Empirical Study On The Performance Of Listed Firms Affected By Debt Restructuring

In February15,2006the Ministry of Finance issued38specific criteria and thebasic norms of the new set of accounting standards system.The debt restructuringstandards is one of them，and it has also a relatively big change. With the scale of thelisted companies in China gradually enlarged some listed companies,such as highAsset-liability ratio, Unreasonable debt structure, a bad solvency, inefficient, and theexcessive debt, the heavy debts have become a serious restriction for the listedcompany’s development and reform. Therefore, in order to optimize enterprise’scapital structure and improve the allocation efficiency of social resource, solve the thekey problem of the listed company over-borrowed which securities market’s healthydevelopment in China is very important. So, debt restructuring is effective to sovleit.Implement the listed company debt restructuring after evaluing the performanceabout public listed company reorganization problems is a good concern.The researchfocuses on the influence of the performance of listed companies through debtrestructuring.First of all, contrast with the debt restructuring of the financial capacityindex by using comparative analysis method, which mainly on financial indicatorsand essence reason analysis. Then, to analysis the influence of standards listedcompanies by using the empirical research method, to propose the existing problemsof debt restructuring at this stage of China. Select the data during2006-2009which isthe restructuring of listed companies to verify the issues, and selected the companieswhich implemente to debt restructuring after the new guidelines issued in the A-sharemarket as the main research samples and select such the same company in2008as acomparison, analyzes the impact of new standard on debt restructuring fromshort-term solvency,operating capacity,long-term solvency and profitability. Bymeans of the regression analysis, obtains each variable to debt restructuringsignificant level, thus draws the influence factors of a debt restructuring. Finally, inview of the specific situation of listed companies, proposed a specific policyproposals.