| Premier Li Keqiang clearly emphasized in the 2016 government work report that measures such as debt restructuring should be taken to actively and steadily dispose of"zombie enterprises".Later,in the government work report from 2017 to 2019.it was mentioned that it is necessary to continue to deepen and promote the optimization and restructuring of state-owned enterprises.International research on debt restructuring has been relatively early.Governments have adopted various means to ensure the effective completion of debt restructuring,promote the disposal of non-performing assets,and achieve the goal of relieving debt crisis,and international countries such as Europe and the United States have formed relatively mature The debt restructuring guidelines and systems also draw a lot of relevant experience from the case.Nowadays,China’s capital market is increasingly fierce under the combined effect of various factors.Listed companies are also facing financial risks.If the financial risks are too large,it may cause problems such as difficulty in capital turmover,poor business operations,and even forced delisting.For ST and*ST companies on the margin of delisting,the situation is even less optimistic.Companies must choose effective means to improve the current financial situation of continuous losses.Due to the long-term and inefficient disadvantages of bankruptcy liquidation,debt restructuring can minimize the losses of both parties,effectively reducing operating profits and reducing operational risks.At the same time,enterprises can fully learn from the successful experience of foreign debt restructuring.To provide a good development opportunity for enterprises to turn losses into profits,so companies often choose to implement debt restructuring to tide over the difficult times of the company’s operations.However,some companies have used the debt restructuring to obtain huge profits at the time,but fundamentally,the effect on the improvement of their own operations and profitability is poor,and may only be slow,especially for ST and*ST companies.For this reason,there are serious whitewashing problems.Moreover,with the continuous improvement of China’s debt restructuring accounting standards,the implementation of debt restructuring tends to be standardized,and the public’s attention to the specific situation of debt restructuring of listed companies,especially ST and*ST companies,has further deepened.The case of corporate debt restructuring has important implications for the specific research on the ways and motivations of debt restructuring and its impact on financial performance.In the process of writing,the paper consulted the relevant literatures at home and abroad,and based on the previous scholars’ theory and experience,combined with the case of debt restructuring of Nanhua Biological company,and based on this,adopted the literature research method,case study method and comparative analysis.The method was analyzed in detail.This paper first introduces the basic development of Nanhua Biological company,the industry background and the specific process of two debt restructurings,and focuses on the motives of capping and shelling,the motivation of continuous operation,and the lotive of maximizing the interests of both parties.This paper analyzes the motives of debt restructuring of Nanhua Biological company,after that,this paper produces debt restructuring,profitability.operational capability,market value,and growth capability,and uses DuPont analysis to generate debt restructuring for Nanhua Biological company.The financial performance impact was compared and analyzed.Finally,in response to’the shortcomings and advantages of Nanhua Biotechnology in the process of debt restructuring,the relevant proposals for improving the debt restructuring effect of Nanhua Biological Company were put forward. |
