| It has been more than ten years since the reorganization of listed companies.In the more than ten years,the reorganization of listed companies has been continuously improved.Compared with Western countries that have already formulated the reorganization of listed companies,we are behind us.As of 2018,A total of 51 listed companies in the A-share market in China have entered the reorganization process since the issuance of the Enterprise Production Break Law.In practice,the bankruptcy reorganization procedure is the most active and effective legal system to prevent the bankruptcy of listed companies,and it is also an important innovation system in China’s bankruptcy law.It is found that the bankruptcy reorganization of listed companies is a topic that we theoretical researchers need to focus on.This paper analyzes the institutional advantages of bankruptcy reorganization.Based on the introduction of the listed company reorganization system in foreign advanced countries,this paper analyzes the difference between the listed company bankruptcy reorganization and the general company bankruptcy reorganization.The author puts forward that we should improve the organization of bankruptcy reorganization of listed companies in China and clarify the legal status of the administrator and reformer during the bankruptcy reorganization of listed companies.We will improve the legal provisions on the right to apply for bankruptcy reorganization of shareholders and establish a voting mechanism for shareholder groups;To clarify the position of the government in the bankruptcy reorganization of listed companies and to dilute government intervention,it is necessary to restrict the power of the court in the compulsory approval system,to increase effective supervision over the adjustment of the special interests of the contributors,and to establish an exposure mechanism for state-controlled listed companies.A new reorganization legal system is constructed to ensure the smooth implementation of bankruptcy reorganization of listed companies. |
