A Study On The Judgment System Of Bankruptcy And Reorganization Of Listed Companies In China

Reorganization is not only to avoid liquidation reducing the loss of stakeholders, but also to revitalize enterprises, allocate resources efficiently, promote economic development and social stability. It is necessary to introduce the value judgment of reorganization. In this paper, standard research methods have been used. The research scope includes state-owned listed enterprises which involved in the bankruptcy proceedings. The judgment of bankruptcy reorganization value is a dynamic and rational process which builds on the basis of appraising reorganization value and judges whether reorganize throughout the course of the reorganization process by the subject on the basis of their inner scale and need. Bankruptcy reorganization system of value judgment, which is in the fair justice as the logical starting point, includes the judgment subject, target, object, basis, feature and principle. The interactions between each factor influence each other and form a complete logical framework. This paper analyzes the problems in practice building on the basic framework of the bankruptcy reorganization of value judgment system and combining case from the following aspects. The first is the People’s Court for judgment whether to accept the bankruptcy petition. The second is the People’s Court for administrator judgment. The third is the vote of reorganization plan. The fourth is the rationality of the People’s Court for compulsory reforming to judge the restructuring plan which has been rejected. This paper put forward policy suggestions aiming at the problems in the system in practice. The first is improving the system of bankruptcy reorganization application. The second is reinforcing selection manager, strengthening the construction of management team, limiting the government’s improper intervention. The third is perfecting the system of voting information disclosure in our country. The fourth is legalizing the investor group vote. The fifth is perfecting the system of mandatory approval of listed companies in our country.