| In 2014,the "11 Chaori Bond" defaulted and the myth of "zero default" in the bond market was broken.On June 26 of the same year,the Shanghai First Intermediate People’s Court accepted the case of creditors applying for the reorganization of Shanghai Chaori Solar Technology Co.,Ltd.Eventually embarked on the road of bankruptcy and reorganization.On the surface,bond default-bankruptcy reorganization reflects the weakening of a company’s solvency or lack of cash flow.In fact,from a deeper perspective,most of the bankruptcy reorganization is due to defects in corporate capital structure.In this paper,Shanghai Chaori Solar Technology Co.,Ltd.(later renamed "GCL Integrated Technology Co.,Ltd.",here in after referred to as "Chaori Solar")is used as a research vehicle,and the frequent default of credit debts-bankruptcy reorganization is used as a clue,Discussing the relationship between bankruptcy reorganization and capital structure.First of all,according to the linear correlation law of capital input and reward output,a new static capital structure model is constructed,so as to find the static optimal interest-bearing debt structure of the Chaori Solar calendar year.Comparing its real interest-bearing debt structure,it was found that the company began bankruptcy and reorganization when the deviation was serious,and returned to the normal range after the reorganization,but gradually began to deviate from the optimal capital structure.In order to verify whether the bankruptcy reorganization can effectively adjust the capital structure,this paper selects 60 listed companies accepted by the court for bankruptcy reorganization since the implementation of the bankruptcy law,samples them,and substitutes the sampling samples into the static capital structure model.After the conclusion that bankruptcy and reorganization cannot effectively adjust the capital structure,the influencing factors that produce this result are analyzed,and it is found that there are many factors that affect the enterprise’s capital structure.This is a comprehensive and dynamic process.Subsequently,using the entropy weight method,a Chaori Solar dynamic capital structure model was constructed,the main factors affecting the capital structure were identified,and combined with the static capital structure model,some constructive opinions on the problems of the company’s capital structure were put forward. |
