An Empirical Study On The Market Performance Of The Debt Restructuring Of Listed Companies

With the continuous development of China's economy,the capital market is also becoming more and more perfect,the number of listed companies is increasing,and the risk of listed companies also increases.In order to protect the interests of investors,The Commission make the ST system(the abnormal financial situation company special treatment),since the introduction of ST system,the number of Listed Companies in ST company has also increased,by the end of 2003,the statistics of 207 listed companies to make special treatment;after the 2008 financial crisis,China's listed companies make a number of special treatment,debt restructuring continues to rise.Such a high proportion of debt restructuring is mainly because with the continuous development of China's economy,the scale of listed companies continue to expand,part of company assets and liabilities structure unreasonable,solvency and low efficiency,has seriously affected the development of China's listed companies,in order to improve the efficiency of enterprises,optimize the allocation of social resources.To solve the bottleneck problem of enterprise development,debt restructuring is an effective means to solve.The content and form of debt restructuring in China's listed companies have changed a lot with the change of the rules,and the securities market is developing gradually.Through enterprise restructuring activities has two main purposes: on the one hand,listed companies to solve the financial crisis through debt restructuring,while improving the performance level and the core competitiveness of the company,to avoid the risk of delisting.On the other hand,some listed companies use debt to equity,the debt restructuring as a means to reduce the debt burden of enterprises,optimize the capital structure in the absence of financial crisis situation,to provide a better foundation for the development of the enterprise.However,the debt restructuring of listed companies can bring enterprise performance improvement,it can improve the ability and level of enterprise future development remains to be studied,for performance evaluation after the reorganization of the company has become a key point in the process of the implementation of debt restructuring.This paper mainly researches the problems related to the debt restructuring of listed companies performance,because in different industries,the influence factors are different,so the industry restructuring,the largest proportion of the most representative manufacturing as an example,to select samples for analysis and research,and to consider the relevant accounting changes the criteria included,so as to ensure the integrity of data.This paper begins with the 2009 debt restructuring and recombinant income class ST listed companies in the manufacturing industry as an example,select the2009-2015 year financial data in 2008 as the foundation,methods for analysis of financial indicators,financial indicators to find debt restructuring before and after affect the performance of the company,the restructured company's debt solvency,operating capacity,short and long term the profitability and development capacity was analyzed by analysis of the reasons for the change of financial indexes before and after the debt restructuring,persistent influence on debt restructuring as well as the impact on enterprise performance;followed by a regression analysis model,to explore what factors will lead to corporate debt restructuring;finally,according to the financial analysis conclusion: from long term debt restructuring has positive impact on repayment of long-term debt and continuous operation level,but No positive effect on earnings continued short-term solvency,the level of ability and development;through regression analysis,the significant level that related variables on the debt restructuring,to achieve variable factors have important influence on debt restructuring.Then according to the current situation of enterprise management and debt restructuring in our country,put forward management suggestions to improve the performance of Listed Companies in our country.