Research On The Application Of The Parallel Model Of Asset Restructuring And Debt-to-equity In Bankruptcy Reorganization

In recent years,China has entered a new period of industrial restructuring.Overcapacity enterprises have high leverage ratios,frequent operating losses and debt default events."Cut overcapacity" has become the top priority of supply-side structural reform.The most critical task of "cut overcapacity" is to resolve the company's invalid operating assets.Bankruptcy reorganization can optimize the allocation of resources,reasonably solve the problem of debt disposal,and effectively protect the interests of stakeholders.Shuntian Ship is the first enterprise in China to simultaneously implement asset reorganization and debt-to-equity swaps during bankruptcy reorganization.It is an effective typical case in which the two combine to promote the resolution of corporate debt crisis.Under the current background,the research on the operation mode and effectiveness of the parallel mode of Asset Restructuring and Debt-to-Equity Conversion creatively adopted by Shuntian Ship in bankruptcy reorganization is of great significance for the similar enterprises to resume production and operation in reality.Based on the theory of property rights,the theory of transaction cost and the theory of stakeholders,this article uses case analysis method and comparative analysis method to analyze the Suntian ship bankruptcy reorganization plan,and explores the reasons for the bankruptcy reorganization of Suntian ship,"asset restructuring and debt-to-equity " Parallel mode of operation and restructuring performance.The conclusion indicates that the parallel model takes full consideration of market conditions,balances the interests of all parties,and uses innovative consultation mechanisms to resolve procedural conflicts.Simultaneous hematopoietic and blood transfusions meet the efficiency needs of the enterprise,thereby achieving both the short-term and long-term performance.Finally,the author proposes further optimization suggestions for the shortcomings of large shareholders' withdrawal from the use of the model,suspicion of judicial reorganization,and social problems of employee placement.