Strategic Selection And Performance Evaluation Of Bankruptcy Reorganization Of Private Listed Enterprises

At the 19 th National Congress of the Communist Party of China,General Secretary Xi Jinping clearly pointed out the need to build a high-level socialist market economic system,create a market-oriented,rule-of-law,and international first-class business environment,and stressed the need to promote the development and growth of the private economy.The bankruptcy reorganization system is an important institutional system to adapt to the modern economic system,provide services to ensure high-quality economic and social development,optimize the business environment based on the rule of law,and is an important legal means to preserve the operational value of enterprises,reorganize core assets,and save enterprises for new life.Taking Kangmei,a listed company,as an example,this paper uses the event analysis method,comparative analysis method,case analysis method and other research methods to study and analyze the basic process,restructuring drivers,restructuring plan,restructuring strategy and restructuring performance of Kangmei bankruptcy reorganization.The study concludes that:(1)bankruptcy reorganization is in most cases a better option for all stakeholders;(2)Private enterprises can increase the chances of successful restructuring by introducing restructuring investors with state-owned asset backgrounds;(3)Reasonable reforming mode selection and scheme design can greatly improve the reforming efficiency;(4)Restructuring has a positive impact on both the financial and non-financial performance of the enterprise,especially the short-term impact is the most significant.Finally,based on the research conclusions of this paper,the experience of Kangmei Bankruptcy Reorganization in constructing a reasonable restructuring plan before the reorganization plan is formulated,carefully selecting restructuring investors,flexibly using a variety of debt repayment methods during the implementation of the reorganization plan,coordinating and protecting the interests of all parties,and making good use of government support,paying attention to the coordination and adjustment of long-term business strategies after the restructuring is completed,and evaluating and reflecting on the restructuring work in a timely manner.The research in this paper further enriches the relevant theories and empirical case studies of bankruptcy reorganization,which can provide reference for enterprises with similar reorganization needs,and can also provide decision-making reference and relevant enlightenment for the development of Kangmei after bankruptcy reorganization.