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1998年我国实施特别处理制度(ST),即上市公司出现财务状况异常或其他异常,导致其股票存在被终止上市的风险或者投资权益可能受到损害的,将对其公司股票交易实行特别处理。处于困境中的特别处理公司(以下简称ST公司)受到退出市场的压力,其重组活动极为频繁。研究ST公司的重组绩效,有助于了解市场参与者的行为,检验政策的实施效果,发现重组当中的问题并采取相应的对策。本文通过对ST公司摘帽前后利用债务重组产生绩效的案例比较分析,探究公司层面应该采取何种战略措施积极应对潜在破产风险,进而提出完善政府监管制度的几点措施。
In 1998, China’s special handling system (ST), that is, abnormal financial status of listed companies or other anomalies, resulting in the stock market has been terminated or the risk of termination of the investment rights and interests may be harmed, the company will implement special treatment of stock transactions. Distressed special handling companies (hereinafter referred to as ST companies) under pressure from the market, its restructuring activities are extremely frequent. Studying ST’s restructuring performance helps to understand the behavior of market participants, test the effect of the implementation of the policy, find out the problems in the reorganization and take appropriate countermeasures. This article analyzes the case of using debt restructuring before and after the company takes the strategic analysis to explore the strategic measures that the company should take to actively cope with the potential bankruptcy risks and put forward some measures to improve the government supervision system.