯改进

Abstract: How to deal with executory contracts is a key part of bankruptcy disposal and reorganization.In this regard, Article 18 of the Bankruptcy Law stipulates that the bankruptcy administrator has the option to terminate executory contracts.From the perspective that the option in this article will give the administrator the termination right, it should be placed under the system of the termination right in the Civil Code, and should be understood and applied from three aspects: system, case and method.At the system level, the administrator's option to terminate executory contracts must conform under the general limits of the Civil Code's termination right system, that is, under the limits of efficiency and fairness.At the individual case level, we should shift from one-dimensional purpose interpretation to linkage purpose interpretation, and clarify specific limits of efficiency and fairness through a linkage interpretation with other norms.At the methodological level, the perspective of economic analysis should be introduced into the interpretation method, and from the overall perspective of the market, the limits of efficiency and fairness should be shifted from unilateral game to overall market game.Meanwhile, for the purpose of improving the overall market efficiency, it is necessary to shift from “Nash Equilibrium” to “Kaldor-Hicks Improvement”, and construct a systemic criterion for the limits on the administrator's option in the way of “Kaldor-Hicks Improvement”.Moreover, this systemic criterion should be clearly specified in the form of general clauses while amending the Bankruptcy Law.

Key words: Bankruptcy Administrator's Option, System of Termination of the Civil Code, Efficiency, Fairness, Kaldor-Hicks Improvement