Research On Pricing The Path Choice And Economic Effect Of Bankruptcy And Reorganization Of Private Enterprises

With the transformation and upgrading of China's economic structure,many private enterprises,due to the failure to perceive market changes in time,still maintain high leverage,the rapid expansion of enterprise scale,resulting in liquidity difficulties,in the case of slightly tightened funds into financial difficulties,unable to pay off heavy debt and on the verge of bankruptcy.In November 2018,the Supreme People's Court held a conference on the topic of how to use market-based means to promote the bankruptcy reorganization of private enterprises,thereby increasing the operating efficiency of private enterprises,which fully identified the role of market-based bankruptcy reorganization procedures to relieve the difficulties of our private enterprises and thus promote their benign growth.The Shanghai Chaori bankruptcy reorganization case,which was completed in December 2014,has representative significance in the case of bankruptcy reorganization of private enterprises.In China's photovoltaic industry,it is the first case through the market path to bankruptcy restructuring of A-share listed enterprises,its bankruptcy restructuring is very successful,not only to solve the company's debt crisis,but also to achieve the company's subsequent healthy operation.This paper first combed its path to market-based insolvency reorganization and elaborated on four aspects,namely,market-oriented strategic operational reorganization for industry transformation,market-oriented corporate governance reorganization,asset reorganization with market-based mechanism pricing and debt reorganization with marketbased debt-to-equity conversion.The study concluded that the *ST super day through the marketoriented bankruptcy reorganization road,not only released the debt crisis,but also obtained a good market performance,so that the enterprise regained its footing.Finally,the lessons learned from this successful restructuring are summarized and recommendations are made to address the problems that exist.Thus,in the face of similar financial difficulties,private enterprises wishing to use the market-based bankruptcy reorganization to obtain a rebirth and sustainable operation of the private sector to provide a reference point.