The Study Of The Debt Restructuring And The Withdrawing Mechanism Of The Lose Listed-stock Companies

As the development of the capital market of China, new stocks issue and go on the market constantly and the scale of securities market expands rapidly. There have been more than 1,100 listed-stock companies in the stock market of Shanghai and Shenzhen. Some of these companies are managed well with high earning ratio and develop quickly. While others suffer heavy losses year by year. The losing companies have bad effects to the rational disposition of the resource and the fame of the stock market. They often adopt the debts restructuring to make up the deficits. It can't be denied that through debts restructuring some of the companies adjust the industrial structure effectively and break away from the burden of debts and even make profit. However, the debt restructuring is not the master-key. Some of the companies can't solve the debt problem but make it worse. These listed-stock companies have no choice but withdraw from the stock market through the effective withdrawing mechanism. Only by this way can the resource of the securities market be disposed properly and Chinese economy develop healthily. With this point the thesis studies the debts restructuring and withdrawing mechanism. There are four parts totally.This thesis introduces the study background first. Because the debts restructuring is not understood clearly in the securities market, there is too much speculation and advertisement about it, which affects the stability of the securities market. And then the thesis introduces the relevant concepts of debt restructuring and withdrawing mechanism.The second part analyses the motive and ways of debt restructuring. The classification of the 51 companies that adopted debts restructuring in the first half of2001 shows that the companies which suffered the heavy losses adopted the debts restructuring to keep the qualifications of listed-stock companies. And through financial rate analytic approach, 13 companies are taken for example to study the contrast between the condition before debts restructuring and after and the effects of debts restructuring to the loss companies. And all these prove that thedebt restructuring can't solve the loss problem totally.The third part analyses the problems of some companies' adopting the debts restructuring and gives some advice of solving them.The last part analyses the present situation of withdrawing mechanism in China and points out the bad effects of the current withdrawing mechanism to securities market. Finally this part gives a conception of the withdrawing mechanism of China by comparing and drawing lessons from the ones of other countries.