Research On The Impact Of Bankruptcy Reorganization Of Listed Companies On Stakeholders In China

With the development of the system of bankruptcy reorganization in China,some listed companies have taken on the verge of bankruptcy reorganization self-help,however most complete bankruptcy reorganization is to sacrifice part of the interests of the legitimate rights and interests at the expense of the surface to achieve balance of interests,so as to save the listed company to get rid of financial difficulties,to avoid delisting.Therefore,there are some differences in the effect of bankruptcy reorganization of listed companies.In view of the current situation of bankruptcy questioned the heavy maintenance,reorganization of bankruptcy in the domestic and foreign scholars on the basis of theoretical research,*ST super day as an example,mainly on the *ST super day bankruptcy reorganization related to creditors,reorganization,shareholders,companies,government and other interests of the impact.The study found: the reorganization *ST super day bankruptcy reorganization the maximum benefit,not only with less investment to repay the *ST super day debt,and return the *ST super net shell resources,provides a broad development platform for the development of the reorganization itself;*ST super day itself from the bankruptcy reorganization back,out of financial distress,successful recovery of listed,*ST ultra day itself become part of the bankruptcy reorganization second party benefit;the government to contribute to an indispensable role to *ST super day bankruptcy reorganization,although the government has also suffered some economic losses,but compared to the complete *ST ultra day bankruptcy reorganization,the government does not have a significant impact on this loss;ordinary creditors and small shareholders suffered huge losses in the bankruptcy reorganization,large common creditors almost lose everything,and small creditors in full compensation Pay,for the majority of ordinary creditors is obviously unfair;minority shareholders on the *ST super day into bankruptcy reorganization no fault,but with the majority of shareholders to bear the same punishment,the interests of minority shareholders can not be maintained.Through the above analysis,this paper draw the following conclusions:(1)bond default is a product of the normal operation of the bond market;(2)not all *ST listed companies are "reborn";(3)the reorganization of each stakeholder is relatively balanced.Finally,to further improve the bankruptcy reorganization in order to achieve the balance of interests of all parties under the fair to put forward some suggestions:(1)to give stakeholders in the reforming plan of participation;(2)to give stakeholders in the content of the reorganization plan on fair treatment;(3)to give stakeholders in the reorganization plan the vote in the discourse;(4)to avoid the interference of local government,to "tax preference" mode of bankruptcy reorganization.