Study On The Impact Of Debt Restructuring On The Business Performance Of Listed Companies

In recent years,due to the rapid development of national economy and the capital market,listed companies in order to speed up the enterprise development,promote enterprise's operation scale,mostly adopted diversified mode of operation,one way to leverage due to bring for the enterprise financial leverage effect and tax exemption for effect,make its widely popular with the listed company.At the same time,the debt restructuring problem caused by excessive debt management is also emerging.Since 1999,when the implementation of debt restructuring system in China,most of the debt crisis of the listed companies are more likely to choose debt restructuring is the way to survive,for listed companies,select the advantage of debt financing between the principal and the agent of agent cost is much lower than equity financing,and tends to produce financial leverage effect of debt financing,high benefits for the enterprise.However,the high risks associated with high leverage are also noteworthy.Many listed companies generally have high asset-liability ratio and high financial risks.Therefore,frequent debt crises are also the current situation of listed companies.Debt restructuring as a means to help enterprises out of the debt crisis,its popularity makes crisis enterprises see hope.This article selects A company restructuring in 2013 cases and carries on the thorough research,through in the process of reorganization and restructuring of the financial and operational indicators before and after the analysis,found the debt restructuring can not only improve the structure of the company's capital and debt in the short term,improve the company's operating performance,and combined with production and business operation activities are more likely to perform its long-term effects.And by finding the problems existing in the debt restructuring in A company with,which can be used for reference to A debt crisis of the listed companies use this means to revitalize the enterprise restructuring and improve business performance article puts forward some opinions and Suggestions,including strengthening production management control,formulate reasonable restructuring,strengthen the restructuring of information disclosure,etc.At the same time,the case study of debt restructuring is also conducive to the revision and improvement of China's accounting standards,and is of great academic value and significance to the theoretical research related to debt restructuring.