Abstract: In corporate reorganization, secured claim is subject to the automatic stay for the purpose of maintaining the operation of the distressed company and therefore becomes vulnerable in the bargaining process. However, not only did the current bankruptcy law fails to provide the secured creditor the right of relief from stay, lacking the institutional supply of negotiation, but it also has not set the bottom line of the negotiation outcome. Although the bankruptcy law often takes public policy into account to balance the interest of the creditors, the debtor or even the society, based on the consensus between the objectives of reorganization and the function of secured transaction, needs relatively effective and reasonable legislative amendments to be made. Hence, bankruptcy law should provide a platform where the creditors could cooperate with each other to achieve better results and distribute the assets in an orderly manner on the basis of maximizing the value of bankruptcy estate. To be specific, for the sake of order and effectiveness, it is imperative to subject the automatic stay to the necessity test, to determine the minimum protection of the secured credit when it is crammed-down by court and to admit the distribution results of the creditors' bargaining.

Key words: Secured Credit, Objectives of Reorganization, Distribution of Assets, Group Autonomy, Neutrality

摘要： 破产重整中，担保债权不得优先受偿而需为必要容忍，以维持公司经营的财产性基础。然而现行法存在异议救济缺位、协议程序的制度供给不足、对各方博弈缺乏底线性安排等问题。尽管破产中的法律规制常常暗含着难以把握的公共政策，但基于对重整价值目标与担保信用功能的共识，仍然存在相对有效且合理的科学性安排。因此，应在追求重整价值最大化与目的性中立的基础上，搭建合作博弈与利益分配的平台，厘定意思自治的合理边界。具体而言，应明确担保债权暂停行使的必要性标准，厘定重整计划批准的最低保护限度，承认债权人在重整协商中的利益分配，以确保在破产法框架下团体自治的秩序与实效。

关键词: 担保债权, 重整目标, 利益分配, 团体自治, 目的性中立