| Along with the economic development, the securities market, the heart of the capital market has become an important part in our country enterprise financing and circulation, the number of listed companies and market capitalization is increasing. At the same time, the competition between enterprises is fiercer, Chinese enterprises have to choose the listed as a way to enhance the core competitiveness in order to build a better development platform. However, some companies as a result of mismanagement, such problems as shortage of funds was in financial trouble, and even to the brink of bankruptcy. Companies such as this shall conform to the rules of evolution economics exit the market, but we found that there are many companies which meet the requirements for the bankruptcy of enterprises is still remain in the market. As a result, I has carried on the study of financial distress enterprises way choice, to our country financial distress company finances are summarized and analyzed, the characteristics of the spillover effect and to compare the influence of different options, and the company named Stellar Megaunion Corporation as an example, study the shell process and means of protection, and the repeated bankruptcy reorganization in order to protect the shell, the harm of assets restructuring, debt restructuring and influence, etc.First of all, this paper introduces the selected topic background and reviewed and summarized the related research of scholars both at home and abroad. Progresses day by day under the condition of capital market in our country, some companies has obviously does not meet the requirements for the listed company especially long-term financially troubled companies still standing in the market, the situation both for investors and the healthy development of the whole market will produce adverse effect. Domestic and foreign scholars in the definition of financial distress and financial distress enterprises can choose the way of the research, but few study why there are many in China’s current capital market should be bankruptcy is still retained in the "rotten apple" of the market, and after bankruptcy, why very few companies into bankruptcy and liquidation, eventually but restructuring.Secondly, in this paper, the overall situation of China’s listed companies and financial difficulties for the company’s financial situation characteristics are analyzed and compared, with emphasis on solvency and business will benefit both directly to the company from bankruptcy threat of project specific research and comparison,further found that the characteristics of financial distress enterprises. Next, they can choose the way of financial distress company on the spillover effect and its produce and concrete analysis.Then, to the company of Stellar Megaunion Corporation as an example, this article introduces the basic situation and the causes of financial distress, and analyzes in detail its six times, cause and the process of restructuring. From its main business ground to a halt in 2004, after 12 years, a lot of companies to borrow the listing of its shell failed many times, repeated restructuring related to the interests of all parties per capita brings no small impact. It also caused bad effect on the investors and the whole market.Finally, give a summary in this paper, the full text of the research conclusion,star beauty combined cases and existing situation put forward several Suggestions on the market at present. Hope to be able to improve the enterprise market exit mechanism, more to consider the efficiency of resource allocation, more for the healthy development of enterprises, so as to promote the development of the economy as a whole. |
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