Research On The Path And Performance Of State-owned Enterprises Avoiding Delistin

With our country’s economy entering a new stage of development,the industry competition is fierce,the enterprises are facing a severe business situation,and even some large state-owned enterprises are falling into the crisis of delisting because of losses year after year for various reasons.However,the capital market is also undergoing deep reform,and the delisting system has been continuously improved.After many revisions,at the end of 2020,a new delisting regulation was introduced,which is called“The strictest delisting regulation in history”,the number of A-shares delisted under the new rules after 2020 has been hitting record highs,especially in the manufacturing sector.In such a severe external situation,the listed companies with continuous losses have a strong incentive to avoid delisting.Then the continuous loss of enterprises should implement a way to avoid delisting to reverse the loss to resolve the delisting crisis? In this paper,a large-scale state-owned enterprise in Qinghai Salt Lake,which has been losing money for three consecutive years,is selected as a case study,its potassium fertilizer,lithium salt industry is widely used in rubber,electroplating,medicine and new energy industries.Under this background,this article combs the domestic and foreign literature,unifies the stakeholder theory,the property right theory and the operation value theory,according to the state-owned enterprises delisting status analysis summarized three commonly used to avoid the state-owned enterprises delisting path and its applicability,Advantages and disadvantages.Taking Qinghai Salt Lake as the research object,this paper probes into the process of the delisting crisis,analyzes why the enterprise can resume listing to resolve the delisting crisis and proves the path advantage of bankruptcy reorganization,first,we should separate the loss source,avoid the loss assets to drag down the performance of the company,secondly,we should adopt the method of market-oriented debt-to-equity swap to reduce the asset-liability ratio of the enterprise,second,it attracts the restructuring party to balance the equity structure of the enterprise,activate the corporate governance norms,and finally retain the core business adjustment business plan to restore operating capacity;Then,it analyzes the effect of avoiding delisting from the aspects of market performance and comprehensive performance.Finally,it summarizes the experience of avoiding delisting.The results show that the Qinghai Salt Lake,through identifying its own shortcomings,scientifically and pertinently proposes rectification measures,and follows the path of the above-mentioned four steps,it not only divested the non-performing assets which had eroded the profits of the company for a long time,solved the debt crisis of the company,but also improved the company’s performance in a short period of time,and realized the company’s subsequent sound operation,companies have been reborn.Therefore,enterprises in delisting crisis should take into account their own characteristics,seize the right time,reasonable choice of ways to avoid delisting,not only effectively resolve the delisting crisis,but also in a short period of time to improve corporate performance.The successful experience of SALT L.can provide some reference for listed companies in the same situation to avoid the choice of delisting route,thus promoting the long-term healthy development of our enterprises.