Research On Financial Problems About Debt Restructuring Of Listed Companies In China

Since the ministry of finance issued the accounting standards for enterprises-debt restructuring for the first time in1998, The standard were revised twice in2001and2006. The biggest change of the two amendments mainly manifested in two aspects:The first change is related to the cite of fair value. The fair value measurement attributes were first introduced in debt restructuring guidelines by the rule of1998,2001criteria measured by the book value to fair value,while the current guidelines of fair value measurement attribute are recovered. Another change is about the change of debt restructuring gains for confirmation.1998rules require the debt restructuring gains one-time recorded into the current profit and loss, Revised in2001included in capital reserves. But after the2006amendments to the debt restructuring gains a recovery recorded into the current profit and loss, which included in "non-operating income" course. It can clearly be seen that dramatic changes have taken place in the fair value of the reference, the existing debt restructuring gains under the guidelines to confirm also concur with1998. On the face of these changes seems to be a step backwards, the reality is the necessity of economic development in our country.The revised contents,Background and motivation of debt restructuring guidelines will be discussed in this article,to explain the rationality and progress that the changes of rules, then lay the theoretical foundation for the empirical study.This article summarizes the existing related research results, find a focus in the study of this article by reviewing the domestic and foreign debt restructuring of the related literature, Using normative research method to discuss the transitional background, contents and motivation of debt restructuring guidelines, and summarized the law of the two modified debt restructuring guidelines. On the basis of normative research, through empirical research methods such as descriptive statistics, regression analysis by constructing LOGIT model, to find the effects of the current debt restructuring guidelines for listed companies, it obtain the conclusion of this paper research which is based on the empirical test, and combining with theoretical analysis and empirical analysis to explore the main problems existing in the debt restructuring of listed companies in our country, then from four aspects that are the improvement of the current debt restructuring standards themselves, the enterprises in the specific application matters should be paid attention to in current debt restructuring guidelines, perfecting regulation by the regulatory authorities and other relevant supporting measures to improve capital market to put forward the policy suggestions, in order to further standardize the debt restructuring of listed companies in our country.