企业失败与重整是当代公司理论研究的重要视角和重要内容。本文通过对日本航空公司利用破产重整方式来摆脱财务失败困境的案例分析,得出以下几点结论:在企业具有经营价值和发展前景的情况下,破产重整是财务失败企业的最佳出路;对财务失败企业的资产、负债和股权的综合性调整是其重整的关键;成功重整后企业价值创造的持续性要依赖于其经营与管理模式的创新。 Enterprise failure and reorganization are the important perspectives and important contents of contemporary corporate theory research. Based on a case study of Japanese Airlines using bankruptcy and reorganization to get out of the financial failure, the following conclusions are drawn: Bankruptcy and reorganization is the best way for enterprises with financial failure under the condition of business value and development prospects ; The comprehensive adjustment of the assets, liabilities and equity of a financial failure enterprise is the key to its restructuring; the continuity of enterprise value creation after successful reorganization depends on the innovation of its management and operation mode.