Study On The Legal Issues Of Government's Participation In The Bankruptcy Reorganization Of Listed Companies

Bankruptcy reorganization system is a legal system emerged at the stage when China's socialist market economy has developed to a certain stage.The Enterprise Bankruptcy Law of the People's Republic of China,which was promulgated in 2007,specifies the time and procedure of bankruptcy reorganization in detail,and defines the rights and powers of the court in the bankruptcy reorganization.On the microcosmic aspect,the bankruptcy reorganization of the listed companies is the means to maintain the business value of the insolvency and the bankrupt enterprises.On the macroscopic aspect,it can maintain the social and economic stability and guarantee the interests of the creditors and the many shareholders.As a national political and economic manager,the government has a high degree of participation in bankruptcy reorganization of listed companies,which involves legal issues such as the application of the bankruptcy reorganization,bankruptcy administrator's work,compulsory approval,and the connection between courts and securities regulatory authorities.In this paper,we use literature review and comparative method to study the legal issues of government's participation in the bankruptcy reorganization of listed companies,analyze the rights and obligations of the government in bankruptcy reorganization of listed companies and put forward some suggestions for improving our bankruptcy reorganization system.The whole dissertation composes of six chapters.The first chapter is an overview of the system of bankruptcy reorganization which includes the concept of bankruptcy reorganization and the motivation,basis and content of the government's participation in the bankruptcy reorganization of the listed companies.The second chapter expounds the positive and negative effects of government's participation in the bankruptcy reorganization of listed companies.The third and fourth chapters analyze the time and procedures,powers and rights of the government's participation in the bankruptcy reorganization of the listed companies.The fifth chapter introduces the practice and legislative experience of the foreign government's participation in the bankruptcy reorganization of the listed companies.In the sixth chapter,in view of the current legislation in China,some suggestions are made to improve the government's participation in the legal system of the bankruptcy and reorganization of listed companies.