Case Study On Debt Restructuring Of Listed Companies In China

Since the development of China’s securities market is short and not perfect,meanwhile the external competition is becoming more and more intense,many enterprises are heavily in debt due to the problems of irrational corporate governance structure and poor management,so that debt restructuring is always chosen as a method to get rid of heavy liabilities and achieve better development.Therefore,how to correctly and effectively use the debt restructuring to make the enterprise realize the real "rebirth" and maximize the interests of both creditors and debtors is becoming a problem to be solved urgently.Taking the debt restructuring issue of Shandong Hailong Limited Company in 2012 as an example,this paper analyzes the way of debt restructuring,the scheme of debt restructuring,the process of debt restructuring,the characteristics of debt restructuring and the necessity of debt restructuring by multiple research methods.Then the comparative analysis method is used to compare and analyze the financial indicators before and after the restructuring of the case company,mainly to analyze the five aspects of the solvency,profitability,operation ability,growth ability and industry comparison of the reorganized company,and to judge the implementation effect of the debt restructuring.Through all the analysis above,it is concluded that the debt restructuring will improve the assets and liabilities structure,the ownership structure,the corporate governance structure and the comprehensive ability of the enterprise.The listed companies in China should strengthen the construction of the internal control system,work on to improve the internal governance structure of the company,improve the prediction ability of the industry risk,and so on.In the debt restructuring,it is recommended to actively seek the help of the government so as to improve the success rate and the effect of reorganization.At the same time,the government departments and social organizations should play the role of external supervision,work together to make the environment of securities market better and help the enterprises those are really needed by strengthening the supervision of the listed companies,exploring to improve the whole system of debt restructuring China,avoiding the abuse of some enterprises with ulterior motives.