Analysis On The Implementation Path And Effect Of Bankruptcy Reorganization Of Antong Holdings

With the slowdown of China’s economic growth and the implementation of the "deleveraging" policy,many enterprises are facing the difficulties of operating loss,capital chain fracture and financial crisis due to the contraction of market demand and the intensification of market competition.With the promulgation and implementation of China’s new Securities Law and new delisting regulations in 2020,the shell resources of China’s listed companies are no longer precious.In the face of strict delisting indicators,it will be difficult for listed companies with financial crisis to use surplus management to improve the short-term benefits of enterprises to achieve the purpose of shell protection.In recent years,the number of listed companies filing for bankruptcy reorganization in China has increased rapidly,from 14 in 2019 to 21 in 2020,an increase of 50%.This shows that bankruptcy reorganization is playing a more and more important role for listed companies to get out of difficulties,and bankruptcy reorganization of listed companies is becoming more and more market-oriented and normalized.Due to the late introduction of bankruptcy reorganization system in China,the theoretical research on bankruptcy reorganization is still in the initial stage,and there are not many successful cases of bankruptcy reorganization of listed companies in China,especially private listed companies.How to effectively use the bankruptcy reorganization system to save the distressed enterprises has become an important issue.Therefore,on the basis of reviewing the process of bankruptcy reorganization of Antong Holdings,this thesis explores the motivation of Antong Holdings to choose bankruptcy reorganization,analyzes the path and effect of bankruptcy reorganization of Antong Holdings,summarizes the successful experience of Antong Holdings,hoping to provide reference for other enterprises to carry out bankruptcy reorganization.This thesis uses the combination of literature research method and case analysis method to analyze the motivation of the company,the path of bankruptcy reorganization and the impact of bankruptcy restructuring on the financial performance and stakeholders of the company,laying a good theoretical basis for the case study.Through case analysis,the motivation of the bankruptcy reorganization of Antong Holdings is studied,and on this basis,the path of the bankruptcy restructuring of Antong Holdings and the impact of the bankruptcy reorganization of Antong Holdings on the financial performance and stakeholders of the company are analyzed.The framework of this thesis is divided into five parts.The first part is the introduction,mainly including the research background and significance of this thesis,domestic and foreign research review,and research ideas and methods.The second part is the theoretical overview of bankruptcy reorganization,which mainly introduces the concept and characteristics of bankruptcy reorganization,the mode and process of bankruptcy reorganization,and puts forward the theoretical basis of this thesis.The third part is the case introduction of the bankruptcy reorganization of Antong Holdings.First,the basis of case selection is introduced,and then the basic situation of Antong Holdings and restructuring investors is introduced.Finally,the process of bankruptcy reorganization of Antong Holdings is described in detail.The fourth part is the case analysis of Antong Holdings’ bankruptcy reorganization.Firstly,analyze the causes of the bankruptcy reorganization of Antong Holdings from the aspects of retaining the listing qualification,improving the financial situation and protecting the interests of stakeholders;secondly,analyze the path of the bankruptcy reorganization from five dimensions of pre-restructuring,debt restructuring,corporate governance restructuring,asset restructuring and strategic operation restructuring;finally,analyze the effect of the bankruptcy restructuring of Antong Holdings from the influence of bankruptcy restructuring on financial performance and stakeholders.The fifth part is the research conclusions and implications of this thesis.Through the study of the bankruptcy reorganization case of Antong Holdings,this thesis the following conclusions are drawn: first,the bankruptcy reorganization effectively solves the financial crisis of Antong Holdings and saves the enterprise value;second,the introduction of restructuring investors is the main driving force for the success of the bankruptcy reorganization of Antong Holdings;third,the appropriate reorganization path is the key to the successful reorganization of Antong Holdings;fourth,the interests of the stakeholders are effectively maintained through the bankruptcy reorganization.From the analysis of the bankruptcy reorganization case of Antong Holdings,we can draw the relevant inspiration of enterprise bankruptcy reorganization.Firstly,in the process of bankruptcy reorganization,enterprises can use a variety of debt repayment methods to resolve the debt crisis and increase the debt repayment ratio;secondly,Enterprises can consider introducing appropriate restructuring investors to provide support for the operation and management after the bankruptcy reorganization and bankruptcy reorganization;again,enterprises should not only pay attention to the short-term effect of bankruptcy reorganization,but pay attention to the improvement of the long-term financial situation after the bankruptcy reorganization;finally,enterprises should coordinate and protect the interests of all stakeholders in the restructuring to promote the smooth progress of the restructuring and realize the maximization of the overall value.