Research On The Value Creation And Implementation Path Of Bankruptcy Reorganization

Before the establishment of bankruptcy reorganization system,liquidation system is the main means to deal with bankrupt enterprises.However,the"one-size-fits-all" approach brought many disadvantages to the economy and society.Based on this,bankruptcy reorganization system became a new system that has emerged following bankruptcy liquidation and bankruptcy reconciliation.The establishment of the bankruptcy reorganization system has effectively filled the.With the further development of industrial structure adjustment in China,bankruptcy reorganization has become a powerful tool to promote industrial structure adjustment and upgrading.However,the extensive application of the bankruptcy and reorganization system has also brought new challenges.Among them,the unevenness of the reorganization effect is the most significant.Some companies have achieved long-term value creation with the help of bankruptcy reorganization system,while others fall into a vicious circle again after a short period of scenery,this phenomenon has also caused the bankruptcy and reorganization to attract market attention again.Based on the current practice of bankruptcy reorganization,this study uses the method of typical case study to analyze the core content of "Research on value creation and its realization path of bankruptcy reorganization",aiming to answer two sub questions:(2)what is the embodiment of value creation of bankruptcy reorganization;(3)what is the realization path of value creation of bankruptcy reorganization.Focusing on the core research content,this article first summarizes the related research results of bankruptcy reorganization and value creation,further reveals the internal relationship between them,and on this basis determines the necessity of this study.Then,combining with the classical theory,this paper initially constructs the analysis framework of the realization path of the value creation of bankruptcy reorganization;on this basis,this paper chooses Chongqing Iron and steel bankruptcy reorganization case as the research object,and analyzes the embodiment of the value creation of bankruptcy reorganization from the market level,financial level and stakeholder level.Then combining with the characteristics of the reorganization scheme design of the case study object,the paper further reveals the realization path of the value creation of bankruptcy reorganization.Finally,on the basis of case analysis,the paper improves the analysis framework of the realization path of value creation in bankruptcy reorganization,and puts forward relevant suggestions in combination with the current problems in practice,so as to provide new ideas for the improvement of the bankruptcy reorganization system.The research conclusions of this paper show that:(1)From the market level,financial level and stakeholder level,bankruptcy reform does have the ability to create value,and the value creation effect is significant.(2)The realization path of bankruptcy reorganization value creation is closely related to the goal of bankruptcy reorganization and the plan design of the reorganization plan.It is mainly summarized as the following three points:In the case of increasing scarcity of enterprise resources,many measures should be taken simultaneously to protect the rights and interests of core stakeholders while effectively improving the quality of reorganization and laying the foundation for value creation;Optimizes the corporate governance structure,improves the corporate governance efficiency,and then realizes the creation of corporate value;In response to the previous operating pain points,formulates a new business plan and improves the business strategy Shaping the core competitiveness of enterprises and fundamentally enhancing their ability to create value.The research value of this paper lies in the following two points:On the one hand,by analyzing the value creation and realization path of bankruptcy reorganization,we can further reveal the internal relationship between bankruptcy reorganization and enterprise value,and provide new ideas for bankruptcy reorganization to play a greater role in economic restructuring and enterprise rescue;On the other hand,it can provide experience for the subsequent implementation of bankruptcy and reorganization companies in path selection,scheme design,and company management after reorganization.