Study Of The Debt Restructuring Of Listed Companies

This paper deals with the researches on the debts reorganization of listed companies. The aims to be reached are: 1) to probe the theoretical grounds and relevant regulations; 2) to analyze the reorganizing ways, accounting methods and information publishment of the debts reorganization; 3) to test the application of debts reorganization; 4) to investigate the achievements changes of the indebted enterprises after reorganization; 5) to put forward corresponding measures on the basis of the study as below. 1. The theoretical grounds and regulations reorganizing indebted enterprises are based on the �'tandards of Enterprise Accounting桪ebts Reorganization? issued by the Ministry of Finance, which stipulates the reorganizing ways, the accounting methods and the information publishrnent. 2. The ways and information publishment have Changed a lot since 1998: the ways of reorganization have been various and more complicated; both sides of? reorganization have been ding more related transactions and the related chains get longer and longer; the publishment of reorganizing information gets better but not perfect. 3. The existing problems in the reorganization are: The accounting standards of debts reorganization get divorced from the practices. The achievements of the indebted rise quickly at the beginning of reorganization but last only a short term. The information publishment is lack of regulations. 4. The reasons causing the foresaid problems are: The enactment of accounting standards refers too much foreign customary practice but lacks the study of actual situation of China. Due to the immature market economy, the measurement of 揻air value?lacks III market basis. The imperfect and unreasonable management of listed compan\ results in lower achievements. The inefficient supervision and execution cause that some companies, which are always breaking laws and disciplines, continue to stay in securities market. 5. The measures to be taken are: To improve the procedures and methods of enacting the accounting standards, and pay more attention to the study of actual situation, which outweighs international practice to a certain extent. To revise the accounting standards of debts reorganization, and revise the measurement of 揻air value? To improve the structures of management, reducing state-owned shares while increasing the legal person shares and the floating shares. To e~tablish the systems of ratification and elimination so that the unqualified companies would be impelled to withdraw from the market and the social resources can be best matched. To establish the guarantee system of accounting information quality. To perfect the audit surroundings of the registered accountants, increase the independence of audit, and strengthen supervising organs especially the supervision of related transactions and the punishment of actions violation the law and dixipline.