Research On The Difference Between Creditors' Types And The Effect Of Debt Restructuring

In recent years,under the policy of "three go and one subsidy",there are usually several choices for listed companies to get into financial distress.The first is the way of bankruptcy,but this way not only involves cumbersome liquidation procedures,but also wastes a lot of manpower,material resources and financial resources.And because of the strict examination and approval system in China,the valuable shell resources of the listed companies have great effect and value.It is not a wise way for the listed companies to adopt the way of bankruptcy.Therefore,many listed companies will adopt the second way,that is,debt restructuring.As a kind of enterprise to solve financial difficulties and improve the financial situation,debt restructuring has also been studied in a number of foreign countries,even earlier and more comprehensive than domestic research.The same study holds that debt restructuring can be used as a way to solve the company's financial difficulties.Many enterprises solve debt problems by restructuring creditors,debts to make enterprises light up.Then there are many creditors in a company,and the company will choose whom to restructure with debt,which is a topic worthy of discussion.Creditors are divided into financial creditors and non-financial creditors.Which companies will give priority to non-financial institutions?Which companies will give priority to non-financial institutions?Why do these two types of creditors agree to restructure debt with the company?In what ways do creditors of financial institutions and creditors of non-financial institutions analyze the debt restructuring of companies?What kind of different influence will the company have on the choice of debt reorganization with different creditors?This article makes a comparative analysis on the two cases of the debt restructuring of the group and the rural reclamation collection and the restructuring of the Sino Fu Industry and the debt restructuring of the Agricultural Bank,and draws conclusions and policy suggestions,in order to make some other enterprises with huge debt and difficult business to get some reference and inspiration.The article is divided into six parts.The first part is the introduction,including the background,relevant literature and research methods at home and abroad.The second part is about the theoretical basis of debt restructuring,and expounds the definition of relevant theories,and defines the definition in this article.The third part is the comparability analysis of cases,from the scope of debtor's business,the size of debtor,the amount of debt restructuring and so on.The fourth part is the motivation analysis of debt restructuring in two cases,which is analyzed from the aspects of financial status,investment projects and so on.The fifth part is the analysis of the effect after debt restructuring,from the profitability,investment projects,market reaction effect and so on.The sixth part is the conclusion part.Through the above analysis,it is concluded that the mutual debt restructuring among the common enterprises is due to the debt default between the two parties and the creditors who think that the untimely return of funds will cause more losses.When the debt is reorganized with the bank,the bank's analysis of the creditor is more prudent and comprehensive.It may also be able to reach other collateral conditions with the enterprise because it is not optimistic about the future development of the enterprise,which is beneficial to the long-term cooperation between the banks and the enterprises.Therefore,as a creditor,financial institutions have better information gathering ability and are more active in debt restructuring.Theoretically,based on the previous scholars' research,this paper further improves the content of creditor choice in debt restructuring.In practical terms,debt restructuring is one of the ways for many companies to solve financial distress.Enterprises often have multiple creditors.By exploring the difference between the debt restructuring of enterprises and financial institutions and the debt restructuring with non-financial companies.The choice of creditors in debt restructuring provides a certain reference.Compared with the previous research,the innovation of this paper is different from the previous research on debt restructuring from loss-making,cap removal,and earnings management.This paper starts from the choice of creditors of debt restructuring and explores the impact of different types of creditors on debt restructuring.In addition to the use of financial statement data in the analysis of the effect of debt restructuring,it also increased the market reaction effect,investment status and other aspects of analysis.