Research On The Value Judgment Mechanism Of Bankruptcy Reorganization Of Listed Companies In China

To the end of November 2016,China has 50 listed companies into bankruptcy reorganization proceedings.In the context of rapid growth of the current reorganization cases,there will be more and more stakeholders need to judge the value of the reorganization companies,in order to allocate resources reasonably.Therefore,it is necessary to study the bankruptcy reorganization value judgment.Through the use of inductive deduction and case analysis,this paper designs the bankruptcy reorganization value judgment mechanism.The definition of bankruptcy reorganization value judgment mechanism is the judgment of whether there is value,what is the value,and how much is the value in bankruptcy reorganization,and it is a systematic method to determine whether the companies should continue reorganizing.In practice,the bankruptcy reorganization value judgment mechanism reflects that judgment subject uses the judgment principle and the judgment standard to judge the judgment object,so as to achieve the goal of judgment.So this paper analyzes and summarizes the judgment subject,judgment object,judgment principle,judgment standard,judgment goal of the five basic elements,and according to the time sequence and the characteristics of the process of bankruptcy reorganization,bankruptcy reorganization value judgment mechanism is divided into application and reforming two stage of judging,to supplement "bankruptcy reorganization value judgment" financial theory.Through the application of the bankruptcy reorganization value judgment mechanism in practice,there are some problems of basic elements in the China’s listed companies,such as the selection system of administrator is not reasonable,the creditor’s benefits protection is not perfect and the excessive extension of the reorganization plan.Aiming at these problems,this paper puts forward some suggestions for improvement to provide the reference for the stakeholders.