Case playback:
In May 20, 1994, A Limited by Share Ltd listed in Shanghai, China was the largest milling machine production and export base. After a few years, due to poor management appeared losses year after year, 1998 June was listed as ST stock exchange. In 1998, the company through the transfer of equity and asset replacement, the introduction of B technology import and Export Corporation and the mower project. After the reorganization, the rapid growth of company performance, in 2000 to issue additional. In 2001, influenced by the mower shrinking market demand, the company a substantial decline in the performance of. In 2002, again as ST stock. In 2006, faced with bankruptcy. In support of the government, the company through the restructuring of debt crisis. 2008 to remove up to 6 years of "special treatment" hat, and has formed the development pattern of machine tool, real estate, business of venture capital. Several restructuring and government support did not change the weak state of the company's main business, the stock price collapsed in 2010, the main funds have fled, the company once again faced with the predicament of be besieged on all sides.
Intensive analysis:
With the progress of science and technology and global economic integration is speeding up, the traditional industrial structure has a strong impact, internal and external environment of the enterprise survival change tends to accelerate. Enterprises to maintain competitive advantage in this changing environment, they must constantly timely managing elements combination again. A means of enterprise restructuring is the element combination again, through the restructuring of enterprises can obtain the strategic opportunity, optimize the allocation of resources, to resolve the crisis, enterprises increase the value of entrepreneurship. Since the 90's of this century, the world of corporate restructuring continuously, our country also has staged scenes of recombinant "war". But the recombinant applicable conditions harsh, involves a very wide, integration is difficult, to achieve the strategic goal of recombinant predetermined case amount to is not much, and some have even become the embezzlement of state-owned assets, occupation of the interests of investors tools, finally put some enterprises into the gutter.
Many reasons lead to the failure of the restructuring, but the strategy mistakes and improper selection of recombinant audit is the most important factor in the failure of the restructuring. Many enterprises of our country have no strategic audit in the reorganization of the former, does not correctly identify the uncertainty of the market and the enterprise core business ability. But the short-term interest, I hope that through the reorganization of seeking quick turnaround, shortcut to quickly become bigger, hastily enterprise onto a "point of no return". The reorganization plan and its implementation condition matching degree of neglect and indifference, and further enhance the reorganization of the failure risk.
The reorganization of the failure will not only bring the inestimable loss of business, policymakers will bear corresponding responsibility. Such as, the laws and regulations of our country: directors, supervisors, senior management personnel in performing their duties in violation of laws, administrative regulations or the articles of association of the company, thereby causing losses to the company, shall be liable for compensation; Limited by Share Ltd resolutions of the board of directors in violation of laws, administrative regulations or the resolution of the articles of association of the company, the general meeting of shareholders, the company suffered serious losses the resolution of the directors of the company, participation liability; listing Corporation directors, supervisors and senior management personnel in a major reorganization of assets, honest and trustworthy, fails to perform due diligence, led to the restructuring program damage the interests of the listing Corporation, shall be ordered to make corrections, take supervision conversation, issuing a letter of warning of such regulatory measures; if the circumstances are serious, be given a warning, fine, and can take from entering the market action; suspected of a crime, shall be transferred to the judicial organ for investigation of criminal responsibility.
The partners agreed to the provisions of the law or the partnership agreement shall be subject to the consent of all the partners before executing transaction unauthorized disposal, causing losses to the partnership or other partners, he shall assume the liability for compensation; not having affairs executive partners to execute the partnership affairs, causes losses to the partnership or the other partners, he shall assume the liability for compensation.
In this case, the A company in the promotion and support, although after several restructuring make the dead come back to life, or even once a model of a successful reorganization. But since the reorganization strategy is not clear, the main core business ability has been unable to effectively improve, the ability of sustainable development to be accredited investors, eventually became the "fools can not afford to help".
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