| Under the background of resource shortage and increasing environmental pollution in the world,transforming new energy has become the development direction of more and more automobile enterprises.With the support of policy dividend,the charging mode and power changing mode of pure electric vehicles have also developed rapidly.However,with the deepening of transformation,many automobile enterprises begin to fall into financial difficulties.This article selects lifan as the research object,lifan is a-share listed the first private car companies,automobile and motorcycle industry is also the first company bankruptcy reorganization successful private car enterprises,through the lifan strategic transformation under financial distress causes,reforming the research motivation,overhaul and reforming performance,can fill blank of bankruptcy reorganization case studies in the automobile manufacturing industry,At the same time,it is of research significance to provide suggestions for automotive enterprises which will carry out strategic transformation and those which are in financial difficulties.Based on the theory of the value of the operations,share interest theory and social policy theory,and using the method of literature investigation,case study,comparative analysis,event study method,financial indicators analysis,Z score model and EVA performance analysis,through the system combing about new energy transformation and bankruptcy reorganization research literature at home and abroad,Taking lifan before,during and after restructuring as the framework for research,the following conclusions are drawn: First,the transformation of Lifan due to the lack of capital,technology and other financial difficulties,combined with the restructuring motivation,analysis of lifan has a successful restructuring foundation;Second,the reorganization plan maintains the interests of all stakeholders,and introduces "financial investors +industrial investors" to solve the capital and technology problems of Lifan,which is the basis for the continued operation of Lifan.Third,after the restructuring of lifan financial indicators have been improved,production capacity recovery.At the same time,the following suggestions are made: First,traditional automobile enterprises need to carefully choose new energy transformation mode based on their own;Second,traditional automotive enterprises in transition to new energy need to pay more attention to r&d investment to ensure the development of new energy business;Third,the restructuring process should be market-oriented on the basis of government assistance.Fourth,the reorganization plan of the automobile enterprises should meet the needs of stakeholders as far as possible and solve the problems in bankruptcy causes,so as to ensure the successful implementation of the reorganization plan and subsequent business plans. |
