Implementation And Effect Evaluation Of Bankruptcy Reorganization Of Listed Companies

In recent years,with the slowdown of macroeconomic growth and the accelerated liquidation of excess and backward production capacity,more and more listed companies have fallen into financial difficulties of difficult profitability,broken capital chain and even insolvency due to their inability to adapt to environmental changes.China officially introduced the bankruptcy reorganization system in 2007,which aims to help enterprises facing bankruptcy crisis get out of trouble through debt adjustment and business reorganization.Bankruptcy reorganization,as an important means of revitalizing and clearing enterprise assets and optimizing resource allocation,is gradually favored by listed companies because it has little impact on stakeholders and society.Due to the late start of China’s bankruptcy reorganization system,there are few judicial practice cases of listed companies,the detailed discussion in the practice of the system is relatively insufficient,and there is a lack of comprehensive and in-depth discussion on the process and effect of specific company reorganization.This thesis selects Qinghai Salt Lake Industry Co.,Ltd.(hereinafter referred to as "Salt Lake")as the case study object and is committed to exploring the overall picture of its reorganization event,to provide targeted and operable suggestions for the design of reorganization scheme and the application and improvement of relevant legal systems.Firstly,on the basis of combing and summarizing the relevant literature of bankruptcy reorganization,this thesis summarizes the characteristics of three bankruptcy systems,and analyzes the relevant advantages of bankruptcy reorganization system;Secondly,this thesis establishes the evaluation system of the implementation effect of bankruptcy reorganization,and puts forward the case analysis framework of the effect of enterprise bankruptcy reorganization,focusing on the analysis focus and logical relationship of the three stages before,during and after reorganization;Thirdly,this thesis introduces the typical case of bankruptcy reorganization of Salt Lake,first discusses the necessity and feasibility of its reorganization from the reasons for the company’s bankruptcy dilemma and the value of reorganization,then combs its reorganization process and scheme,deeply analyzes the behavior of main stakeholders and the deficiencies in the implementation process,and makes a comprehensive reorganization effect evaluation of the short-term market response,the company’s financial performance and the social impact;Finally,combined with the case,this thesis draws the research conclusions and relevant suggestions.The main conclusions of this thesis are as follows: first,the measurement of the implementation effect of enterprise bankruptcy reorganization should cover the two value levels of efficiency and fairness.The reorganization value of enterprises and the behavior of various stakeholders in the process of reorganization are the main factors affecting the reorganization effect;Second,the bankruptcy reorganization of Salt Lake is the result of the joint action of domestic and foreign troubles,among which the blind asset expansion caused by the company’s own strategic decision-making is the main reason;Third,the efficient cooperation of multi stakeholders is an important reason for the smooth implementation of the bankruptcy reorganization of Salt Lake,but there are still some problems in the implementation process,such as insufficient protection of the interests of bank creditors,failure in the introduction of strategic investors and inadequate information disclosure;Fourth,the bankruptcy reorganization of Salt Lake has restored its profitability and significantly improved the sustainability of operating performance,but it also has a great impact on the regional financial environment in the short term.On the basis of summarizing and combing the characteristics and advantages of bankruptcy reorganization system,this thesis attempts to make an in-depth discussion on the implementation motivation of bankruptcy reorganization of listed companies,the interest game behavior of relevant subjects in the implementation process,and the comprehensive evaluation of reorganization effect.Combined with the specific practice of bankruptcy reorganization of Salt Lake,this thesis analyzes the advantages and disadvantages in the process of bankruptcy reorganization,in order to enrich the relevant research in this field on the margin,it provides a reference scheme for relevant enterprises to realize self-rescue through bankruptcy reorganization.