Study On The Performance Of Bankruptcy Reorganization Of Listed Companies In China

Bankruptcy reorganization is a legal system in our country,and it is also a strategic choice for the difficult companies to get out of the dilemma.Bankruptcy reorganization is possible for many companies to get into the difficult situation.However,the bankruptcy reorganization in each market will cause great disputes among the interests of the various stakeholders,and most of companies can be reborn,but some company still faces the risk of continuous loss and even liquidation.Whether the bankruptcy reorganization can truly improve the company's operation and increase the interests of the shareholders,makes it necessary to verify the performance of the listed companies' bankruptcy reorganization and to analyze the influencing factors in depth.In view of the characteristics of the project,this paper adopts event study,empirical research and quantitative analysis combines with qualitative analysis.First of all,the paper describes the background and significance of the research,and the current research situation at home and abroad.Then the paper defines the concept,elaborates the related theories of bankruptcy reorganization,and analyzes the current situation of the reorganization and policy support.Secondly,the paper collated 42 sample listed companies from 2010 to 2014 that implemented bankruptcy reorganization,makes an empirical analysis from two aspects: one is financial performance,using FA-DEA model get a comprehensive efficiency score of a total of six years before and after reorganization;other one is market performance,using stock abnormal return model to measure the reforming influence on stock abnormal return.It is found that the reorganization can improve input-output efficiency in the medium and long term,but it can not restore the efficiency level before the reorganization.The reorganization has a significant positive effect on the stock price in the short term,but the excess return on stock can not continue for a long time.Thirdly,the paper explores the factors that influence performance through regression analysis.It is found that the asset injection and reorganization benefit can improve the performance of the listed companies' bankruptcy reorganization,and the related transaction hinders the improvement of the performance.The nature of the company and the ownership structure are not enough to be the factors affecting the performance.Finally,according to the empirical study,the paper puts forward some suggestions to improve the performance of bankruptcy reorganization from three aspects: the choice of bankruptcy reorganization,the reorganization of stakeholders and the standardization of related transaction.