Research On The Plan And Effect Of The Bankruptcy And Reorganization Of Changjiang Airlines

At present,a large number of Chinese quoted companies have been affected by the economic downturn and excess capacity,falling into financial crisis,and even being suspended or terminated.Hence,the state began to promote the supply-side structural reforms vigorously,and implemented market-oriented bankruptcy reorganization on companies that are in crisis but still have operational value.The Shanghai Stock Exchange published and implemented Measures for the Implementation of Major Illegal and Compulsory Delisting of Listed Companies at the end of 2018,which can regulate the delisting of companies have no value.In this context,it is of great research value to study how delisted companies that still have operational value become relisted by implementing bankruptcy reorganization,which can promote the mutual cooperation between the system of delisting and the system of re-listing,promote the rebirth of enterprises and promote the development of China's economy.This paper adopts the case study method and takes China Yangtze River Shipping Group Nanjing Oil Transportation Co.,Ltd(referred to as "NJTC")as the analysis object.It is found that the delisting of the company was mainly due to the influence of the severe situation of the industry and the decision-making mistakes of the management,and then the company carried out bankruptcy reorganization and finally returned to the market.In the analysis part,the case analyzes the rationality of the reorganization of the company,the reorganization plan and the effect of the reorganization,focusing on the latter two points.When analyzing the reorganization scheme,the market-oriented measures in the scheme are summarized from four aspects: strategic and operational reorganization,corporate governance reorganization,asset reorganization and financial reorganization.When evaluating the effect of bankruptcy reorganization,it focuses on the analysis of the reorganization cost,reorganization performance,the impact on stakeholders and the related aspects of re-listing.Through the research,it is found that the NJTC has achieved remarkable results through the implementation of market-oriented measures,including the development of diversification related business,the disposal of assets with reference to professional asset appraisal and market-oriented debt-for-equity conversion.The company's performance has been significantly improved and re-listed on the basis of balancing stakeholders' interests properly,in which the government has also played a certain role.Finally,the revelations are as follows.Firstly,the company in difficulties should choose bankruptcy reorganization reasonably,including focusing on the design of reorganization schemes and using market-oriented debt-for-equity swaps to resolve debt significantly and rapidly.Secondly,in the policy formulation aspect,the constitutor should perfect the relevant financial index of delisting and re-listing,establish the link between the indicators,highlight the improvement of the company's performance,then promote the link between the delisting system and the re-listing system.