在郑百文事件中，人们各抒己见，纷纷从不同的角度来关注事态的进展。其中不少人站在中小股东的立场上加以评判，而对于债权人的利益却很少问津。本文将从企业债务融资与债务约束的角度，分析债权人利益的保护及其对企业健康发展的作用。一、债权人利益为先，还是股东利益为重 In the event of Zheng Baiwen, people expressed their opinions and came to pay attention to the progress of the situation from different perspectives. Many of them are judged on the position of small and medium shareholders, and they rarely care about the interests of creditors. This article will analyze the protection of the interests of creditors and its role in the healthy development of the company from the perspective of corporate debt financing and debt constraints. First, the interests of creditors first, or the interests of shareholders as the most important