ST超日破产重整案例分析
发布时间：2018-11-24 16:24
【摘要】：世界经济开放的时代,市场发展的动力来源于企业,充分发挥企业的经济与社会价值。因此,企业破产会产生大范围的经济下行,上个世纪与本世纪存在的全球经济危机正好印证了这个规律。倘若比较著名的上市公司和跨国企业存在着财务困难,则其就是一个国家甚至整个全球经济危机的源头。所以,全球法律界都比较重视破产重整程序的实施。破产重整程序是新破产法中的一项新设程序,它对原破产法的结构以及观念进行了更新,商法与民法的思维也随之拓宽,使得在公平清偿债务的前提下困境公司拥有了重生和复兴的渠道,具有十分重要的意义。整个破产程序的关键之处在于重整计划。使债务人恢复正常经营是破产重整的目标,然而经历过重整的公司会和其他的公司有些不同的经历,因此其经营也必然带有自身的特点,而这些特点正好体现在各自的重整计划中。可以说制定的重整计划的优劣对整个破产重整的成功与否有着非同一般的作用,所以重整程序的重点是制定重整计划。制定计划的时候应遵循公正合理、可行性和效率原则;债权人、债务人等各相关利益主体的利益平衡都充分体现在重整计划的内容、表决、执行与监督中。本文对上海超日太阳能科技股份有限公司(以下简称“ST超日”)的破产重整案例进行了探究。首先,从ST超日的重整方式出发,当ST超日公司陷入债务危机而濒临破产时,其公司资产、经营状况及主营业务依旧可以开展,也有盘活部分困境业务的可能性,因此,本着破产重整“再生型重整”的立法精神,采取了公司经营保留模式;然后,分析了整体破产重整计划的运作程序以及公司破产重整运用的相关手段。为了使企业通过重整手段并且不会实施破产清算,ST超日的领导和第三方管理人全心全意地进行相关工作,其中含有清理和评估企业的资产以及债权核对和审核等流程。并且对企业的财产适当处理或者重组企业现有的债务,希望可以有投资方为企业投入资产,公司得以继续生产经营。同时分析公司破产重整对财务绩效的影响以及对债务人、职工和股东、债权人四个不同利益主体所产生的结果,发现在实施破产重整程序后,保留原主营业务的同时业绩能够扭亏为盈;对于债权人来说,ST超日破产重整能够使其获得比破产清算更高的重整偿还率;对于职工和股东来说,公司在整个破产重整程序中也维护了这些个体利益主体的利益。本文最后从ST超日破产重整的案例中,得出了几点企业在破产重整中可以借鉴的做法。本章通过前文的分析得出结论,归纳和总结了上市公司破产重整的一些必要条件并提出相关的建议,为破产重整的推广和实施运用提供一些经验和帮助。首先,上市公司在进入破产重整程序后,管理人的第三人地位使重整顺利进行,管理人可以保证破产重整程序高效运行,以及在破产重整过程中实现公平公正;破产重整是能够给企业带来增值,避免企业资源的浪费;重整制度的用意也可以展现如何在调整权益时平衡各方利益,也能展现重整制度的立法本位;若企业选择经营保留模式,则其破产重整短期绩效提升明显。其次,进行破产重整要从保障公司雇员及其他相关联主体的基本利益出发,因此,破产重整是保护债权人及中小股东利益的有效途径;债务重组与资产重组的有机结合是破产重整成功的必要条件;保证公司破产重整中利益主体的多元化,所以在破产重整计划中应体现破产重整对各方利益的平衡和保护的宗旨;当上市公司运行了重整程序时,其运作过程需要不断改进,使企业在破产重整监督机制多元化的背景下得到期望的效果。
[Abstract]:The time of the world economy is open, the power of the development of the market is derived from the enterprise, and the economic and social value of the enterprise is brought into full play. Therefore, the bankruptcy of the enterprise will produce a large-scale economic downturn, and the global economic crisis that existed in the last century and this century has just confirmed the law. It is the source of a country or even the entire global economic crisis in the event of financial difficulties in comparing well-known public and multinational companies. Therefore, the global legal profession has attached great importance to the implementation of the bankruptcy reorganization process. The bankruptcy reorganization procedure is a new procedure in the new bankruptcy law, and the structure and the idea of the original bankruptcy law are updated, and the thinking of the commercial law and the civil law is also widened, so that the plight company has the channel of rebirth and recovery on the premise of fair debts. and is of great significance. The key to the whole bankruptcy process is the reorganization plan. The normal operation of the debtor is the objective of the bankruptcy reorganization. However, the company that has experienced the reorganization will have some different experiences with other companies, so its operation will also have its own characteristics, which are reflected in the respective reforming plan. It can be said that the advantages and disadvantages of the reorganization plan have an extraordinary effect on the success of the whole bankruptcy reorganization, so the reform process is focused on the development of the reorganization plan. The principle of fair, reasonable, feasibility and efficiency shall be followed in the development of the plan; the interests balance between the creditors, the debtor and other relevant stakeholders is fully reflected in the content, voting, implementation and supervision of the reorganization plan. In this paper, the case of bankruptcy reorganization of Shanghai Supersun Solar Science and Technology Co., Ltd. (hereinafter referred to as" 鈥淪T-day鈥，
本文编号：2354353
[Abstract]:The time of the world economy is open, the power of the development of the market is derived from the enterprise, and the economic and social value of the enterprise is brought into full play. Therefore, the bankruptcy of the enterprise will produce a large-scale economic downturn, and the global economic crisis that existed in the last century and this century has just confirmed the law. It is the source of a country or even the entire global economic crisis in the event of financial difficulties in comparing well-known public and multinational companies. Therefore, the global legal profession has attached great importance to the implementation of the bankruptcy reorganization process. The bankruptcy reorganization procedure is a new procedure in the new bankruptcy law, and the structure and the idea of the original bankruptcy law are updated, and the thinking of the commercial law and the civil law is also widened, so that the plight company has the channel of rebirth and recovery on the premise of fair debts. and is of great significance. The key to the whole bankruptcy process is the reorganization plan. The normal operation of the debtor is the objective of the bankruptcy reorganization. However, the company that has experienced the reorganization will have some different experiences with other companies, so its operation will also have its own characteristics, which are reflected in the respective reforming plan. It can be said that the advantages and disadvantages of the reorganization plan have an extraordinary effect on the success of the whole bankruptcy reorganization, so the reform process is focused on the development of the reorganization plan. The principle of fair, reasonable, feasibility and efficiency shall be followed in the development of the plan; the interests balance between the creditors, the debtor and other relevant stakeholders is fully reflected in the content, voting, implementation and supervision of the reorganization plan. In this paper, the case of bankruptcy reorganization of Shanghai Supersun Solar Science and Technology Co., Ltd. (hereinafter referred to as" 鈥淪T-day鈥，
本文编号：2354353
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