Comparative Case Analysis Of The Bankruptcy Reorganization Of Private Listed Companies

The supply-side structural reform of in China has been deepened gradually.Some enterprises even large listed companies are facing elimination crisis because they can't adapt to the changing situation of market economy.The Nineteenth CPC National Congress clearly put forward to optimize the allocation of stock resources and expand the quality increment supply so that can realize the dynamic balance of supply and demand,we must use bankruptcy reorganization deal with the zombie enterprises effectively.The safe disposal of zombie enterprises according to law depend on the role of the bankruptcy reorganization system in the enterprise bankruptcy law of China.The system of bankruptcy reorganization is a legal system that can help an enterprise restore the ability of continuous operation and help the debtor get rid of financial difficulties under the presiding of the court and the stakeholders through the application of the interested parties,to carry out the reorganization of the business and the debt,this system applies to the enterprises which is specially aimed at or has been in conformity with the condition of bankruptcy but has the hope of maintaining value and regeneration.This thesis applies comparative case study method to study the bankruptcy reorganization of two listed companies of *ST Chaori and *ST Xiake,and applies the comparative case study method to study the case company from the angle of bankruptcy reorganization mode.This thesis first introduces the general situation of the bankruptcy reorganization of private listed companies and the characteristics of the bankruptcy reorganization of private listed companies.Secondly,it introduces the basis of the selection of case companies,and introduces the process of *ST Chaori and *ST Xiake bankrupt reorganization,and then comparatively analysis the bankruptcy reorganization of *ST Chaori and *ST Xiake,and finally come to the following conclusions: through the stock price comparison and the event study,it is shown that the bankruptcy reorganization used backdoor listing mode brought a huge increase in the stock price,while the effect of the business retention model was not obvious to the stock price;through the long-term performance analysis of bankruptcy reorganization,no matter which mode was chosen,the bankruptcy reorganization affected the case company in all aspects,the value of the case company had been greatly improved,the promotion of backdoor listing mode was better than the business retention mode;through the economic effect analysis of the bankruptcy reorganization,it is concluded that the choice of the bankruptcy reorganization mode must took into account the interests of all stakeholders,and the bankruptcy reorganization which was beneficial to all stakeholders is a successful reorganization.The purpose of this thesis is to provide reference and practical inspiration for private listed companies to choose bankruptcy reorganization mode.According to the study of two case companies of *ST Chaori and *ST Xiake,the following revelations are drawn: the bankruptcy reorganization company should choose the appropriate bankruptcy reorganization mode according to the value of the reorganization and its own situation,reasonable select reorganizing investors to improve core competitiveness,and choose the appropriate mode should take account of the interests of all stakeholders.