| In recent years, with the improvement of China’s bond market changes in policy and institution, our enterprise bond issuance increases, the bond market has also been though a rapid development. However, in the context of the bond market exuberance, as the excesses of the credit boom begin to unwind, more and more ST listed companies face the risk of bankruptcy due to the debt crisis and they has to conduct bankruptcy reorganization. In the process of bankruptcy reorganization, the authorities still stay in a dominant position. Therefore, the widespread invisible government guarantees force us to pay more attention to it. Until the "11 bond issued by Chaori", became the first official declaration of Chinese corporate bond defaults. In this case, the authorities takes a different measurement to interment it, which is a transform from administrative government intervention to a market-oriented one. Before the "11 bond issued by Chaoriâ€, there is few research literature on government intervention in ST bankruptcy reorganization. The bond issued by Chaori event provides us with a realistic case material and basis for our study of government intervention. Therefore, we choose bond issued by Chaori reorganization as the case study for government intervention in corporate restructuring is representative and typical. All in all, this study will help to establish the role, functions and decisions of government in the capital market, causing bond investors to rethink government intervention in corporate restructuring, at the same time, providing ST listed companies facing bankruptcy reorganization with warning and reference.This paper uses literature review by past about corporate bankruptcy reorganization and literature government intervention on corporate restructuring were studied and summarized, comprehensive and objective understanding of the relevant scholars listed companies bankruptcy reorganization and government intervention in corporate behavior, etc., to research ideas played a leading role, and to find innovative point of this paper. Then the Chaori bankruptcy reorganization case studies in this paper, the case study method to pass and the government moderate intervention Listed Companies in China *ST Chaori bankruptcy reorganization in progress and the finished result and the government in the super-restructuring role, exertion, interventional techniques are analyzed.We find that the Faced with bankruptcy, the authorities instead of the issuers bearing the debt can neither solve the financial crisis fundamentally, nor bring effective solutions for enterprise management and decision-making model. The feasible way of intervention should be decent and Market-oriented. Finally we make a conclusion that follow the laws of the market, adhere to the reasonable way with government guidance and market-driven, and make a balance with government and market to promote coordination of the companies to complete the bankruptcy reorganization three inspirations. |
