Case Study On Bankruptcy Reorganization Of *ST Sainty Marine

The supply-side structural reform of China has been deepened gradually.Some enterprises even state-owned enterprises are facing elimination crisis because they can't adapt to the changing situation of market economy.The Nineteenth CPC National Congress clearly put forward to optimize the allocation of resources so that can realize the dynamic balance of supply and demand,bankruptcy reorganization system is effectively applied to solve the problem of zombie enterprises.Bankruptcy reorganization is an important means to optimize the allocation of resources,improve the unreasonable distribution and revitalize the assets of enterprises.The thesis takes *ST Sainty marine as the research object,adopts the case study method,analyzes its bankruptcu reorganization process,and draw lessons and enlightenment that can be used for reference by multi-party.*ST Sainty Marine implemented and completed the bankruptcy reorganization in 2016,which is typical as a case of state-owned enterprise trying to use market-based means to carry out bankruptcy reorganization.On the basis of summarizing the overall situation of the bankruptcy reorganization of *ST listed companies in China,the thesis expounds the basic situation of *ST Sainty Marine and its reorganization plan,and then comprehensively combing the reasons for the business situation of *ST Sainty Marine from boom to bust,and analyzes company's illegal financial behavior before bankruptcy reorganization;Next,the main contents of the *ST Sainty Marine bankruptcy reorganization plan were analyzed,including the market-oriented industry transformation,the choice of a professional third party as the manager,the evaluation of the assets in and out and the market-oriented debt-for-equity swap;Based on the above analysis,this thesis makes an in-depth study on the game of stakeholders in the process of the bankruptcy reorganization of *ST Sainty Marine;Finally,the financial indicators and event research methods are used to evaluate the economic consequences of bankruptcy reorganization from the two aspects of financial effect and market effect.Through the analysis of the typical case of *ST Sainty Marine bankruptcy reorganization,It can be seen that the profitability,solvency,operational capability and subsequent development potential of the enterprise after reorganization have been greatly improved,the market reaction is more positive.Furthermore,the following enlightenment is drawn: the bankruptcy reorganization company should reasonably choose the reorganization party according to its own situation;the simultaneous implementation of reorganization and reorganization is conducive to maintaining the effectiveness of the market and suppressing the malicious shell speculation;Bankruptcy reorganization should choose a professional third party as the administrator to reduce government intervention.