| 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,listed companies in China often have financial crises due to defects in their internal governance structure,inadequate internal supervision systems or national macroeconomic environment,and improper corporate strategic decisions,which can lead to serious liquidity difficulties and various adverse consequences.It is not wise for the company to announce bankruptcy when a temporary debt problem emerges.In order to increase the efficiency of enterprises,optimize the allocation of social resources,and solve the bottleneck that affects the development of enterprises,debt restructuring has become an effective solution.The content and form of debt restructuring in China's listed companies have changed a lot with the change of the rules,and the securities market is developing gradually.Through enterprise restructuring activities has two main purposes:on the one hand,listed companies to solve the financial crisis through debt restructuring,while improving the performance level and the core competitiveness of the company,to avoid the risk of delisting.On the other hand,some listed companies use debt to equity,the debt restructuring as a means to reduce the debt burden of enterprises,optimize the capital structure in the absence of financial crisis situation,to provide a better foundation for the development of the enterprise.However,the debt restructuring of listed companies can bring enterprise performance improvement,it can improve the ability and level of enterprise future development remains to be studied,for performance evaluation after the reorganization of the company has become a key point in the process of theimplementation of debt restructuring.This paper mainly researches the problems related to the debt restructuring of listed companies performance,because in different industries,the influence factors are different,so the industry restructuring,the largest proportion of the most representative manufacturing as an example,to select samples for analysis and research,and to consider the relevant accounting changes the criteria included,so as to ensure the integrity of data.The research paper,adopting a combination of theory and case study methods,is mainly divided into five parts.In the first part the background and significance of the research and the related literature are stated and explained.The related theory of debt restructuring is elaborated in the second part.The third part focuses on the introduction of the basic situation of Topsun Science and Technology Co.,Ltd and the process of its debt restructuring.The company has undergone significant changes in business performance before and after debt restructuring,which deserves detailed research.The fourth part gives specific analysis to several financial indicators in the year of and after Topsun debt restructuring and dissects the effect of debt restructuring.The fifth part draws the conclusions and implications of the study: in the long run,debt restructuring has a continuous and positive effect on the company's solvency and operating performance.Thus,to achieve the smooth transformation of enterprises companies can actively seek the support of the government to guarantee the success of debt restructuring. |
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