A Study On Recombinant Of Special Treatement Shunchuan Company

With the rapid economic development in our country,debt financing can not fully meet the development requirements of the company.On the basis of strong demand for external financing,more and more enterprises are beginning to seek equity financing.Relative to debt financing,equity financing has the characteristics of low cost,non-repayment,and permanent.And the dividend is related to the operating performance of the company and the equity allocation policy,and is not compulsory.In addition,the company listed on the market,open transactions,but also can play a promotional role,reducing corporate advertising costs.Chinese enterprises want to enter the securities market open financing,high threshold,the first need for three consecutive years the company continued profitability,and the total assets and net asset size requirements,and secondly,the company should establish a sound internal control system,the listing of a wide range of procedures,time Span longer.Thus,the listed company's shell resources are very precious.However,some listed companies due to mismanagement or business investment strategy errors,causing the company's performance decline,or even a continuous loss of the situation,the Commission to stabilize the securities market order and protect the interests of investors,these two consecutive years of loss of listed companies to be special Deal with the continuous loss of three years listed companies to delisting warning,in the event of a continuous loss of state,these listed companies will be put on the hat of ST.In order to protect the shell resources and continue to survive in the stock market,many ST companies adopt the method of asset restructuring to optimize the distribution of their assets,enhance their core competitiveness,and even change their management to effectively enhance their comprehensive capabilities to reverse the loss situation.Whether the implementation of asset restructuring by loss-making listed companies can improve performance and achieve profitability can we really solve the problem of loss at the root?Based on the above problems,this article chooses*ST shunchuan,which is facing delisting risk,as the research object.Through the methods of literature analysis,normative analysis and case study,it combines the relevant reorganization theory with the actual reorganization process,and analyzes the motivation,theoretical basis,concrete plan and After the reorganization of the effect.Through the case analysis,the following conclusions are drawn:First,the merger and debt restructuring at the same time,both innovative and restructuring not only help*ST shunchuan repayment of the debt,but also to enhance its core competitiveness,so as to promote*ST Shunchuan successfully transition and survival;Second,*ST The success of Shunchuan restructuring can not be separated without the help of controlling shareholders.Both the SASAC and Guoxin Group actively cooperate to promote the reorganization during the restructuring plan or reorganization.Thirdly,debt-to-equity swap is the basis for issuing shares to buy assets,*ST Shunchuan to buy high-quality trust and thermal power assets is the company continued to profit after the protection of reorganization.And from the debt to equity model,the interests of creditors,securities laws and regulations,the supervisory role of intermediaries and investor education point of view the proposed asset restructuring.