The Case Study On Restructuring The Shell Of *ST Chaori Soalr

In the past,the backdoor of "shell resources" was mostly between state-owned listed companies and companies in different industries.When the state-owned listed companies are reorganized,due to the fact that the government has "covered the bottom",the participation of market players is often not high,which makes it difficult for companies to eradicate shortcomings and to innovate from technology,industry model,and business model.This "blood transfusion" type reorganization cannot solve the long-term development of the company.The reorganization of different industries,especially high-tech enterprises,has been dealt with by the industry of the "shell" source party,which is not conducive to technological upgrading,and at the same time it is prone to borrowing money and transferring interests.At present,China is undergoing structural reforms on the supply side of "three visits,one drop and one supplement," handling non-performing assets,and the key to technological transformation and upgrading into economic growth.In particular,the promulgation of the "Measures for the Management of Major Asset Restructuring of Listed Companies" in 2016 promulgated stricter requirements for backdoors.Focusing on "shell resources",the restructuring and preservation of high-tech industries will not only help injecting high-tech funds,transform and upgrade technology,extend the corporate chain,but also help avoid the phenomenon of borrowing money from the back door.The process of marketization of bankruptcy and reorganization will be promoted,and the value of "shell resources" will be properly measured according to the needs of the market.This article uses literature research methods,case studies,and comparative analysis methods to use *ST Chaori as the research object,combining current developments in the photovoltaic industry industry,and focusing on the role of the "shell resource",an important listing qualification,in reorganization.,As well as the comparison of the financial performance before and after the recapitalization,it is analyzed whether there is any value in the recapitalization of the same industry and whether it is necessary to reconstitute the protective shell.This article is divided into six parts for analysis and research.Firstly,the background of the existence of "shell resources" in China's capital market is described.The concept of debt restructuring,asset reorganization and financial performance evaluation methods are introduced.Secondly,the company that introduced *ST Chaori,and the reorganized Fangzhong Group,the Group's controlling party,collated the process of the reorganization plan,including the introduction of reorganization.The characteristics of market reorganization included three major external strategic mechanisms,and the reorganized The plan was briefly reviewed,focusing on the debt situation and the classification of claims and the settlement ratio.Again,the reasons and financial performance of the *ST super-day recapitalization were analyzed.Among them,there are two reasons in the analysis: one is the reason for the "shell resource" and the other is the reason for the successful preservation of the shell.The performance analysis includes four aspects: the comparative analysis of financial indicators,financial capabilities,stock value and equity structure.Finally,it is concluded that high-tech enterprises are necessary to recapitalize the industry with the industry.Under the premise of effectively preventing financing risks,it not only saves the time cost and financial cost of the borrower,but also helps to avoid the bankruptcy and liquidation of the "Huayuan" party.At the same time,it also safeguards ordinary creditors,so that the original industry can continue to operate,and it has a huge role in promoting business models and technologies to overcome and upgrade.Therefore,this paper gives recommendations to promote China's IPO issuance registration system,restructure and protect the shell should strengthen the protection of the most middle and small creditors,encourage the same industry restructuring of the party's control,strengthen the screening of the "shell source",and do a good job of reorganization of the risk protection mechanism.