The Research On Debt Restructuring Of ZJ Company

As the Chinese characteristics socialist market economic system become more perfect, stable external environment provides broad space for the survival and development of enterprises. Chinese enterprises surge high and sweep forward in the development of the creation to attract people’s attention achievement. At the same time, the competition between enterprises has become an unprecedented fierce, whether technical personnel or management innovation, require enterprises ready at any time to meet the challenge.In recent years, in the increasingly fierce competition and external environment under pressure, many enterprises in China have encountered because of the company’s high level of debt, debt caused by the great scale of debt problems, such as: Red-light industrial, Baoshuo group, Three-nine group, and so on. Enterprises in the face of high debt difficulties, the rational use of debt restructuring is a method to solve the debt problem more effective. From the listing corporation of our situation, many have debt problems of listing corporation are using debt restructuring completed the transition and transformation, the successful realization of the development of lasting and stable. At the same time, debt restructuring is also gradually into the experts and scholars and the public’s perspective, has received more and more concern and attention.This paper takes ZJ company debt restructuring case as the object of study, the use of financial accounting and financial management knowledge, comprehensive and system to analysis and evaluation of this case. This paper from the research background and significance of the thesis, introduces the overall framework. By studying the debt restructuring related theory and the domestic and foreign scholars in the literature, the use of the related research method combined with ZJ company’s background, analysis of the background and motivation of ZJ company debt restructuring, and then the effect of debt restructuring are reviewed. Finally, gave a five point evaluation, believes that:(1) Debt restructuring can help enterprises to reduce the economic burden.(2) Shall be reasonable use of financial leverage.(3) To avoid bankruptcy liquidation, ensure the multi-interest.(4) ZJ company debt restructuring existence suspects of earnings management.(5) To further strengthen the management of raw material. After an assessment and obtains in this case, we get four enlightenments:(1) The development of mixed-ownership, standardize corporate governance.(2) Controlling debt scale, rational use of debt management.(3) The optimization of ownership structure, clear responsibilities of the parties.(4) Improve the information disclosure system, maintenance of fair market. In this paper, we combine the theory of debt restructuring with the actual background situation of ZJ company. Based on the introduction of debt restructuring, comprehensive analysis of the use of relevant theories, makes every effort to let the readers of the ZJ company debt restructuring in the case of a detailed understanding.