| Listed company focused on the quality of assets, which is the mainstay of the national economy, and the main force in international competition. However, the production of poor management, management systems, the high balance, and poor solvency, has become a key factor restricting the development of Chinese listed companies. Especially in the current that the development of Chinese macro-economic slowdown, the listed company’s problems have become increasingly prominent. In order to solve the many problems of listed companies bankruptcy reorganization provides an effective and feasible method. At present, Chinese listed companies on the verge of delisting, the vast majority are used to save from the way of bankruptcy reorganization. But the result of restructuring is not the same, and after the completion of reorganization, most of the listed companies did not usher in the development of the inflection point, but after a brief scene, in trouble again. Differences and uncertainty of the effect on bankruptcy and reorganization of listed companies has become a key factor in the controversial bankruptcy reorganization.It has been one of the hot Stock Markets theory. In the past few decades, scholars from various countries bankruptcy and reorganization of listed companies carried out extensive and in-depth research. Currently, bankruptcy and reorganization of listed companies in terms of the number of re-engineering point of view, or from the point of view transaction amounts have already reached a certain scale, restructuring of listed companies are endless ways. More and more companies restructuring ST and trying to improve the integration of its own resources to improve their performance. But reforming can increase the ST companies’shareholder or not, can improve the company of the financial position or not, the current theory does not reach a consensus. The effect of bankruptcy reorganization involves shareholders, restructuring side, creditors, debtors, government and even the public interest. Successful bankruptcy reorganization is to allow listed companies to achieve security shell purpose, and even to let the bankruptcy reorganization of the parties involved to achieve a balance of interests. So, a listed company in bankruptcy reorganization cases, each stakeholder is how to protect their own interests, while paying a consideration of how to achieve their own purposes, and how their restructuring effects, whether the parties to achieve a balance of interests, it is worth explore exactly. For the implementation of the bankruptcy reorganization of listed companies is "harm than good" or "back to life, reborn"? For the purposes of the parties involved is "Invest way" or "down the drain"? These issues are important issues of listed companies and parties involved in the choice of whether bankruptcy reorganization must be carefully considered. Therefore, the study of the effects of the bankruptcy reorganization of listed companies in China, providing theoretical support for the implementation of the bankruptcy reorganization of listed companies, is a major issue related to the healthy development of Chinese listed companies, to regulate the orderly operation of the capital market, promote the healthy development of Chinese economy is important.The study of article locked the scope in Jincheng shares which is one of the listed companies. Through the method of combining the theoretical analysis and empirical analysis, carrying out a detailed analysis of Jincheng shares on the financial effects of restructuring. Meanwhile, in the use of qualitative research methods and quantitative research, to organically combine to construct a normative framework for the study of the financial effect of the bankruptcy reorganization.Research paper is divided into five parts:The first part is an introduction. Firstly, the paper background and significance of the topic. Introduction of foreign research status from three aspects:choose the bankruptcy proceedings, the bankruptcy and insolvency costs and agency problems; In chronological order on the bankruptcy reorganization of the domestic literature review. Again, the article describes the structural arrangement and presented research methods used. Finally, points out this study’s innovations and shortcomings.The second part is the theoretical basis of the effect of bankruptcy reorganization. First of all, briefly described transaction cost theory. Secondly, making the necessary instructions on the signaling theory. This section provides the full text of the commencement of the theoretical basis.The third part is the content of Jincheng shares bankruptcy reorganization. First, from the company profile and company events, introducing the background of bankruptcy reorganization of Jincheng shares. Secondly, a detailed analysis of the motives bankruptcy reorganization of Jincheng shares, and that the main reason is to retain listing status, optimizing the capital structure and the introduction of strategic investors. Finally, listed three bankruptcy reorganization plan on Jincheng shares:equity restructuring, business reorganization and debt restructuring, And on this basis, summarized the Jincheng shares higher risk of bankruptcy reorganization case, easy to master and control of government support and so on.The fourth part is the effect of bankruptcy reorganization Jincheng shares. Theoretical analysis and empirical analysis, qualitative analysis and quantitative analysis methods, based on the financial perspective, from four aspects creditors, shareholders, and the company re-side, for the parties involved in the bankruptcy reorganization effects of a comprehensive analysis. First, to analyze the effects of bankruptcy reorganization creditors that bankruptcy reorganization is upset creditors in order to restore some degree of loss under select the bankruptcy act, the positive effects and negative effects of the three aspects. Second, consider the shareholders, bankruptcy reorganization avoiding the result of crop failure, Because even the successful completion of restructuring and access to capital premium, especially for the original major shareholders, seemingly at a loss in the case, but in reality very productive. conditions securities market regulation, re-side "backdoor listing" Although is difficult to achieve the purpose, but it still can profit. Finally, profitability, solvency, operation and development capacity of the four aspects of the bankruptcy reorganization Jincheng shares analyze the performance of that bankruptcy reorganization has failed to improve the overall situation, to long-term healthy development of the company’s future, need proper operation and management of the future..The fifth part is Jincheng shares bankruptcy reorganization inspiration. Jincheng shares insolvency cases combined with the characteristics of the three aspects of government intervention proposal put forward to improve the efficiency of China’s listed companies from restructuring finance regulation to strengthen and improve the delisting mechanism, weakening. |
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