The Implementation Path And Evaluation Of Bankruptcy Restructuring Of Steel Enterprises

Affected by the deep-seated impact of the international financial crisis in 2008,the international economic structure has undergone profound adjustments,the commodity market has continued to be sluggish,and the growth rate of domestic demand has slowed down.The contradiction between supply and demand in some industries in my country has become increasingly prominent.In this context,the 2015 Central Economic Work Conference put forward the requirements for supply-side structural reforms,focusing on the “three removals,one reduction,and one supplement”,that is,de-capacity,deleveraging,de-stocking,cost reduction,and shortcomings.Industries with severe overcapacity are one of the focuses of this supply-side reform.In recent years,in the context of the continuous decline in the operation of the steel industry,many steel companies have entered bankruptcy proceedings due to insolvency and difficulty in maintaining operations,and a considerable number of companies still have survival value.How to resolve corporate crises through bankruptcy and reorganization and make corporate operations sustainable is not only related to the interests of company owners and employees but also related to the effective allocation of market resources and the healthy and sustainable development of the national economy.This article takes the case analysis of CQGT’s bankruptcy and reorganization as an entry point,introduces the company’s business background,sorts out the bankruptcy reorganization plan and implementation path,and evaluates and analyzes the implementation effects of bankruptcy and reorganization from the perspective of financial management,including capital structure,The comprehensive improvement of operating capabilities and stock yields have unearthed the problems in corporate governance behind financial data and the reform effects brought about by bankruptcy and reorganization and explored the space and suggestions for further optimization of the capital structure of CQGT.Based on the above research,this article believes that: 1.After the implementation of CQGT’s bankruptcy and reorganization,the capital structure has been significantly optimized,the operating capacity has been greatly improved,and investors’ expectations for the company’s development have been improved to a certain extent.2.The reason for the success of CQGT’s reorganization is that it has selected investors with a high degree of specialization,rich industry experience,and strong market-oriented operation capabilities;adopted diversified debt settlement and asset disposal plans,optimized corporate governance structure and product structure,etc.A series of restructuring measures.3.The bankruptcy and reorganization case of CQGT provides a viable reference for steel industry companies to solve debt and operating problems,enriches the practice of mixed-ownership reform of state-owned enterprises,and also provides a successful example for the supply-side structural reform of steel companies.The main research innovation of this paper is to explore the company’s optimal capital structure interval based on the case analysis of bankruptcy reorganization and provide suggestions for further enhancing corporate value and improving operational efficiency after the company completes the reorganization.The main theoretical contribution of this paper is to supplement the case studies of bankruptcy and reorganization of steel companies in my country,and enrich the financial analysis system of bankruptcy and reorganization practices;the practical significance is to optimize the capital structure,resolve debt risks,improve operating quality,and enhance corporate value for steel companies.