摘要： 担保债权人权利的限制和保护是破产法上的重大理论和实践问题,法院强制批准重整计划的规则构建和批准权的正确运用是破解这一难题的关键抓手。我国《企业破产法》第87条第2款第1项确立了“就物清偿”在破产重整程序中对担保财产的价值化处理规则,即以拟制化的司法估值代替事实上的财产变现,进而确定担保财产上的权益价值,最终将担保财产上的担保权强制剥离。然而,我国法上的“公平补偿”规范对延期清偿的利息补偿损害了物权确定性,可考虑在留债清偿的情况下,将其修正为在重整计划执行期间对重整计划生效之时财产现值的折现补偿,其功能在于保全担保财产的现值。“实质保护”是一种事前预防和事后补偿、破产法和非破产法上救济机制共同运转的独特制度构造,是重整程序限制担保权行使的正当性基础,也是担保财产价值维系以及保障优先受偿效力的制度保障。

关键词: 担保债权, 重整计划, 权利限制, 实质性保护, 强制批准

Abstract: The restriction and protection of secured creditors' rights is a major theoretical and practical issue in bankruptcy law, and the construction of rules for the court's mandatory approval of reorganization plan and the correct use of the approval power are the key to solving this problem.Article 87, paragraph 2, subparagraph 1 of China's Enterprise Bankruptcy Law establishes the rule of “liquidation in rem” for the valorization of secured property in bankruptcy reorganization procedures, i.e., replacing de facto property liquidation with the proposed judicial valuation to determine the value of the interests in the secured property, and ultimately forcibly divesting the security rights in the secured property.However, the “fair compensation” norm of our law for the delayed settlement of the interest compensation impairs the certainty of property rights. Therefore, in the case of retention of debt settlement, the interest compensation should amended to the reorganization plan during the implementation of the reorganization plan for the reorganization plan to take effect at the time of the discounted compensation of the property's present value, aiming to preserve the present value of the secured property.“Substantive protection” is a unique institutional structure of ex ante prevention and ex post compensation, with both insolvency and non-insolvency law remedies working together, and is the justifiable basis for reorganization proceedings to limit the exercise of security rights and the institutional guarantee that the value of the encumbered property is maintained and the effectiveness of priority payments is safeguarded.

Key words: Secured Claims, Reorganization Plan, Limitation of Rights, Substantive Protection, Mandatory Authorization