ST Zinc Industry's Reorganization Performance Research

Bankruptcy reorganization system began in Britain.With the rapid development of the economic globalization,bankruptcy reorganization was gradually applied to various countries,the bankruptcy reorganization system is more mature in some countries,like the United States,Britain,Japan and other developed countries.The bankruptcy reorganization system is a system aims at helping enterprises which already had or may have a cause of bankruptcy,but they still have some market value and regeneration hope,get rid of the financial distress,restore their profitability and continue to create value by adjusting the reforming enterprises' business and debt,under the application of the related rights and the co-participant of the court and other interests.At the moment,if a company wants to be listed,it may face harsh conditions,the examination and approval system.So,it is very hard for China's companies to be listed which results in a phenomenon that the number of China's companies is very huge,but the listed companies are very little.The shell resources of the listed company are very scarce,which can explain why the listed companies will adopt various means to keep the position of their listed companies when faced with delisting.According to the incomplete statistics,since the implementation of the new <<Bankruptcy Law>> in 2007,which introduced the bankruptcy reorganization system to our country for the first time,there have been more than 40 listed companies maintain their status of listed companies successfully through bankruptcy reorganization.However,other stakeholders often just pay attention to whether the bankruptcy reorganization is successful or not,and do not make a thorough study of its performance,thus ignoring whether the company really recover its ability to operate and make profit.In fact,some listed companies are still faced with difficulties,and falls into a vicious cycle after the implementation of bankruptcy reorganization.This paper selects ST Zinc Industry as the research object,using the method of literature review and case analysis method,mainly focuses on whether the bankruptcy reorganization can help enterprise reborn,whether it can protect the interests of stakeholders and whether it can enhance the performance of the enterprise and so on,the paper is divided into five parts.The first part introduces the research background,research significance,the research status of the bankruptcy reorganization and performance within our country and abroad,the content and method of the research;The second part introduces the related theory of bankruptcy reorganization,the concept of bankruptcy reorganization and the bankruptcy process as well as the subject,object and target and methods of the performance evaluation system which provides related theoretical support for following case study.The third part introduces the ST Zinc Industry's bankruptcy reorganization events in detail,including the ST Zinc Industry company profile,the causes of its financial distress,the bankruptcy reorganization background,the process of its reorganization,the adjustment among the interests and the results of its reorganization.The fourth part mainly do further research on ST Zinc Industry's reorganization performance from its financial performance,market performance and nonfinancial performance,summarize the efficiency and effectiveness of its bankruptcy reorganization performance.The fifth part,summarize the ST Zinc Industry's case according to the above analysis,put forward some reasonable suggestions about the future development of the ST Zinc Industry,how to implement the bankruptcy reorganization for other listed companies like ST Zinc Industry and how to improve and perfect the bankruptcy reorganization system of our country,so as to promote the rational use of reorganization system in our country,and to promote the healthy and orderly development of the capital market.Finally,draw the conclusion that bankruptcy reorganization can help enterprises to reborn,can protect the interests of stakeholders and can improve the performance of the reorganization of enterprises.