Analysis On The Motivation Of ST Hna’s Bankruptcy Reorganization And Its Performance Evaluation

Since the promulgation of the bankruptcy law in 2007,as of May 2021,81 listed companies have accepted bankruptcy reorganization.The appearance of the reorganization system has changed the view that the bankrupt is just the settlement.Bankruptcy reorganization brings a chance for the companies in the face of the financial crisis to return to business.It not only protects the benefit of the benefit,but also protects the position of market main body,the stability and development of society,and provides the chance for the enterprise to start anew.Compared with western countries,China’s reorganization system is introduced late and lacks relevant practical experience.With more listed companies carrying out bankruptcy reorganization,it is particularly important and urgent to summarize the relevant experience of bankruptcy reorganization.In this thesis,we use the method of case analysis and comparative analysis to carry out a deep research on HNA Holding(ST HNA).First of all,introduce the whole event of ST HNA bankruptcy reorganization,including ST HNA’s company profile,debt situation,reorganization process and plan;Next,from the aspects of the enterprise itself,stakeholders,and the public,the causes of ST HNA’s bankruptcy reorganization were studied and summarized in detail.After the company went into bankruptcy reorganization,this article also carried on the research on the performance of the company,and analyzed the influence that it had on the performance of the company.Summarize its experience of bankruptcy reorganization,and provide reference for other enterprises with similar experiences.Through bankruptcy and reorganization,ST HNA not only kept its listing qualification and avoided the crisis of withdrawal from the market,but also improved its ability of continuous operation and safeguarded the interests of all parties.Facts have proved that bankruptcy reorganization can help enterprises regain new life and improve performance.Finally,the article summarizes the successful experience of ST HNA’s bankruptcy reorganization and puts forward corresponding optimization suggestions.Currently,ST HNA,as the biggest restructuring case in the restructuring of assets and liabilities,is full of model and reference.Through case studies,the main findings of this paper are as follows: if the company is in severe default but its core competitiveness is clear,the debt crisis can be resolved through insolvency proceedings,bankruptcy reorganization can solve its debt crisis,and bankruptcy reorganization can provide a stronger way to protect the rights of stakeholders than bankruptcy liquidation.Generally,the debt repayment rate under the state of bankruptcy reorganization is often higher than that of bankruptcy liquidation.Of course,when an enterprise chooses bankruptcy reorganization,it should adopt an effective reorganization plan according to its own development characteristics.Rational and efficient scheme can not only improve the success rate of the enterprise,but also enhance the enterprise’s performance greatly.Finally,this paper also indicates that bankruptcy reorganization is not the ultimate success of the enterprise,but a new start of the enterprise.After that,it may face greater difficulties and challenges.Therefore,enterprises need to adjust and choose the business plan suitable for their own development,and continue to develop and progress in the big environment of the industry to avoid falling into insolvency and other difficulties again.ST HNA,as the biggest restructuring case of listed companies in terms of assets and liabilities restructuring in China,the summary of its successful restructuring factors not only provides a reference for improving the restructuring theory,but also provides an empirical reference for enterprises suffering from the same business crisis and financial difficulties.