Study On Debt Restructuring's Historical Vicissitude And Economic Consequences

Debt restructuring standards has experienced nearly four times of revision and addition since its origination. The purpose is to analyze the historical vicissitude of this four Debt Restructuring accounting standards and whether they will result in earning management. At the same time, we mainly study on Debt Restructuring companies' financial governance efficiency problem, and the influence mechanism for debt renegotiation on listed companies' financial governance efficiency.First, I analyze the change of 1998,2002,2006,2008 Debt Restructuring accounting standards in theory, then find out their similarities and differences.Second, I collect listed company annual reports of the year of 2006～2009 in Shanghai and Shenzhen Stock Exchange and choose the Debt Restructuring listed company in them. And study it by using descriptive analysis, logistic model, multiple regression analysis and so on. We find that the listed companies of debt restructuring really have painted the profitability index, but through observing their financial indicators in next year, the financial conditions obviously turn better. Therefore the listed companies mainly focus on a debt restructuring increasing company value, obtaining long-term investment returns, with financial management improvement, not only realizing short-term accountancy surplus number changes by using of debt restructuring.Finally, according to specific circumstances of the listed companies in China, we put forward the corresponding improving policy suggestions to the financial management of the debt restructuring listed companies. The listed companies should keep reasonable debt financing level, strengthen their own internal governance, and make use of debt financing. Beside the incentive effects, supervision and control effect and signal transfer effects that the debt restructuring brings to the companies, we still should pay attention to the effective usage of debt restructuring itself. Meanwhile, the listed companies will continue to perfect our country's debt restructuring criterion, establish effective bankruptcy mechanism, and improve the mechanism of listed companies'debt, and so on.