Corporate Debt Restructuring (CDR) mechanism was initiated by the Reserve Bank of India (RBI) in the year 2001 as a remedial measure for preventing delinquency in the accounts of corporate facing financial difficulties due to internal and external factors. In this study an attempt has been made to analyze the effectiveness of the CDR system in improving the profitability of the firms. The sample consists of 91 firms that received debt restructuring package under the system form the year 2003-2015. The post-restructuring performance of the firms has been compared with their pre-restructuring performance and with their industry peers with the help of Wilcoxon sign rank test. The performance has been measured with the help of operating margin (EBDITA as a percentage of total income) and interest coverage ratio. The findings of this study reveal that sample firms were not able to improve their performance even up to five years after debt restructuring and they were performing significantly below their industry peers.

中文翻译：

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公司债务重组与公司绩效：对印度公司的研究

公司债务重组 (CDR) 机制由印度储备银行 (RBI) 于 2001 年发起，作为防止因内部和外部因素而面临财务困难的公司账户拖欠的补救措施。本研究试图分析 CDR 系统在提高公司盈利能力方面的有效性。样本包括 2003-2015 年在该系统下获得债务重组方案的 91 家公司。在 Wilcoxon 符号秩检验的帮助下，公司将重组后的业绩与重组前的业绩和行业同行进行了比较。业绩是在营业利润率（EBDITA 占总收入的百分比）和利息覆盖率的帮助下衡量的。