我国证券市场发展时间短，且发展较不完善，加上外部竞争激烈，许多企业 由于治理结构不合理和经营不善等问题而负债累累，从而选择债务重组来使企业 摆脱沉重的负债，实现更好的发展。因此，如何正确、有效地运用债务重组，使 企业实现真正意义上的“重生”，最大限度地保障债权债务双方的利益，是目前 亟待解决的问题。 本文以2012年山东海龙股份有限公司的债务重组为案例，采用多种研究方法 详细地分析了债务重组的方式、债务重组的方案、债务重组的过程、债务重组的 特点和债务重组的必要性。再通过比较分析法对案例公司债务重组前后的财务指 标进行对比分析，主要对重组后企业的偿债能力、盈利能力、运营能力、成长能 力和同行业对比五个方面进行分析，综合判断债务重组的实施效应。 通过分析，最终得到债务重组能够改善案例企业资产负债结构、股权结构以 及公司治理结构，提升企业综合能力的结论。我国上市公司应当加强内部控制制 度的建设，改善公司内部治理结构，提升行业风险的预测能力等，在债务重组时 应当积极寻求政府的帮助，以提高重组的成功率和重组效果；同时政府部门和社 会组织机构应当发挥外部监督的作用，加强对上市公司的监管，加强制度层面的 探索，填补债务重组方面制度的真空区，避免被一些别有用心的企业利用，改善 市场经济大环境，帮助真正需要发展的企业。 关键词，债务重组，公司治理结构，实施效应，制度建设 论文类型，案例分析浙江工业大学硕士学位论文 我国上市公司债务重组案例研究——以山东海龙为例 III CASE STUDY ON DEBT RESTRUCTURING OF LISTED COMPANIES IN CHINA— A CASE STUDY OF SHANDONG HAILONG ABSTRACT Since the development of China's securities market is short and not perfect, meanwhile the external competition is becoming more and more intense, many enterprises are heavily in debt due to the problems of irrational corporate governance structure and poor management, so that debt restructuring is always chosen as a method to get rid of heavy liabilities and achieve better development. Therefore, how to correctly and effectively use the debt restructuring to make the enterprise realize the real rebirth and maximize the interests of both creditors and debtors is becoming a problem to be solved urgently. Taking the debt restructuring issue of Shandong Hailong Limited Company in 2012 as an example, this paper analyzes the way of debt restructuring, the scheme of debt restructuring, the process of debt restructuring, the characteristics of debt restructuring and the necessity of debt restructuring by multiple research methods. Then the comparative analysis method is used to compare and analyze the financial indicators before and after the restructuring of the case company, mainly to analyze the five aspects of the solvency, profitability, operation ability, growth ability and industry comparison of the reorganized company, and to judge the implementation effect of the debt restructuring. Through all the analysis above, it is concluded that the debt restructuring will improve the assets and liabilities structure, the ownership structure, the corporate governance structure and the comprehensive ability of the enterprise. The listed companies in China should strengthen the construction of the internal control system, work on to improve the internal governance structure of the company, improve the prediction ability of the industry risk, and so on. In the debt restructuring, it is recommended to actively seek the help of the government so as to improve the success rate and the effect of reorganization. At the same time, the government departments and social organizations should play the role of external supervision,浙江工业大学硕士学位论文 我国上市公司债务重组案例研究——以山东海龙为例 IV work together to make the environment of securities market better and help the enterprises those are really needed by strengthening the supervision of the listed companies, exploring to improve the whole system of debt restructuring China, avoiding the abuse of some enterprises with ulterior motives. KEY WORDS: Debt Restructuring;Corporate Governance Structure;Effects Of Implementation;System Construction TYPE OF THESIS: Case Study浙江工业大学硕士学位论文 我国上市公司债务重组案例研究——以山东海龙为例 V 目 录 1 绪论 ................................................... 1 1.1 研究背景 ...................................................... 1 1.2 研究的目的和意义 .............................................. 2 1.2.1 研究的目的................................................. 2 1.2.2 研究的意义................................................. 2 1.3 研究思路 ...................................................... 2 1.4 研究方法 ...................................................... 4 1.5 本文创新和不足之处 ............................................ 4 1.5.1 本文的创新................................................. 4 1.5.2 存在的不足................................................. 4 2 国内外文献综述 ......................................... 7 2.1 国外文献综述 .................................................. 7 2.2 国内文献综述 .................................................. 8 3 债务重组的基本概念..................................... 11 3.1 债务重组的定义 ............................................... 11 3.2 债务重组的方式 ............................................... 11 3.2.1 以资产清偿债务............................................ 12 3.2.2 将债务转为资本............................................ 12 3.2.3 修改其他债务条件.......................................... 12 3.2.4 混合重组方式.............................................. 13 3.3 债务重组的目的 ............................................... 13 3.3.1 调整企业现有的债权债务结构................................ 13 3.3.2 调整企业经营结构、治理结构................................ 13 3.4 债务重组的必要性 ............................................. 14 3.4.1 整合资源，提升实力........................................ 14 3.4.2 调整结构，收回债权........................................ 14 3.4.3 降低风险，避免退市........................................ 15 3.5 相关基础理论 ................................................. 15 3.5.1 股权结构理论.............................................. 15 3.5.2 代理成本理论.............................................. 15 3.5.3 信息不对称理论............................................ 16 4 山东海龙债务重组案例分析 .............................. 17 4.1 山东海龙债务重组背景 ......................................... 17浙江工业大学硕士学位论文 我国上市公司债务重组案例研究——以山东海龙为例 VI 4.1.1 公司设立及股权结构........................................ 17 4.1.2 公司发展历程.............................................. 18 4.1.3 资产负债情况.............................................. 19 4.1.4 偿债能力简析.............................................. 20 4.1.5 主要子公司情况............................................ 21 4.2 山东海龙债务重组内容 ......................................... 21 4.2.1 债务重组的方式及内容...................................... 21 4.2.2 债务重组的过程............................................ 26 4.2.3 债务重组的必要性.......................................... 30 4.2.4 债务重组的特点............................................ 30 5 山东海龙债务重组效应分析............................... 32 5.1 偿债能力分析 ................................................. 32 5.2 营运能力分析 ................................................. 33 5.3 盈利能力分析 ................................................. 34 5.4 成长能力分析 ................................................. 35 5.5 行业对比分析 ................................................. 36 6 研究结论与启示 ........................................ 40 6.1 山东海龙债务重组研究结论 ..................................... 40 6.1.1 保障债权债务人的利益...................................... 40 6.1.2 优化资源配置.............................................. 40 6.1.3 改善治理结构.............................................. 40 6.1.4 积极争取政府支持.......................................... 41 6.2 山东海龙债务重组研究启示 ..................................... 41 6.2.1 加强内部控制建设，完善公司治理结构........................ 41 6.2.2 完善外部监督机制，加强对上市公司的监管.................... 42 6.2.3 加强制度层面探索，有效监管盈余管理........................ 42 6.2.4 积极获取政府支持，保证重组顺利实施........................ 43