Enterprise Performance Analysis Of ST FuGang's Bankruptcy And Reorganization

Since the implementation of China's bankruptcy reorganization system,the number of listed companies that have been reborn through the implementation of bankruptcy reorganization has increased,and more listed companies that are on the verge of bankruptcy but still have potential for development have survived.However,bankruptcy reorganization is complicated and involves many related stakeholders.There are great uncertainties in the implementation process.Therefore,whether the implementation of bankruptcy reorganization can bring about fundamental improvement of enterprise performance is the core issue studied in this paper,and it is also an important issue of practical significance.ST Fu Gang has a long history.It is an irreplaceable special steel production and R&D base in China,which has great operational value.However,due to poor management,it fell into debt crisis.In order to get rid of the risk of bankruptcy,the company implemented bankruptcy reorganization,which has been completed.This incident is a representative case of bankruptcy reorganization,the analysis of this case can comprehensively understand the improvement degree of bankruptcy reorganization on enterprise performance from a practical perspective.Based on the theory of bankruptcy reorganization system,this paper uses literature research,empirical research and comparative analysis to study the enterprise performance under bankruptcy reorganization.Firstly,this paper introduces in detail the bankruptcy reorganization of ST Fu Gang,including the situation and history of the company,the process and the plan of bankruptcy reorganization.Secondly,the paper makes a comprehensive analysis of the enterprise performance before and after the bankruptcy and reorganization of ST Fu Gang,using the event research method to analyze the market performance of the enterprise,using the comparative analysis and EVA method to analyze the financial performance of the enterprise,and using the trend analysis method to analyze the non-financial performance of the enterprise.Finally,the paper summarizes the analysis results of enterprise performance of ST Fu Gang,and puts forward suggestions to improve enterprise performance in view of the existing problems after bankruptcy reorganization and the new problems arising from bankruptcy reorganization.