| Theoretical analysis shows that companies implementing debt restructuring activities can improve corporate performance,improve asset quality,resolve corporate market risks,and improve the overall corporate structure.Under the premise that China’s economic structure is undergoing strategic adjustment and the reform of the state-owned assets management system continues to deepen,debt restructuring of state-owned enterprises has become a hot topic in the industry.The practical results prove that debt restructuring is an important way to solve the problem of unbalanced structure of state-owned capital,low resource allocation efficiency,and high asset-liability ratio.This paper systematically elaborates the research background and significance of debt restructuring,sorts out the existing research literature and theoretical basis,and uses*ST Phoenix debt restructuring as a case study object,in chronological order(related financial data and related case data selected in this paper).As of December 31,2016,the detailed process of the restructuring of*ST Phoenix debt was elaborated,combining theoretical foundations such as earnings management theory,principal-agent theory,information transmission theory,and economic consequences theory,based on the external factors and internal factors that companies faced.From the perspective of the economic environment,the industry characteristics of the shipping industry,the crisis in which the company faces the suspension of listing,the company’s strategic development plan,and the maximization of the interest of related parties,the motivations of the*ST Phoenix reorganization of debts were analyzed in depth and descriptive statistical analysis was used.The method of analysis of events,analysis of events,and analysis of financial indicators further analyzed the market reaction of debt restructuring of case companies and the financial effects of debt restructuring.The results of the study show that debt restructuring has improved the corporate financial status of*ST Phoenix and achieved corporate profits in the short term,but the sustainability of earnings remains to be further tested.Through the analysis of typical cases of *ST Phoenix debt restructuring,this paper finds that:(1)The essence of the*ST Phoenix debt restructuring is to solve corporate financial crisis and maximize the interests of creditors and debtors.However,the company has the suspicion of using profit management methods to manipulate profits,whitewash reports,and avoid delisting.Due to the miscalculation of shipping industry prospects by*ST Phoenix,blind investment by enterprises eventually carrying huge debts,coupled with the intensified competition in the shipping industry caused the company to lose money for three consecutive years from 2011 to 2013,eventually leading to insolvency of the company and becoming a struggle in a difficult situation."With cap" company.Although*ST Phoenix tried to pay off debts and achieve profitability through debt-to-equity debt restructuring,the company’s financial position improved only during the year of restructuring.After the debt restructuring,its operating conditions continued to deteriorate,net profit decreased year after year,and even appeared.The loss shows that*ST Phoenix has not truly shaken off its operational difficulties,and debt restructuring has become a profit management tool for companies to manipulate profits,"caps" successfully,and resume listings.(2)The market has overreacted to the*ST Phoenix debt restructuring event,but overall,it is still optimistic about the future development of the company.This paper adopts the event analysis method to analyze the data and trends of the*ST Phoenix time window[-7,7]ARt and CAR,analyzes the impact of the case company’s implementation of debt restructuring activities on the company’s stock price,and finds that the market is facing the event of the reorganization of the Phoenix.The announcement has a positive response,indicating that the market still has good expectations for the case companies.This may be related to the fact that*ST Phoenix has a state-owned enterprise,and this debt restructuring activity has also received strong support from the government.(3)*ST Phoenix’s debt restructuring behavior improved the company’s short-term financial performance,but had little effect on the company’s long-term financial performance.The*ST Phoenix after the implementation of the debt restructuring has indeed achieved profit in the short term,but in the long run,the financial status of the company has not been greatly improved.In the case of*ST Phoenix debt restructuring,the situation of both the case enterprise and its creditors has achieved a win-win situation.Both parties have obtained considerable profits;but in the long run,the financial status of the company is worrying.In view of the research conclusions,this paper believes that the capital market should further improve the laws and regulations related to debt restructuring,some listed companies use debt restructuring to revise reports,evade supervision,disrupt the fair order in the capital market,and relevant regulatory agencies should improve laws and regulations related to debt restructuring.Rationally plan the delisting mechanism for ST companies in the capital market,so that listed companies establish crisis awareness,and proceed from the company itself,and by means of improving the company’s management and management methods,etc.,to preserve precious "shell" resources. |
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