Research On Financial Performance Of Bankruptcy And Titanium Bankruptcy Reformation

China Nuclear Titanium Dioxide Co.,Ltd.(referred to as "nuclear titanium dioxide")is China's first 10,000 tons of titanium dioxide production enterprises,its main product rutile titanium dioxide is mainly used in the coatings industry.Since 2008,Europe and the United States by the debt crisis and the impact of the domestic economic slowdown,the titanium dioxide industry into the downturn,a serious shortage of external demand and the internal inventory of the hoarding of the increasingly prominent contradiction,the prices of related products generally in a low state wandering.In this industry context,the nuclear titanium dioxide because of its poor management,resulting in a number of production line stoppage,a significant decline in financial performance.April 16,2010,the nuclear titanium dioxide(stock code: 002145)by the Stock Exchange of delisting risk warning special treatment,to the nuclear titanium dioxide into or delisting or even bankruptcy situation.According to the latest bankruptcy law promulgated in 2007,in order to prevent bankruptcy liquidation,from November 30,2011 to December 18,2012,China Nuclear Titanium Dioxide was bankrupt and reorganized in order to get rid of financial distress through restructuring and improve financial performance.Based on the theory of operating value,synergies and economies of scale,this paper summarizes the purpose,plan and process of nuclear titanium dioxide bankruptcy and reorganization based on the financial situation of nuclear titanium dioxide.Then,combining with the characteristics of titanium dioxide industry and the purpose of nuclear titanium bankruptcy and reorganization,15 financial indexes were selected from four aspects: solvency,operation ability,profitability and development ability.The financial performance evaluation model was constructed by factor analysis method.Analysis of nuclear titanium dioxide bankruptcy after the reorganization of the year after the comprehensive financial performance.It is found that the change of financial performance after nuclear nuclear bankruptcy can be divided into three stages.The first stage,bankruptcy reorganization completed year(2012)comprehensive financial performance significantly improved.The second phase,after the reorganization of the first year(2013)to the third year(2015)consolidated financial performance continued to decline.The third stage,after the reorganization of the fourth year(2016)comprehensive financial performance once again greatly improved.In view of the above three stages,in-depth analysis of nuclear titanium dioxide bankruptcy reorganization after the financial performance changes.Finally,the paper puts forward some suggestions to further improve the financial performance of nuclear titanium dioxide bankruptcy and reorganization,so as to provide theoretical guidance for the sustained and stable improvement of nuclear titanium dioxide financial performance,and also provide reference for other enterprises in the same industry or bankrupt restructuring Learn from.