Research On The Motivation And Economic Efficiency Of Listed Companies Bankruptcy Reorganization Mode Selection

With the advancement of supply-side structural reforms and the implementation of financial deleveraging policies,and changes in capital market policies and situations,many companies have fallen into financial crises and set off a wave of reorganization.Therefore,how to implement more effectively for crisis companies More and more attention has been paid to bankruptcy reorganization;although there have been some research results on the bankruptcy reorganization in theory,there are still few studies on the choice of reorganization model and economic efficiency.To this end,this article wants to explore the motivation and economic efficiency of financial crisis enterprises choosing different reorganization models,so as to evaluate the success of the reorganization under this model.This article uses case study method and event research method to study Sainty Marine’s reform case.Sainty Marine’s,as the first state-owned shipping company in China to undergo bankruptcy and reorganization,reorganized through the choice of selling backdoor listing of entire assets,debt-to-equity swap and cash settlement.The final debt settlement rate is as high as 100%,which greatly protects all stakeholders.Interests.Therefore,Sainty Marine’s reforming mode selection ideas and implementation methods are very typical and have reference value.Through the analysis of the reasons for the choice of Sainty Marine’s bankruptcy reorganization model,it is considered that the company’s business situation and social effects,creditors,and investors’ interests are all important factors that affect the choice of reorganization model;and then through Sainty Marine’s financial performance,cumulative abnormal return and the analysis of the cost sharing of major shareholders and creditors,found that Sainty Marine’s reorganization of the backdoor listing model has positive economic efficiency.The research significance of this article is to hope that through the study of Sainty Marine’s reorganization,we can deepen the research on the motivation and economic efficiency of the choice of bankruptcy and reorganization model of listed companies in my country,and enrich the case literature related to bankruptcy and reorganization.In addition,Sainty Marine’s reorganization is a typical case of China’s service supply side reform.The company’s reorganization model selection ideas and implementation methods have great reference significance for reorganization enterprises.At the same time,it also tries to provide creditors,courts and regulatory authorities based on research conclusions.Some related parties put forward a few suggestions.