A Case Study On The Choice Of Bankruptcy And Reorganization Mode Of Listed Companies

The new bankruptcy law was implemented in June 1, 2007, the eighth chapter of the reorganization system is facing bankruptcy crisis in our country through the judicial process to get rid of the debt crisis, to regain a new life provides a clear legal basis. In this paper, through the statistics found that in December 31, 2015, the domestic successful bankruptcy reorganization of the listing Corporation has reached 54. However for bankruptcy reorganization mode, "enterprise bankruptcy law" and the relevant law and no provisions listed companies in the implementation of the bankruptcy reorganization should take what kind of specific mode. Therefore, enterprises and practitioners to bring many doubts. The after of 54 domestic for reorganization of listed companies to conduct a comprehensive scan, finishing the bankruptcy restructuring of enterprises usually adopt the mode, and the weight of whole model is divided to manage the reserved and backdoor listing two categories according to whether the listed companies to retain the existing management assets and continue business owner business or integrated development of related industries to. By studying the relevant literature at home and abroad, the"maximization of the value of reorganization" is the basic principle of the implementation of the restructuring plan. Since the choice of the mode of bankruptcy reorganization is the core content of the reorganization plan, it should also follow the "maximum value of the reorganization" ". Practice in reforming mode selection should be coordinated between all of the stakeholders interests, should comprehensively consider the reorganization of the enterprise’s actual situation, the interests of creditors investor, restructuring and reorganization can realize social effect and value make the most reasonable choice, so the restructuring value not only consider the difference between quantitative restructuring proceeds and proceeds from liquidation, should also consider all kinds of qualitative factors. Due to the qualitative factors can not be used to reflect the specific data, so the choice of reforming model, this paper considers the quantitative value of restructuring,based on its qualitative factors to verify the rationality of the model selection. In this paper,the *ST Qinling Mountains and the use of backdoor listing model *ST source development as a target case company, the reform model of the reorganization of the value analysis.Finally, this paper summarizes the current situation of the choice of the listing Corporation’s reforming model, and puts forward some suggestions on the problems in the selection of the reforming mode.