千锤百炼终结硕果，经过在DBA的课程学习与实践，2022年8月26日，DBA三期班同学、北京市金杜律师事务所合伙人张永良迎来了他的最终答辩时刻。张永良同学围绕《上市公司破产重整中的股东权益调整机制研究》进行了深入阐述，成果丰硕，最终顺利通过答辩。恭喜张永良同学！

企业家学者项目（DBA）整合全球优质教育资源，打造极具前沿性和系统性课程，在框架模块、聚焦模块、专题研究+实践课堂这三大核心课程中，涵盖2大金融主题与4大微观主题，探索6大宏观方向，定制化行业专题，走访行业内领军企业。张永良同学正是在理论与实践的碰撞中，培养出了应对新商业文明下新问题与新挑战的能力。“理解 - 判断 -实践 - 引领”的DBA学习之旅，让他在企业家学者项目中历经了新商业文明的一次次洗礼，完成了跨越式的思想“突围”。 

本次论文答辩，来自长江商学院和新加坡管理大学（SMU）的教授们共同见证了张永良同学的学术成果。

Joe ZHANG

Associate Professor of Finance,SMU

Long CHEN

Professor of Finance,CKGSB

Dan MA

Associate Professor of Information Systems,SMU

张永良 | 上市公司破产重整中的股东权益调整机制研究

张永良同学答辩中

▇ 论文摘要：

截至2021年底，中国共有93家上市公司进行破产重整，破产重整制度已成为挽救危困上市公司的主要手段。其中，股东权益调整是相关方利益博弈的焦点，决定了上市公司重整的效果。

本文从利益平衡的视角出发，基于现有案例梳理了当前上市公司重整股东权益调整的现状及问题，提出了一个旨在解决实践中问题的平衡的股东权益调整机制。

本文认为，合理的股东权益调整机制应当以避免退市风险为前提，以提升重整价值为基础，以债权人权益的适当让渡、原主要股东权益的合理处置、投资人权益的必要设置为路径，以便于有效分配重整资源，促进各方利益最大化，取得长期重整效果，实现经济效益与社会效益的统一。

▇ ABSTRACT：

By the end of 2021, a total of 93 listed companies in China have undergone bankruptcy reorganization, and the bankruptcy reorganization system has gradually become the main means to rescue listed companies in distress. Specifically, the shareholders' equity adjustment is the focus of the game of interests among multiple stakeholders, which determines the effect of bankruptcy reorganization of listed companies.

Based on the existing cases of bankruptcy reorganization of listed companies, this thesis compares the current situations and challenges of shareholders' equity adjustments, and proposes a balanced shareholders' equity adjustment mechanism to solve the problems in practice by combining the lessons of successful cases and the author's practical experiences.

张永良同学在长江DBA活动中

The thesis demonstrates that an equitable adjustment mechanism for shareholders' equity should be based on the premise of avoiding delisting risks, on the foundation of enhancing the reorganization value, and on the path of transferring the creditors’ equity appropriately, arranging the original shareholders’ equity properly and assigning investors’ equity necessarily, so as to facilitate effective allocation of resources for reorganization of listed companies, promote the maximization of interests of all parties, achieve long-term reorganization effects, and realize the unification of economic and social benefits.

合影

论文答辩圆满结束，但作为终身学习者，这是张永良同学的又一个起点。未来，他将带着对中西方管理学理论的认知与思考，继续践行新商业文明；用独到的洞见不断为中国经济注入新动力，引领行业的发展方向。