本文選題：破產(chǎn)重整　切入點：績效　出處：《廣東工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：破產(chǎn)重整制度始于英國,隨著經(jīng)濟(jì)全球化的快速發(fā)展,逐漸為各國所應(yīng)用,對破產(chǎn)重整制度運(yùn)用較為成熟的國家主要有美國、英國、日本等發(fā)達(dá)國家。破產(chǎn)重整制度是一項旨在為已經(jīng)或者可能具備破產(chǎn)原因,但是仍然存在市場價值和再生希望的企業(yè),經(jīng)相關(guān)權(quán)利人的申請,在法院和各方利益人的共同參與下,對重整企業(yè)進(jìn)行業(yè)務(wù)和債務(wù)的調(diào)整,使其擺脫財務(wù)困境,恢復(fù)經(jīng)營獲利能力,繼續(xù)創(chuàng)造價值的制度。由于我國公司上市實行審批制,條件較為苛刻,導(dǎo)致目前我國公司數(shù)量龐大,但能夠上市的公司較少。上市公司“殼”資源十分稀缺,使得上市公司面臨退市時會采用各種手段保住其上市公司地位。據(jù)不完全統(tǒng)計,我國自2007年新《破產(chǎn)法》實施首次引進(jìn)破產(chǎn)重整制度以來,先后有40多家上市公司通過破產(chǎn)重整保住其上市公司地位。但是,其他利益相關(guān)者往往只關(guān)注破產(chǎn)重整本身是否成功,沒有對其績效進(jìn)行深入研究,從而忽略了其是否恢復(fù)了持續(xù)經(jīng)營和獲利的能力。事實證明,部分上市公司實施破產(chǎn)重整后只是暫時避免了破產(chǎn)清算,企業(yè)仍然面臨困境,陷入惡性循環(huán)。本文選取ST鋅業(yè)為研究對象,采用文獻(xiàn)綜述法和案例分析法相結(jié)合的方式,圍繞破產(chǎn)重整企業(yè)能否幫助破產(chǎn)重整企業(yè)重獲新生、能否保護(hù)相關(guān)利益者的利益以及能否提升重整企業(yè)的績效等問題展開,全文共五個部分。第一部分,介紹了本文的研究背景,研究意義,國內(nèi)外對破產(chǎn)重整及績效的研究現(xiàn)狀,研究的內(nèi)容與研究方法;第二部分,闡述了破產(chǎn)重整的理論,破產(chǎn)重整的相關(guān)概念和過程以及績效評價體系的主體、客體、目標(biāo)方法等相關(guān)理論,為案例研究提供理論支撐。第三部分,對ST鋅業(yè)破產(chǎn)重整事件進(jìn)行了詳細(xì)介紹,包括ST鋅業(yè)的公司簡介、財務(wù)困境的原因、破產(chǎn)重整的背景、重整的過程、利益調(diào)整、經(jīng)營調(diào)整以及重整的結(jié)果。第四部分,從財務(wù)績效、市場績效和非財務(wù)績效等四個方面對ST鋅業(yè)重整的績效進(jìn)行深入研究,總結(jié)其破產(chǎn)重整的效率和效果、績效的變動規(guī)律。第五部分,根據(jù)前文的分析對ST鋅業(yè)案例的分析,得出對ST鋅業(yè)未來發(fā)展、其他上市公司進(jìn)行破產(chǎn)重整以及完善我國破產(chǎn)重整制度的啟示,從而推動我國破產(chǎn)重整制度的合理運(yùn)用,推動資本市場健康有序的發(fā)展。最后得出破產(chǎn)重整能夠幫助企業(yè)重獲新生、能夠保護(hù)相關(guān)利益者的利益和能夠提升重整企業(yè)績效的結(jié)論。
[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.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.32;F271;F406.7

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