Research On The Path And Effect Of Bankruptcy Reorganization Of Lifan Technology

As an exit mechanism of enterprise in the market economy,the bankruptcy system plays a role that cannot be ignored.Not only does it ensure the interests of creditors and other stakeholders,but also follows the principle of survival of the fittest,optimizes the allocation of market resources,and maintains the orderly development of the market economy.In the early days of the founding of China,we implemented a planned economic system,and the bankruptcy system did not exist.After the Reform and Opening-up,with the establishment of the modern enterprise system,there was a demand for the bankruptcy system.The development of China’s bankruptcy system started relatively late.On August 27,2006,Law of the People’s Republic of China on Enterprise Bankruptcy was promulgated,and was implemented on June 1,2007.This is the first bankruptcy law in China in the true sense.Until 2021,only 15 years have passed.The research on bankruptcy legal system in China is still in the exploratory stage.Law of the People’s Republic of China on Enterprise Bankruptcy establishes three bankruptcy systems: bankruptcy liquidation,bankruptcy reorganization and bankruptcy reconciliation,which provide a legal basis for the bankruptcy of China’s enterprises.Bankruptcy and reorganization has received extensive attention because of its connotation of saving bankrupt enterprises and helping enterprises obtain reorganization.Compared with bankruptcy liquidation,bankruptcy reorganization has a higher repayment value.Compared with bankruptcy reconciliation,bankruptcy reorganization has a wider scope of application.However,the development of bankruptcy reorganization in China is relatively late,and there are not many cases of practical application.How to use bankruptcy reorganization to help enterprises overcome difficulties has become an issue worthy of in-depth discussion.In the West,bankruptcy law has been implemented for hundreds of years,and the research on bankruptcy reorganization is very perfect,and a systematic research theory has been formed.China’s bankruptcy law appeared relatively late,and the application of bankruptcy reorganization is relatively rare.The theoretical research on bankruptcy reorganization is still in the preliminary stage,so it is necessary to learn from foreign research results.However,the legal systems of different countries are different,and the Western bankruptcy and reorganization theory does not necessarily adapt to China’s national conditions.We need to carry out relevant theoretical research based on our own actual situation.This thesis studies the bankruptcy and reorganization case of Lifan Technology,a private enterprise,analyzes its bankruptcy reorganization path,discusses the reorganization process in detail,and analyzes the reorganization effect obtained.Provide reference for the research on the relevant theories of reorganization.This thesis is divided into five parts,the first is the introduction,which mainly introduces the research background and significance of bankruptcy reorganization,sorts out and reviews domestic and foreign literatures of bankruptcy reorganization,and summarizes the idea and context of the whole article.The second part is the theoretical overview of bankruptcy reorganization of listed companies,introducing the basic concepts and characteristics of bankruptcy reorganization,the mode and procedure of bankruptcy reorganization,and the theoretical basis related to bankruptcy reorganization.The third part is an introduction to the bankruptcy and reorganization of Lifan Technology.This part mainly introduces the basic situation of Lifan Technology and the parties involved in the restructuring,analyzes the financial difficulties faced by Lifan Technology,and at the same time makes a brief introduction to the bankruptcy and reorganization process of Lifan Technology.A detailed description.The fourth part is to explore the path and effect analysis of Lifan Technology’s bankruptcy and reorganization.It analyzes the path of Lifan Technology’s bankruptcy and reorganization from the perspectives of ownership reform,capital acquisition,debt restructuring,and industrial transformation,and benefits from financial performance and stakeholders.The effect of bankruptcy reorganization was analyzed in terms of the situation and other aspects,and a reasonable explanation was given for the reasons for the success of bankruptcy reorganization,that is,the help of state-owned Liangjiang Fund,the introduction of reorganization investors in the same industry,the selection of an appropriate reorganization path,and the Taking into account the interests of other stakeholders.The fifth part is the conclusion and enlightenment of the case.Combined with the above,the conclusion is drawn,and the suggestions for bankruptcy reorganization are put forward,which can provide reference for other companies that need to go through bankruptcy reorganization.Through the study of the bankruptcy and reorganization cases of Lifan Technology,this thesis draws the following conclusions.First,bankruptcy and reorganization is an effective way for listed companies to get rid of financial difficulties.Before bankruptcy reorganization,Lifan Technology was in deep financial difficulties.Through bankruptcy reorganization and the introduction of reorganization investors,Lifan Technology solved the debt crisis and completed industrial transformation at the same time,and achieved good reorganization results.Secondly,the introduction of reorganization investors is the core of Lifan Technology’s bankruptcy and reorganization plan.Lifan Technology cannot solve financial difficulties through its own strength.By introducing the external force of reorganization investors,it has successfully broken its own limitations and completed the internal For the change outside,the design of Lifan Technology’s reorganization plan revolves around the reorganization of investors.Thirdly,an appropriate bankruptcy reorganization path is the key to the successful bankruptcy and reorganization of Lifan Technology.Lifan Technology has chosen a reorganization path that suits its own situation to ensure the efficiency of the reorganization.Finally,the bankruptcy and reorganization of Lifan Technology protected the interests of all participants and stakeholders.In addition,this thesis has also gained a lot of inspiration from this research.The government should encourage state-owned funds to participate in the bankruptcy and reorganization of private enterprises,which will bring great help to the reorganization of private enterprises;the introduction of reorganization investors is one of the effective ways for bankrupt enterprises to reorganize successfully;bankrupt enterprises should choose a suitable solution for their own situation.Even if it is the same reorganization model,the paths do not have to be exactly the same;the design of the bankruptcy reorganization plan should take into account the interests of all stakeholders in order to facilitate the conclusion of the reorganization plan agreement.