Analysis Of The Effect Of Bankruptcy And Erorganization Of Chang Hang Phoenix

With China’s economic development entering the new normal,the competition among enterprises in the market economy environment is very fierce and brutal,and listed companies will also face various risks and challenges,some listed companies have serious overcapacity phenomenon,and the number of difficult enterprises unable to repay debts or make operating losses is increasing rapidly,which makes them easy to fall into financial crisis.Under the traditional bankruptcy system,most listed companies will be forced to go into bankruptcy liquidation,but this kind of bankruptcy behavior will make creditors and other stakeholders lose their own interests.In order to make up for the defects of the traditional bankruptcy system,China introduced the new bankruptcy law in 2007.The new bankruptcy law introduces the new system of bankruptcy reorganization,which changes the method of mainly relying on liquidation in the past,and provides the listed companies facing bankruptcy crisis with the opportunity of rebirth.As a large state-owned enterprise,Chang Hang Phoenix is also a representative enterprise of bankruptcy reorganization,This paper selects Chang Hang Phoenix as a case company of bankruptcy reorganization,through the analysis of Chang Hang Phoenix bankruptcy reorganization and its effects,to explore the effect of bankruptcy reorganization on the company’s shareholders,creditors,and the restructuring party,so as to summarize the experience of bankruptcy reorganization,for the preparation of bankruptcy reorganization has a strong reference significance.The research of this paper is divided into five parts.The first part mainly introduces the research background,research significance,research status at home and abroad,research content and research methods.The second part mainly introduces the relevant theoretical basis of this paper.The third part mainly introduces the general situation of Chang Hang Phoenix company,restructuring reasons,restructuring plan,restructuring process and restructuring results.The fourth part mainly combines the restructuring plan of Chang Hang Phoenix to analyze the effect of shareholders,creditors and the restructuring side,and selects the event research method and the financial index analysis method to analyze the short-term and long-term performance of the bankruptcy restructuring of Chang Hang Phoenix.The fifth part introduces the experience of bankruptcy and restructuring of Chang Hang Phoenix and the remaining problems as well as enlightenment.The sixth part is the conclusion and prospect.Through the analysis that the bankruptcy reorganization of Long Hang Phoenix is successful,long hang Phoenix through bankruptcy reorganization to get rid of financial difficulties,to avoid delisting risk;In terms of relevant stakeholders,Chang Hang Phoenix effectively protects the rights and interests of shareholders and creditors through bankruptcy reorganization,but in the restructuring party above,due to a series of problems in the restructuring party,the restructuring did not achieve the expected perfect effect,to the long Hang Phoenix bankruptcy reorganization of the whole case left flaws;After bankruptcy and reorganization,the short-term performance of Chang Hang Phoenix is obvious,while the long-term performance is not obvious,but the overall financial situation has been greatly improved compared with that before bankruptcy and reorganization.The above research conclusions also provide some enlightenment for the government and similar enterprises.The state should perfect the bankruptcy reorganization system to protect the legitimate rights and interests of stakeholders;The government should guide appropriately,perfect delisting mechanism;Enterprises should combine their own actual situation,choose the appropriate bankruptcy mode and reorganization objects.