| In recent years,debt default has become a frequent phenomenon in China’s capital market,which is mainly reflected in the gradual normalization of credit default and the increasingly common overdue loan of banks.This leads to the rapid rise of non-performing assets of banks,which is not conducive to the development of banks themselves,but also worsens the credit atmosphere of enterprises,and even affects the healthy development of the national economy.When the enterprise enters the judicial procedure because of the serious debt crisis,the bankruptcy reorganization becomes the common means to deal with the default.In the bankruptcy reorganization,there is bound to be a game of interests of all parties,it is difficult to achieve absolute fairness.As intermediaries of financial operation,banks and other financial institutions play a vital role in the stable development of economy and society and deserve fair and reasonable treatment.But if we look at the practice of bankruptcy reorganization around the world,bank creditors are often the ones who suffer the most.If the creditor’s rights of commercial banks are not dealt with effectively,it will not only cause huge losses to commercial banks themselves,but also damage the interests of depositors,which may lead to a series of financial risk events.Therefore,this paper stands on the standpoint of commercial banks and chooses~*ST salt lake default disposal event as the research object.Firstly,it introduces the case background,including the basic situation of ~*ST salt lake,the process and disposal progress of debt default and the disposal plan of commercial banks’ creditor’s rights,etc.,and expounds the necessity of bankruptcy reorganization by reviewing the causes of default.Secondly,in the case analysis part,based on the disposal of the plan itself,from retention of debt ratio,pricing the fairness and equity withdrawal mechanism three aspects analyzes the irrationality of commercial bank debt disposal scheme,again,for the cause of the scheme is not reasonable,this article from the conflicts of interest,bankruptcy reorganization system,information asymmetry,such as Angle explains,It is believed that the conflict of interests between bank creditors and other stakeholders is the fundamental reason that the resolution scheme is unfavorable to bank creditors.Finally,this paper analyzes the impact on bank creditors after the implementation of the plan,and uses GARCH-VAR model to calculate the VAR of ~*ST Salt Lake stocks,so as to reflect the risks faced by the original commercial bank creditors after they become shareholders of the company.In the research process,this paper also uses B-S option pricing formula to evaluate the overall value of ~*ST Salt Lake Company,so as to calculate the theoretical price of debt-to-equity conversion.Of course,limited by the position of this paper,it is inevitable that the interests of other stakeholders will not be considered deeply enough,but strengthening the protection of the interests of bank creditors can promote the restructuring to be fairer for all parties,and its ultimate goal is still to maximize the interests of stakeholders.Based on the above research,this paper focuses on the reasonable disposal of non-performing creditor’s rights of commercial banks in debt default and the prevention and resolution of financial risks to put forward countermeasures and suggestions.On the one hand,the disposal of default involves many institutional arrangements,so it is necessary to improve the bankruptcy restructuring system,the financial debt committee system and the debt-for-equity matching system to protect the interests of commercial bank creditors.On the other hand,for the majority of bank creditors,it is necessary to strengthen credit risk management,actively participate in the disposal of non-performing assets,and effectively control the risk of equity assets,so as to maintain the stability of the financial system and better provide financing support for enterprises and listed companies. |
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