Research On The Strategy And Effect Of Bankruptcy Reorganization Of Listed Companies

In recent years,China’s economic development has been changing,slowing down and upgrading its structure.At the same time,listed companies are also faced with many risks.However,some enterprises are not very sensitive to such risks,and continue to carry out investment and financing activities under the condition of high equity pledge.Blind diversification and expansion have led to difficulties in the liquidity of enterprises.Secondly,the strength of financial supervision has also become stronger.A series of new regulations have been issued to limit the ability of enterprises to raise funds and further slow down the flow of funds,Therefore,in the case of tight capital chain,enterprises are easy to fall into financial difficulties,and even face the risk of bankruptcy because they are unable to pay off their debts.Before the introduction of bankruptcy reorganization system,enterprises can only choose bankruptcy liquidation.The enterprise bankruptcy law of the People’s Republic of China was officially promulgated on june1,2007,which clearly stipulates the specific contents of bankruptcy reorganization.It can not only provide opportunities for enterprises in trouble in the market to go through bankruptcy reorganization,but also regulate and supervise the behavior of bankruptcy reorganization.Compared with the bankruptcy reorganization liquidation system,bankruptcy reorganization system is a more favorable choice.Because,for those enterprises that are temporarily in financial difficulties,the bankruptcy reorganization system can save them,make the enterprise reborn and realize the continuous operation of the enterprise.Therefore,if the enterprise itself still has operating value and economic value,it is more inclined to choose bankruptcy reorganization to give the enterprise a chance of rebirth when facing the plight of bankruptcy.Therefore,the research on the strategy and effect of bankruptcy reorganization is of certain significance.This paper selects Yongtai energy as a case study.As the largest energy enterprise in the listed companies,Yongtai energy is also the only listed company in the coal sector.Its bankruptcy reorganization case is of great significance in the listed companies.Yongtai energy has poor operation and management,lack of risk awareness,rapid capacity expansion,tight state funds,faulted capital flow and inability to pay off debts,resulting in bond default,and finally bankruptcy and reorganization.Through bankruptcy reorganization,Yongtai energy not only solved the debt crisis of the enterprise,but also ensured the subsequent good operation through business reorganization.By analyzing the bankruptcy and reorganization case of Yongtai energy,this paper provides relevant reference suggestions for more enterprises with bankruptcy and reorganization needs.The full text consists of six parts.The first chapter is the introduction,including the research background and significance,literature review,research ideas and methods,as well as the innovation of this paper.The second part briefly introduces the theoretical basis of bankruptcy reorganization.The third part mainly expounds the basic information,financial status and the implementation process of bankruptcy reorganization of Yongtai energy.In the fourth part,the research on the strategy and effect of Yongtai energy’s bankruptcy and reorganization,firstly,the feasibility analysis is carried out from the perspectives of operating value,stakeholder demands,enterprise core competitiveness,etc.,and the relevant advantages Yongtai energy has in bankruptcy and reorganization are analyzed;Then it analyzes the strategic design before bankruptcy reorganization,and establishes a good foundation for bankruptcy reorganization through relevant strategic adjustment;The third step is to analyze and study the specific scheme in the process of Yongtai energy’s bankruptcy reorganization,and make the reorganization proceed smoothly by adopting relevant strategies;Finally,it analyzes the effect of bankruptcy reorganization,from the impact on the stock price,the impact on stakeholders,and the financial effect.The fifth part is about the successful experience and Enlightenment of Yongtai energy restructuring.The sixth part is the research conclusion and deficiency.Through the above six parts of analysis and research,in order to provide some reference for enterprises facing the same financial difficulties and enterprises that want to achieve rebirth through bankruptcy reorganization.