ST锌业破产重整绩效研究

发布时间：2018-03-22 14:45

本文选题：破产重整　切入点：绩效　出处：《广东工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：破产重整制度始于英国,随着经济全球化的快速发展,逐渐为各国所应用,对破产重整制度运用较为成熟的国家主要有美国、英国、日本等发达国家。破产重整制度是一项旨在为已经或者可能具备破产原因,但是仍然存在市场价值和再生希望的企业,经相关权利人的申请,在法院和各方利益人的共同参与下,对重整企业进行业务和债务的调整,使其摆脱财务困境,恢复经营获利能力,继续创造价值的制度。由于我国公司上市实行审批制,条件较为苛刻,导致目前我国公司数量庞大,但能够上市的公司较少。上市公司“壳”资源十分稀缺,使得上市公司面临退市时会采用各种手段保住其上市公司地位。据不完全统计,我国自2007年新《破产法》实施首次引进破产重整制度以来,先后有40多家上市公司通过破产重整保住其上市公司地位。但是,其他利益相关者往往只关注破产重整本身是否成功,没有对其绩效进行深入研究,从而忽略了其是否恢复了持续经营和获利的能力。事实证明,部分上市公司实施破产重整后只是暂时避免了破产清算,企业仍然面临困境,陷入恶性循环。本文选取ST锌业为研究对象,采用文献综述法和案例分析法相结合的方式,围绕破产重整企业能否帮助破产重整企业重获新生、能否保护相关利益者的利益以及能否提升重整企业的绩效等问题展开,全文共五个部分。第一部分,介绍了本文的研究背景,研究意义,国内外对破产重整及绩效的研究现状,研究的内容与研究方法;第二部分,阐述了破产重整的理论,破产重整的相关概念和过程以及绩效评价体系的主体、客体、目标方法等相关理论,为案例研究提供理论支撑。第三部分,对ST锌业破产重整事件进行了详细介绍,包括ST锌业的公司简介、财务困境的原因、破产重整的背景、重整的过程、利益调整、经营调整以及重整的结果。第四部分,从财务绩效、市场绩效和非财务绩效等四个方面对ST锌业重整的绩效进行深入研究,总结其破产重整的效率和效果、绩效的变动规律。第五部分,根据前文的分析对ST锌业案例的分析,得出对ST锌业未来发展、其他上市公司进行破产重整以及完善我国破产重整制度的启示,从而推动我国破产重整制度的合理运用,推动资本市场健康有序的发展。最后得出破产重整能够帮助企业重获新生、能够保护相关利益者的利益和能够提升重整企业绩效的结论。
[Abstract]:The bankruptcy reorganization system began in Britain. With the rapid development of economic globalization, it has gradually been applied by various countries. The countries that have more mature application of bankruptcy reorganization system are mainly the United States and Britain. Japan and other developed countries. The bankruptcy reorganization system is an enterprise that aims at having or may have the cause of bankruptcy, but still has market value and hopes for regeneration, with the application of the relevant right holder. With the joint participation of the court and the stakeholders of all parties, the business and debt of the restructured enterprises should be adjusted to get rid of their financial difficulties, restore their profit-making ability, and continue to create value. As a result of the examination and approval system for the listing of Chinese companies, Because of the harsh conditions, the number of companies in our country is huge, but the number of companies that can be listed is relatively small. The "shell" resources of listed companies are very scarce. As a result, the listed companies will adopt various means to keep their listed company status when they are faced with delisting. According to incomplete statistics, since the implementation of the first bankruptcy reorganization system in 2007, the new bankruptcy law has been introduced in China. More than 40 listed companies have retained their status as listed companies through bankruptcy reorganization. However, other stakeholders often only pay attention to the success of bankruptcy reorganization, and do not conduct in-depth research on its performance. As a result, it has neglected whether or not it has restored its ability to continue operating and making profits. Facts have proved that some listed companies have only temporarily avoided bankruptcy and liquidation after implementing bankruptcy reorganization, and the enterprises are still facing difficulties. In this paper, St zinc industry is chosen as the research object, and the combination of literature review method and case analysis method is used to study whether the bankruptcy reorganization enterprise can help the bankruptcy reorganization enterprise to regain a new life. The thesis is divided into five parts: the first part introduces the research background, research significance, domestic and international research status of bankruptcy restructuring and performance. The second part expounds the theory of bankruptcy reorganization, the related concept and process of bankruptcy reorganization, the subject, object and objective method of performance evaluation system, and so on. The third part introduces the St zinc industry bankruptcy reorganization event in detail, including the introduction of St zinc industry company, the causes of financial distress, the background of bankruptcy reorganization, the process of restructuring, the adjustment of interest. The fourth part, from the financial performance, market performance and non-financial performance of St zinc restructuring performance in-depth study, summed up its bankruptcy restructuring efficiency and effect, The fifth part, according to the previous analysis of St zinc industry case analysis, draw the future development of St zinc industry, other listed companies bankruptcy reorganization and improve the bankruptcy restructuring system, In order to promote the rational use of the bankruptcy reorganization system in China and promote the healthy and orderly development of the capital market, it is concluded that bankruptcy reorganization can help enterprises regain new life. To protect the interests of stakeholders and to improve corporate performance.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.32;F271;F406.7

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