Research On The Successful Experience Of State-owned Listed Companies' Bankruptcy And Reorganization

In recent years,with the global overcapacity,China's economy is also facing great challenges.The downturn of the economy makes our country enterprise lever rate is high,the debt burden is heavier,the company's operation is therefore struggling.In particular,as the leading force of national economy and the important pillar of socialist economy,the scale of debts of state-owned enterprises is too large,the debt ratio is too high,the management is too bad.For state-owned enterprises that are seriously insolvent but still have the potential to develop or have core competencies,the bankruptcy reorganization can protect the interests of the stakeholders and give the enterprise a chance to regroup.The research of this paper is based on existing research and related theories,through the research on the current situation and causes of financial distress,the whole process of bankruptcy reorganization especially the motivation and reorganization effect,this paper analyzes the reasons of choosing bankruptcy reorganization and concrete reforming mode and the influence of bankruptcy reorganization on enterprise financial condition and non-financial condition.The paper sums up the reasons for the success of bankruptcy reorganization and provides reference for other state-owned enterprises facing similar predicament.The research on bankruptcy reorganization of state-owned enterprises is mostly in the general theory stage,and the research on bankruptcy reorganization is mainly discussed from the aspects of legal level and reorganization performance.The innovation of this thesis is to analyze comprehensively the whole process of the Nanjing Tanker Corporation bankruptcy reorganization case with the method of case analysis,and to analyze the impact of the reorganization on the enterprise and summarize the successful experience.As China's first retreat City central Enterprises,Nanjing Tanker Corporation improved performance after the bankruptcy reorganization,its reorganization successful case is not only representative,the case is relatively new,relevant research is few.Through the case analysis,the research findings of this paper are as follows:The enterprise is seriously insolvent,but the company's core competitiveness is obvious,the bankruptcy reorganization can be used to solve the debt crisis;the debt-to-equity swap has remarkable effect on preserving the creditor's benefit and strengthening the bank exit mechanism,but it has certain applicability.A reasonable and effective bankruptcy reorganization plan can improve the performance of enterprises.The case study of Nanjing Tanker Corporation not only enriches the theoretical research of state-owned enterprise bankruptcy reorganization,but also has certain practical significance.Nanjing Tanker Corporation is the largest oil-transporting state-owned enterprise in China,which has great influence and attention,and it has very important practical significance to the state-owned enterprises to leverage,get rid of the debt crisis and improve the benefit from the successful cases of bankruptcy reorganization.