Research On The Path And Effect Of State-owned Enterprises Introducing Industrial Structure Adjustment Fund To Participate In Bankruptcy Restructuring

In recent years,as China's economic development has entered a new normal,some traditional industries are experiencing serious overcapacity.The number of enterprises that are unable to meet their debts due to business failure and fall into development difficulties is increasing.The continuous support of the government has made them "zombie enterprises" and has not fundamentally solved the development dilemma of enterprises.In the government work report of 2018,it is clearly pointed out that we should continue to unswervingly implement the "supply-side structural reform" and promote the bankruptcy reorganization of state-owned enterprises in a market-oriented way,so that state-owned enterprises can take the lead in high-quality development through reform and innovation.Chongqing Iron and Steel implemented and completed bankruptcy reorganization in 2017,which is the first case of reorganization of Listed Companies in the steel industry in China,and the first case of judicial reorganization of listed companies with "A+H" shares.It has been successfully selected as the top ten typical cases of bankruptcy trial in the Supreme People's Court of China.Firstly,from four aspects of mixed ownership reform,incentive arrangement,business optimization and debt restructuring,this paper combs the path of industrial restructuring fund participating in Chongqing Iron and Steel bankruptcy restructuring,and summarizes its market-oriented characteristics.Secondly,from the perspective of stakeholders,the reorganization effect of Chongqing Iron and Steel is evaluated from four aspects: shareholders,creditors,Chongqing Iron and Steel itself and reorganizers.Through research and analysis,it is found that with the participation of Siyuanhe Fund,the first iron and steel industry restructuring fund in China,Chongqing Iron and Steel has successfully completed bankruptcy restructuring through introducing professional managers,developing employee stock ownership plan,forming strategic coordination with the fund and implementing market-oriented debt-to-equity swap.Although the cost of bankruptcy reorganization of state-owned enterprises is higher than that of general government-led reorganization,it protects the interests of small and medium-sized shareholders and creditors better in the process of reorganization.Through reorganization,Chongqing Iron and Steel has fundamentally improved its profitability,and realized the connotative improvement from fragmentation to reality.At the same time,the reorganization also points out the development direction for the industrial restructuring fund.Finally,this thesis summarizes the successful experience of the case and the shortcomings in the process of reorganization,and puts forward some suggestions to improve stakeholders' participation in the formulation of reorganization plan,the selection of relevant pricing benchmarks in reorganization,and to further optimize the protection of workers' rights and interests,so as to better play the role of industrial restructuring fund in promoting the bankruptcy restructuring of state-owned enterprises and industrial restructuring,and provide reference for dealing with large and complex cases of state-owned enterprises restructuring.