| In 1998,my country’s Accounting Standards for Business Enterprises clearly put forward the related concepts and accounting treatment methods of debt restructuring for the first time.Since then,debt restructuring has become an important means for listed companies to resolve debt problems.In terms of theoretical logic,debt restructuring is beneficial to both creditors and debtors.The debtor can reduce the pressure on the debt,and the creditor can recover the debt to the greatest extent,reducing the damage to interests,and effective debt restructuring may be more beneficial to the debtor’s future development.However,from a practical point of view,since creditors will make certain concessions in debt restructuring,this makes debtors profitable from debt restructuring,resulting in some companies that do not carry out debt restructuring out of safeguarding the overall interests of both the creditor and debtor,but rather There are bad purposes such as using the information asymmetry between the two parties to carry out debt restructuring to adjust accounting profits or obtain personal income of executives.Especially for *ST companies among listed companies,due to the precious listing qualifications and the requirements for transparency and disclosure of financial information,*ST companies are more likely to use debt restructuring to beautify the accounting treatment of financial statements.However,listed companies will face more small and medium shareholders and market investors,and their debt restructuring will have a broader impact,especially if *ST companies are delisted or bankrupt,a large number of investors will suffer loss of profits.Therefore,the motivation and impact of *ST-type companies’ debt restructuring is of vital importance to investors and regulators.Whether their debt restructuring has undesirable purposes and whether the completion of the restructuring will have a positive impact on all aspects of the company is worthy of our attention.Important practical issues.Based on reviewing and summarizing previous research literature on debt restructuring,this paper combines stakeholder theory,optimal resource allocation theory,overconfidence theory and signal transmission theory,and selects *ST Shenji as a case enterprise,and analyzes *ST The motivation and impact of Shenji’s repeated debt restructuring.The thesis first described the background and process of *ST Shenji’s debt restructuring.*ST Shenji belongs to the machine tool industry in the traditional manufacturing industry.In recent years,it has been greatly affected by macroeconomic policy adjustments and the downturn in the industry environment,and its business operations have gradually fallen into trouble.Therefore,debt restructuring has been carried out many times during 2010-2020.This article systematically analyzes the internal and external motives of debt restructuring.Although companies have motives such as adjusting accounting profits and earnings management to achieve "decap",the overall motivation for debt restructuring is still positive.A series of restructuring agreements reached by shareholders,creditors,government and other parties through joint negotiation and efforts in order to maximize the interests of all parties.The thesis also deeply discussed the impact of multiple debt restructurings on the capital structure,corporate value and financial risks of the case company,and further analyzed the short-term market performance of debt restructuring.This article believes that from the perspective of debt restructuring’s impact on corporate capital structure,due to the small scale of debt restructuring in the first two stages and the simple debt restructuring method,the debt-to-asset ratio cannot be effectively reduced;the debt restructuring in the third stage is aimed at companies All of the debts were reorganized using diversified debt restructuring methods,which effectively reduced the asset-liability ratio and optimized the capital structure of the enterprise;however,none of the three stages of debt restructuring could directly improve the solvency of the enterprise,indicating that debt restructuring only It can resolve the debt problem of enterprises to a certain extent.To improve debt solvency,enterprises need to start from many aspects such as operation management,production and sales,and improve the profitability of enterprises to provide guarantee for the solvency of enterprises.From the perspective of the impact of debt restructuring on corporate value,this article uses the economic value-added method to calculate the EVA value of *ST Shenji from 2010 to 2020,and found that the case company only involved small-scale debt restructuring activities in the early stage,which had little impact on corporate value;Even though the scale of debt restructuring increased in 2017,due to the overconfidence of the corporate management,the debt restructuring activities were not in-depth.After the restructuring,there was a lack of adjustment measures on product structure,operation and management,and the debt restructuring did not produce the corporate value of the case company.Obvious impact;but in the third phase of debt restructuring activities,not only the overall debt structure of the company was adjusted,but also the product structure of the company was adjusted.The powerful China General Technology Group was introduced as the controlling shareholder,and the internal resource allocation of the company was optimized to make the reorganization The value of the enterprise has improved to a certain extent compared with that before the reorganization.From the perspective of the impact of debt restructuring on financial risk,this article uses the F score model to calculate the F value of the case company from 2010 to 2020,and finds that the impact of debt restructuring on financial risk is similar to the impact on corporate value.The first two stages Due to its small scale or in-depth restructuring activities,the impact on the financial risks of the case company is not obvious;however,the debt restructuring activities in the third stage of the debt restructuring activities improved the capital structure,which greatly reduced the level of corporate debt,thereby increasing The F value is effectively reduced,and the financial risk of the enterprise is effectively reduced.Further observing the short-term market performance of the case corporate debt restructuring,it was found that *ST Shenji’s multiple debt restructuring behaviors in the short-term market reaction was positive and obvious.Market investors would regard the debt restructuring as a positive signal,which resulted in Obviously,it is beneficial to the short-term market performance of the enterprise.On the whole,the deeper debt restructuring activities of the third stage of the case company have a certain positive impact on the company’s capital structure,corporate value,financial risk,and short-term market performance.However,in addition to the debt restructuring itself,the company also needs to learn from a number of Only by optimizing the allocation of resources and improving the overall operational efficiency of the enterprise can we truly get out of the predicament and return to the right track of business.Based on the above analysis and conclusions,this article draws the following three enlightenments:(1)To improve the awareness of financial risks,any financial risk will eventually lead to the emergence of debt crises,especially the debt structure and operating income,which is to solve the debt problem The source of new life with enterprises;(2)Reasonably choose the method of debt restructuring,negotiate debt restructuring with creditors as soon as possible,effectively combine debt restructuring with management adjustment measures,optimize resource allocation,and exert good synergy;(3)Debt Restructuring requires multi-party cooperation,actively negotiating with creditors,gaining the understanding and trust of creditors,turning to the government for support when necessary,and reaching a debt restructuring plan as soon as possible with multi-party cooperation to resolve the debt crisis. |
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