Debt Restructuring in the Context of New Economic Norms

The process of market economy development is the process of enterprise being eliminated and renewed. Under the background of the new economic norm with increasing competition, all kinds of methods to settle the debt dispute come into being, which puts forward the new requirements for the accounting treatment of debt restructuring, In practice, the debt restructuring of the accounting treatment is still facing some problems. Enterprises should continue to strengthen the understanding of the object and scope of debt restructuring, the debt restructuring activities and projects to conduct more in-depth investigation and research to ensure the smooth development of debt restructuring. From this point of view, this paper discusses the theory of corporate debt restructuring and the accounting treatment of corporate debt restructuring in practice. It aims to provide reference for the improvement of debt restructuring accounting.

Research on Problems and Countermeasures of Debt Restructuring

In an increasingly fierce market competition, listed companies may be unable to repay their debts on time due to intemal or external reasons and fall into financial difficulties. In this case, the company tends to choose the way of debt restructuring and adjust existing debt. This article selects listed companies from 2011 to 2015 in Shanghai and Shenzhen as research objects, analyzes the current status of debt restructuring, including the number of debt restructuring companies, the choice of debt restructuring methods, and debt restructuring of related parties. At the same time, it analyzes the motives of listed companies for debt restructuring and the problems existing in debt restructuring, and then proposes relevant improvement measures.

Corporate Governance and Debt Management of Vietnam＇s SMEs

The paper aims to examine the relationship between corporate governance and debt management of Vietnam＇s small and medium enterprises （SMEs）, in a case study of a specific enterprise. It reveals one case that corporate governance factors have strong correlation with performance, due to transparency to the lender, innovative and consistent to the debt management. The results indicate that timely reporting and level of disclosure positively affect corporate performance and ability to raise funds in the financial market. The paper seeds new light into the relationship between corporate governance and debt management of Vietnam＇s SMEs in current context. It finds ways to solve financial dilemma and raise corporate equity value that most SMEs are facing.

Incorporating Anglo-American Reorganization Provisions in Bankruptcy Law： A 10-year Lesson From Thailand

This paper examines the appropriateness of the adoption of Anglo-American type of reorganization provisions into national bankruptcy law using Thailand as a sample. It argues that such adoption shall be cautious. Since Thailand started to accommodate such provisions, reorganization, apparently, has limited usefulness--benefitting only large-scale debtors because it does not fit with the nature of Thai business culture, i.e., the borrowing-lending relationship and less-than-arm＇s length business connections. On average, only every one in 200 bankruptcy cases employs reorganization; the rest goes for liquidation but the average outstanding debt in reorganization is over 30 times higher than liquidation. Interestingly, the adjudication rate of reorganization is faster than those of liquidation. Debtors＇ strategic use of the law and the procedural bias are suspected. Debt restructuring led by the central bank in cooperation with commercial banks, instead, is overwhelmingly more successful, equally efficient, and effective because any ailing firm can renegotiate its borrowing contract rather easily in the low transaction cost environment. Debt restructuring outperformed reorganization roughly 800 and two times in terms of cases and debt amount respectively. Thus, the adoption of non-indigenous provisions shall be made prudently. This argument applies towards the standardization of insolvency legislation. Standardizing bankruptcy procedures shall be made carefully and national economic conditions including local business nature and uniqueness are worth examined before any enactment or amendment. Otherwise, benefits of international trade and investment would be achieved at the expense of economic efficiency.