现阶段国企改革的设计逐渐优化，自上而下的改革逐渐开展，国企改革的步伐也不断加快。与此同时我国正处于推动供给侧改革、注册制尚未落实的大环境，在这种大环境下使其资本市场的焦点落在国企“壳”的炒作方面。注册制尚未在市场落实，因此，众多企业翘首期待IPO，所以现阶段具备上市条件的国企变得异常火热，具备上市条件的均不希望错过该次机会。借助重组能够实现在较短时间内优化公司的财务状况，剔除低效资产，实现同类优秀公司的合并，或者是选择卖出“壳”资源，利用其它公司上市来实现退市。由此可见重组是ST企业避免退市的关键渠道。 本文通过对现有ST公司重组问题的相关研究文献进行梳理，并基于ST制度、壳资源、债务重组、资产重组、退市制度等相关基本理论进行研究分析。以*ST传媒为例，先对*ST传媒的现状、公司从出现风险警示到消除的过程、实施重组的整个流程进行了概述，然后对导致亏损的原因、重组当年的效应和以后的效应、重组的效果以及“壳资源”利益各相关方博弈等方面进行研究分析，最后得出以下结论：通过重组，可以使ST公司达到保壳的目的，并在一定程度上可以满足债权人、借壳者、控股股东、中小投资者等各方面的利益；但从长期重组效果来看，对部分ST公司来说，重组并没有真正的改善上市公司的经营状况和财务状况，其反射出的是我国资本市场上资本市场“炒壳”热情高涨、发行制度退市制度不健全的深层次制度问题。在以上分析的基础上，笔者认为政府应当加大力度推进注册制使股份公司上市达到有序进出，并完善退市制度。

At the present stage, the design of SOE reform is gradually optimized, and the top-down reform is being carried out step by step, and the pace of SOE reform is accelerating. At the same time, China is in a big environment that promotes the supply side reform and the registration system has not been implemented. In this big environment, the focus of its capital market is on the hype of the "shell" of the state-owned enterprises. The registration system has not yet been implemented in the market. Therefore, many enterprises are looking forward to IPO, so the state-owned enterprises that have listed conditions at this stage have become extremely hot, and all the listed conditions do not want to miss the opportunity. With the help of reorganization, it can optimize the financial situation of the company in a short time, eliminate inefficient assets, realize the merger of the outstanding companies of the same kind, or choose to sell the "shell" resources, and use other companies to go on the market to realize the delisting. It can be seen that restructuring is the key channel for ST enterprises to avoid delisting. This article combs the related research literature of the existing ST company reorganization problem, and based on the ST system, shell resources, debt restructuring, asset reorganization, delisting system and other basic theories to study and analyze. Taking *ST media as an example, this paper first summarizes the current situation of *ST media, the company from the risk warning to the elimination process, the whole process of the implementation of the reorganization, and then studies the causes of the loss, the effect of the restructure of the year, the effect after the reorganization, the effect of the reorganization and the relevant parties of the "shell resources". Finally, the following conclusion is drawn: through restructuring, ST can achieve the purpose of protecting the shell, and to some extent, it can meet the interests of the creditors, the borrower, the controlling shareholder and the small and medium investors. However, from the long-term restructuring effect, the reorganization does not really improve the listing for some ST companies. The management and financial situation of the company reflect the deep institutional problems of the "frying shell" in the capital market of our country and the unsound system of the issuing system of the delisting system. On the basis of the above analysis, the author thinks that the government should intensify efforts to promote registration system, so that stock companies can go public in order to enter and exit, and improve the delisting system.