Study On State-owned Enterprise Debt Restructuring Mode And Performance

The heavy debts have become a serious restriction for state-owned enterprise's development and reform. So it is vital importance to solve heavy debt of state-owned enterprises. Based on the analysis of the Liabilities status of Chinese state-owned enterprises and causes of the debt, we find that Debt restructuring is the effective ways for Chinese state-owned enterprises to solve the excessive liabilities. Basing on the study of the theory of debt restructuring, we knew that the core issue in Chinese state-owned enterprises debt restructuring is how to choose debt restructuring mode.Article References seven kinds of general Debt restructuring mode, and through analysis these seven kinds of Debt restructuring mode from the flexibility of Implementation, influence to the cost of funds and the solution to the Financial crisis of State-owned enterprises. At last select three kinds of Debt restructuring mode which suitable to our State-owned enterprise, Targeting these three specific modalities , constructing unlimited duplication game model. At the same time to spend in the total social costs as a measurement basis to establish a model for state-owned enterprises related to debt restructuring mode of choice for further study. And through the analysis of the results of the game, as well as three models use the reorganization process in the cost of total social cost basis of that reorganization in the three models, select "debt-equity swap" mode debt restructuring of state-owned enterprises is a more desirable model.In the last of the article, based on the Business Performance Evaluation System in China. Established a effects-based indicators system consisted by lower rate of bad debts, assets and liabilities rate, the total assets of profitability, increase sales revenue, industrial restructuring effects, conservation of natural resources, to evaluate the performance of state-owned enterprises debt restructuring. Debt restructuring performance evaluation model for state-owned enterprises in China has been established. And make "Debt-equity swap" for the actual debt restructuring cases, to study the performance of Chinese state-owned enterprises after debt restructuring. Emerging from the study state-owned enterprises in the face of over-indebtedness, a right debt restructuring model which be chosen could be resolved, enterprises can take advantage of debt restructuring mechanisms, the adjustment of the industrial structure of enterprises, enhance their competitiveness strategy.