Study On The Causes And Governance Of The Failure Of Assets Reorganization Of Listed Companies In Bankruptcy Reorganization

After the U.S.subprime mortgage crisis in 2008,the global economic downturn,China's economic growth rate began to flatten out,traditional industries such as steel,coal,shipping industries appeared serious overcapacity situation,appeared in many of these traditional industry enterprise loss-making,insolvency,on the verge of bankruptcy.However,due to China's special national conditions,state-owned enterprises occupy a dominant position in the traditional energy,manufacturing,transportation and other fields and control the lifeblood of the national economy.If these enterprises are in long-term financial difficulties,they will have a significant impact on the transformation and upgrading of China's industrial structure and economic restructuring.In countries strongly advocated "to strengthen supply side structural reform","more mergers and reorganization,less bankruptcy liquidation" of the background,so,how to efficient and properly save financial difficulties,on the verge of bankruptcy enterprises,especially the interests of the various stakeholders involved and the worker's placement of the basic problems such as large enterprises,become crucial.Listed companies in successive years of losses,insolvency,on the verge of bankruptcy,in order to avoid delisting,more through bankruptcy restructuring to get out of trouble.At present in our country,the listed company bankruptcy reorganization plan once the relevant department approval,reorganization can almost be completed,but after the completion of the reorganization,the subsequent assets reorganization of the enterprise is not uniformly optimistic.So the following assets reorganization of bankruptcy reorganization is very important to the development of the enterprise.In this paper,the failure of assets reorganization of bankruptcy reorganization enterprises as a starting point,using the method of case analysis,combined with the case study of Changhang Phoenix.This paper is mainly composed of six parts.The first part first introduces the background and significance of the research,reviews and summarizes relevant domestic and foreign research literature,introduces the research ideas and methods,as well as innovations and shortcomings.The second part mainly introduces the theoretical basis.The third part is the case introduction,which introduces the restructuring process,motivation,mode and results of the restructuring of Changhang Phoenix.The fourth part mainly analyzes the main reasons for the failure of asset reorganization after the successful bankruptcy reorganization of phoenix.The fifth part mainly analyzes the reasons of the failure of the subsequent reorganization of assets of Changhang Phoenix,and puts forward some Suggestions to prevent the failure of the reorganization of assets from many aspects,which provides certain reference significance for the subsequent bankruptcy reorganization of enterprises in the formulation of the bankruptcy reorganization plan.The sixth part is the conclusion and prospect.Based on the analysis of assets reorganization after bankruptcy reorganization of Changhang Phoenix,this paper combines theories with cases to enrich the diversity of samples of failed cases in the study of assets reorganization,and provides reference for other listed companies to reduce the risk of failure in subsequent asset reorganization.