破产法作为与市场经济最密切相关的一部法律,其具有“宪法性”价值。破产法为市场经济提供了一个统一的、公平的、可预期的市场规则和制度;且只有建立完善的破产制度并有效实施破产法,才能在市场经济中发挥替代法则和市场出清理论的作用与功效。此外,破产法有两大重要发展,清算程序是早期破产法的核心程序,其与市场出清理论、替代法则和市场经济公平竞争、价高者得、优胜劣汰这三大定律紧紧联系在一起,以迅速地出清市场为目标,充分体现了效率价值;后期随着转机理论的出现,重整制度以美国为源头,迅速在世界的资本市场中扩展,其以挽救企业为目标,更加注重企业的营运价值。清算和重整两大现代最为重要的市场退出制度,共同揭示了破产法的市场经济价值和理念。

As a law that is most closely related to market-oriented economy, the bankruptcy law is undoubtedly equipped with constitutional value. The bankruptcy law has built up a series of unified, impartial and predictable rules and a complete system. And the law of substitution and the theory of market clearing will take effect in market-based economy only if there is a complete and thorough bankruptcy system in which the bankruptcy law is effectively implemented. On top of that, the bankruptcy law has two aspects of significant development. Liquidation procedure was the core procedure of the earlier bankruptcy law, bound up with the law of substitution, the theory of market clearing, and the three rules of market-based economy that are related to fair competition, success of the highest price offer, and selecting the superior and eliminating the inferior. Therefore, liquidation procedure aimed at clearing the market promptly and perfectly embodied the value of efficiency. Later, with the advent of the turning theory, the reorganization procedure originating from America expanded so quickly in the world capital market, which aimed at saving companies from bankruptcy and laying more emphasis on companies’ operational value. Hence, as the two most important market exit systems in modern times, liquidation procedure and reorganization procedure have jointly revealed the market-oriented economic value and philosophy of the bankruptcy law.