Multiagent Decision-Making of Enterprise Debt Restructuring Based on Fuzzy-Set Qualitative Comparative Analysis

Debt restructuring is an efective means to solve the fnancial difculties of enterprises. At present, the operation methods and means of enterprises with diferent characteristics to participate in debt restructuring are diferent, and no universal debt restructuring scheme has been formed. In order to solve this problem, this paper uses the method of fuzzy set qualitative comparative analysis. Tis paper discusses the infuence mechanism of multiple concurrent factors on enterprise debt restructuring and summarizes the selection rules of debt restructuring strategies for enterprises with diferent characteristics of debt. Te research shows that there are fve kinds of allocation for enterprises to realize debt restructuring. According to the diferent core conditions, enterprise debt restructuring can be divided into high-quality operation and management mode, technology leading mode, and debt-to-equity mode. Te research results reveal the mechanism behind enterprise debt restructuring and provide a reference basis for the government and creditors to make corresponding decisions in the debt restructuring process.


Introduction
In the context of the continuous decline in global economic growth, enterprise debt in various countries remains high, the liquidity of enterprise assets decreases, and asset loss intensifes, leading to a signifcant decline in enterprise asset competitiveness. Debt risk has become one of the main economic and social risks in various countries worldwide. After the outbreak of the international fnancial crisis in 2008, the sharp increase in global debt far exceeded the economic growth rate, while China, as the second largest economy in the world, its enterprises' nonperforming assets and debt difculties became more and more serious, the ecological economic environment continued to deteriorate, and the probability of decision-making mistakes increased, resulting in fnancial difculties. Chinese enterprises have fallen into a serious peak of high debt and debt restructuring. Debt restructuring is an efective means to avoid enterprise bankruptcy. From the perspective of creditors, when an enterprise falls into a debt crisis, if a debt enterprise chooses bankruptcy liquidation, it will produce a large number of sunk costs and lose the interests of creditors. Debt restructuring can efectively solve enterprises' fnancial difculties and debt crises and maintain social stability [1]. In the process of debt restructuring, there are multiple participants and alternative ways of participation are diferent. Terefore, the success of debt restructuring is the result of the synergistic efect of multiple factors. Decision-making in the process of debt restructuring is a complex decision-making process to measure many factors [1][2][3]. Hundreds of Chinese companies have successfully avoided bankruptcy liquidation by participating in debt restructuring. Tere are still many difculties in the implementation of debt restructuring, such as the complexity of each debt restructuring and the long duration of some debt restructuring events.
Reviewing the literature related to debt restructuring found that the research on the relationship between debt restructuring and enterprise characteristics is mainly focused on the following two categories. Te frst category mainly studies the factors that afect the choice of a debt restructuring strategy. Relevant scholars have found that government aid and policy support can help enterprises survive the debt crisis. Rahman found that the government assistance strategy signifcantly impacts China's economy to delay the debt crisis and the choice of enterprise debt restructuring [4]. Lee examined the political impact of the debt restructuring of the Korean auto industry, focusing on the power relations among the multiple players involved in the debt restructuring of the bankrupt auto company Daewoo Motor Corporation [5]. Te other mainly analyzes the choice of enterprises' debt restructuring strategy. Some scholars have examined the strategies chosen by enterprises in the face of fnancial difculties. Chatterjee et al. conducted an empirical test on companies in fnancial distress and compared their restructuring methods [6]. Koh et al. examined the strategies enterprises choose when facing fnancial distress and provided evidence that these choices are afected by the enterprise's life cycle, and also examined whether how companies face fnancial distress afects the likelihood of recovery [7].
Considering the above research results, it is found that the existing literature usually uses a single method to study the choice of debt restructuring or to analyze the single factors that afect the way of debt restructuring. However, there is a lack of research on the impact of multiple factors on debt restructuring in many cases. Tere is a lack of research on the combined efects of multiple factors on debt restructuring in various situations. Te fuzzy set qualitative comparative analysis method is suitable for diferent levels of case studies, which can study multiple cases and explore the impact of multiple factors on debt restructuring. Because every debt restructuring of enterprises is complex, each enterprise has diferent operation methods or means to participate in debt restructuring, and a large number of debt restructuring cases have been accumulated in reality, in which the scale of enterprises is uneven. Moreover, the main business of diferent enterprises and the degree of the debt crisis are also diferent. Tis situation cannot meet the need for theoretical guidance in the practical application of debt restructuring decision-making [3]. At present, there is an urgent need to sort out these scattered cases, summarize the selection rules of debt restructuring strategies for debt enterprises with diferent characteristics, and formulate a universal debt restructuring plan so as to provide reference and reference for various subjects to implement debt restructuring. Based on this, this paper is based on the confguration point of view and analyzes an in-depth analysis of 25 debt restructuring enterprises in China using the method of fsQCA. By constructing the truth table, this paper summarizes the relationship between the diferent allocations of seven prerequisites and debt restructuring and fnds out the decision-making law of multiagent debt restructuring under the joint action of multiple factors. Explore the chain efect of multiple factors on debt restructuring and the relationship between diferent confgurations composed of antecedent conditions and debt restructuring, reveal the law of strategy selection for enterprises with diferent characteristics to participate in debt restructuring, fnd ways to improve the success rate of enterprise debt restructuring, and refne the core elements that promote the success of enterprise debt restructuring. Te research results provide useful inspiration for enterprise managers and provide a reference basis for the scientifc decision-making of the government and creditors. Te research structure of this paper is as follows: Section 1 is the introduction, Section 2 introduces the research framework of the paper, Section 3 is the research design, including the introduction of research methods, the introduction of case selection and data sources, the selection of outcome variable, antecedent condition, and the construction of truth table, Section 4 is the result analysis, and Section 5 is the conclusion.
Te innovations of this paper are as follows: (1) from a confguration perspective, this paper reveals the strategy selection rules of enterprises with diferent characteristics to participate in debt restructuring, fnds the path to improving the success rate of debt restructuring, extracts the core elements to promote the success of enterprise debt restructuring, discusses the comprehensive infuence of various factors on the combination of diferent interests produced by debt restructuring and the chain reaction among various factors, which provides correct theoretical guidance for promoting the success of debt restructuring. (2) Te fuzzy set qualitative comparative analysis (fsQCA) method is used to better interpret the content structure and logical mechanism behind enterprise debt restructuring. Debt restructuring is a complex process, and the single causal path logic of conditional variables is no longer suitable for the in-depth understanding of the complex infuence mechanism of independent variables on dependent variables, so it is impossible to accurately explain the complex process of the relationship between related variables. It is impossible to explain the complex infuence process of the combination relationship between variables and diferent confgurations on the evolution of the resulting variables and the evolving situation. Terefore, in this paper, using the fsQCA method is more conducive to revealing the complex causal relationship between enterprises with diferent characteristics to participate in debt restructuring decisions. (3) Tis paper summarizes the experience of the choice of enterprise debt restructuring strategy with a new method, provides theoretical support for debt restructuring, enriches the theoretical system of debt restructuring, and flls the gap in the theory of multiagent decision-making of debt restructuring. It plays an important role in expanding the relevant theories of multiagent decision-making of debt restructuring and enriching the relevant literature. Tis study is essential in promoting the smooth realization of debt restructuring. Provide enterprise managers with measures to improve the ability of enterprise crisis prevention, and provide a reference basis for the government and creditors to make scientifc decisions in the debt restructuring process.

Research Framework
From the strategy choice of each participant, this paper fnds that the implementation of debt restructuring will be affected by multiple factors. In general, it is divided into two levels: the individual condition level of the enterprise and the strategy implementation level of each party. Te frst level is the level of individual conditions of enterprises. Enterprise operation and management problems and poor capital turnover will lead to an economic crisis [6]. Government support and enterprise capital structure, development prospect, will afect the way of debt restructuring [6][7][8]. Te second level is the strategy implementation level. Te paper reviewing relevant literature, it is found that the choice of enterprise restructuring is the result of multiple factors. How to choose the appropriate way of restructuring according to the specifc circumstances of the enterprise is the focus of the study [6][7][8][9]. At present, the strategies of debt restructuring mainly include debt relief, debt-to-equity swaps, and government support [8,9].
To sum up, it is found that the combined efects of the two elements in the existing research on debt restructuring have not yet been clarifed. In view of this, this paper analyzes how to combine and match the seven elements at two levels to maximize the success rate of enterprise debt restructuring, as detailed as follows.

Individual Condition Level
2.1.1. Leading Enterprise Technology. Technology is the foundation of an enterprise and the core element of leading enterprise strategy. Leading technology is the driving force and core competitiveness of enterprise development, and it is related to the development space of enterprises [10,11]. Even in the face of the debt crisis, enterprises with advanced technology still have certain market recognition, development expectations, and competitive advantages [12]. Trough debt restructuring, companies can retain core values and technologies to the greatest extent possible [13]. In the process of debt restructuring, technology-leading enterprises have a high degree of restructuring value and a solid restructuring foundation. Te study found that if the enterprise has development potential, such as advanced technology and technical level, the creditor tends to choose the debt-to-equity swap strategy when participating in the debt restructuring, and the government will also give particular support [8].

Sundown Industry.
Te global economy has entered a transition period. Traditional industries have struggled to develop with serious excess capacity in the complex market competition and constantly updated demands. In contrast, emerging industries such as new energy and Internet information technology have good prospects for development [13,14]. When such enterprises carry out debt restructuring, they can more easily occupy market shares and improve their proftability by taking advantage of the industrial environment. On the contrary, when the enterprises in the sunset industry carry out debt restructuring, in the environment of the overall depression of the industry, the operating efciency is weakened, which increases the difculty of the debt restructuring process [15]. When debt restructuring occurs, it is essential to explore the infuence of enterprises in diferent prospective industries on the strategic choices of each party. Some studies have found that if the prospect of the industry where the enterprise is located is good and the main business is in line with the development of national policy, creditors will choose to participate in the debt restructuring in the form of debt-to-equity swap.

Short-Term
Debt and Long-Term Investment. Te debt situation of enterprises afects the enthusiasm of each party to participate in debt restructuring. In order to expand their business scope and occupy market share, some enterprises will make short-term loans to some institutions, thereby investing much money in acquiring other enterprises. Shortterm borrowings have relatively short terms, while longterm investments have longer terms to generate returns, putting companies under enormous cash fow pressure. Relevant studies have found that the higher the proportion of short-term borrowings in the total assets of the company, the greater the risk of the enterprise's stock price crash and the greater the liquidity risk when the enterprise's borrowings are repaid [16]. Te short-term loans of enterprises will signifcantly afect the asset quality and proftability of enterprises, resulting in an imbalance in the fnancing structure of enterprises and increasing the risk of enterprises falling into a fnancial crisis [17,18]. When short-term loans cannot be repaid on schedule, the enterprise falls into a debt crisis and has to restructure its debts. Relevant literature believes that when a company has a large number of shortterm borrowings, the enterprise hopes that the creditor will choose a debt relief strategy for debt restructuring [16][17][18].

Management Problems.
Enterprises have a good management model, which is related to the future development of enterprises and is essential to the development of enterprises. A good management model can lead enterprises to continue to move forward according to the target strategy [19]. When an enterprise has management problems, it will seriously afect its operation efciency and make its capital structure chaotic. It is difcult for enterprises to operate normally, enter a rigid situation, and lose their position in the market competition, which brings huge risks to enterprises and leads to a debt crisis. Relevant literature fnds that business problems will have to afect the way of debt restructuring, and creditors will choose diferent strategies according to specifc circumstances [8][9][10]. Collett et al. [20] analyzed the operating conditions of small Finnish enterprises that turned losses into profts through debt restructuring and the efectiveness of the Finnish system in promoting the recovery of small and medium-sized enterprises. Using the method of sending questionnaires to managers of restructured failed SMEs, it is found that poor management, unfavorable macroeconomic high debt, and unfavorable microeconomic environment are the leading causes of the debt crisis [20].

Debt Relief.
Debt relief is a common strategy used by enterprises to restructure their debts. Debt relief means that in debt restructuring, creditors give certain debt relief to Complexity enterprises out of emotional care, policy requirements, or to withdraw the borrowed funds as soon as possible. Lei et al. used experimental methods to study the efectiveness of debt relief, and the study found that debt relief is a more efective tool for reducing debt [21]. Trough debt relief, the debt of enterprises is reduced, the adjustment and development of enterprises are accelerated, and the market competitiveness of enterprises is improved. When the technology of the enterprise is backward and the development prospect is poor, in order to withdraw funds as soon as possible, the creditor will choose the debt relief strategy to make the enterprise repay as soon as possible. Related research has found that the debt relief strategy is more likely to occur in enterprises with the background of government support [9].

Debt-to-Equity Swap.
Debt-to-equity swap is one of the main ways of debt restructuring, debt-to-equity swap can adjust the balance of assets, and liabilities of an enterprise can be adjusted [22]. Debt-to-equity swap is a mutually benefcial option for both creditors and debtors, which swaps do not ofset liabilities but help debtors temporarily get through difcult times. Debt enterprises can relieve debt pressure through debt-to-equity swaps and save time for the reorganization and development of enterprises. At the same time, creditors also gain management rights and reduce sunk costs. Relevant studies have shown that debt-to-equity swaps can enhance enterprise fexibility and improve enterprise asset liquidity [23]. When the industry in which the enterprise is located has a good development prospect, creditors are more inclined to choose the debt-to-equity swap strategy. Relevant literature shows that it is difcult to carry out the debt-to-equity swap strategy when enterprises have backward technology, excess production capacity, a large backlog of short-term loans, and the operating industries are contrary to relevant national policies [24]. For some enterprises with management problems, when the creditors choose the debt-to-equity swap strategy, they can correct the management problems of the debt enterprises and provide technical and management support.

Government Participation.
National macro policies will have a signifcant impact on enterprise debt restructuring. At present, there are two voices about the government's participation in debt restructuring. One believes that in the process of debt restructuring, government participation will help to reduce restructuring costs so that debt enterprises can get out of trouble as soon as possible and resume normal operations. Relevant research shows that government participation will have an impact on the choice of debt restructuring methods. Wu and Liang analyzed the impact of the political relationship of A-share listed companies on debt restructuring from 2011 to 2014 and studied that companies with political backgrounds are more likely to carry out debt restructuring [25]. Another voice believes that government participation will afect the governance level of enterprises, reducing resource allocation efciency, breaking enterprises' internal balance, reducing their own value, affecting enterprise operations, harming the interests of participants, and hindering economic growth [26]. Mo and Jiang explore how political relations afect the relationship between debt restructuring and enterprise investment [27]. Kam et al. found that government ownership has a negative efect on the dilemma-resolution process because it distorts resource allocation, managerial incentives, and investment decisions in a liberalized and competitive environment [28]. Terefore, from a holistic perspective, this paper provides a reference for the government to participate in debt restructuring in a cooperative manner.

Fuzzy Decision-Making.
Fuzzy decision-making is a research hotspot in the current decision-making feld and has wide applications in practical decision-making [29][30][31][32]. In order to solve the uncertainty, inaccuracy, and uncertainty in standard decision evaluation, relevant scholars have studied the hesitant fuzzy linguistic term set [29]. In the context of large-scale group decision-making, the generation of online evaluation analysis and collective preference assessment plays a key role in obtaining accurate and reliable alternative rankings [30,31]. Dong et al. combined relevant theories and digital green innovation characteristics of target investment projects with building a framework system for photovoltaic building materials enterprises to select investment projects and proposed a dynamic intuitionistic fuzzy multi-attribute group decision-making method that considers the interaction between attributes [32]. Chen et al. designed a refned assessment system for measuring the maturity of projects in the design and construction stages based on information modeling [33]. Li et al. believe that in group decision-making problems, in the case of complex decision-making environment and limited decision-making knowledge, decision-makers may give incomplete hesitation and fuzzy language preference relations [34].
Debt restructuring is a multicriteria group decisionmaking. Tis paper aims to maximize the interests of all parties involved in debt restructuring to achieve a balance of interests so that all parties can reach a consensus. In order to reach a consensus, relevant scholars proposed a bargaining game feedback mechanism driven by trust relationship [35]. Ji and Wu build an overlapping community-driven feedback mechanism for improving consensus in social network group decision-making, enabling the inconsistent subgroups to minimize the consensus cost [36]. Zhang and Li proposed some models for consistency improving and consensus reaching by considering the PISs of decision makers [37].

Research Methods.
QCA transcends the boundaries of qualitative analysis and quantitative analysis and is a caseoriented research method. QCA methods can give explanations without excluding exceptions or outliers. Qualitative comparative analysis is divided into two categories: clear sets and fuzzy sets [38,39]. Te clear set is to calibrate the original data to 0 or 1 by software, where 0 means that a certain condition does not belong to a certain set, and 1 means that a certain condition completely belongs to a certain set. Fuzzy set is more widely used and more practical. Fuzzy set is to explore the degree to which a condition belongs to a certain set [39][40][41]. After obtaining all the possible antecedent condition confgurations, several combinations of logical conditions with the most explanatory power are selected by evaluating the consistency and coverage of these antecedent confgurations. Finally, the antecedent condition confgurations most likely to lead to the results are obtained. In qualitative comparative analysis, consistency refers to the degree of relationship between each antecedent confguration and the logical condition combination of the original research material. Te value range is between 0 and 1, with an ideal state approaching 1.
Tis paper uses the fsQCA method to explore the main reasons for the performance of enterprise debt restructuring. First, this study meets the requirements of the fsQCA method for the joint action of many factors. Debt restructuring is a complex system with the joint action of many factors, and the success of enterprise debt restructuring results from the synergistic efect of many factors. Te independent consideration of such conditional variables as technology leadership, sunset industry, debt relief, short-term debt, long-term investment, and enterprise management issues needs to explain the content structure and logical mechanism behind enterprise debt restructuring. A single causal path logic is no longer suitable for indepth understanding of the complex infuence mechanism of independent variables on dependent variables, so it is impossible to accurately explain the complex process of the relationship between related variables. It is impossible to explain the complex infuence process of the combination relationship between variables and diferent confgurations on the evolution of the resulting variables and the evolution situation. Terefore, the fsQCA method is used to form antecedent conditional confguration and confguration paths. Te second, although other methods can test the confguration relationship, the most signifcant limitation of these methods is that they need to be able to efectively identify the interdependence, confguration equivalence, and causal asymmetry among conditional variables. Te traditional econometric analysis methods require data sample size to have a specifc size, while the requirement of the fsQCA method for sample size is between large samples and conventional case studies [39]. Tis paper takes 25 debt restructuring enterprises as research samples, and the sample size is suitable for this method. Tird, the path of enterprise debt restructuring is not unique. Te combination of diferent conditional variables may lead to the same result. Te qualitative comparative analysis of fuzzy sets can analyze the infuence of the combination of multiple factors on the results and fnd the confguration relationship and the same goal among many factors. Fourth, the sensitivity of fsQCA analysis in causal complexity analysis makes it more advantageous than regression analysis in small and medium-sized sample case analysis. Te fsQCA method has more advantages than other types of QCA analysis techniques. As most of the causal conditions in this paper are continuous variables, the fsQCA method can more fully fnd the subtle infuence caused by the change of antecedent conditions at diferent levels.
Te advantage of the fsQCA method is that it helps to reveal the direct and complex causality of the strategic choices of enterprises with diferent characteristics to participate in debt restructuring, which the traditional statistical methods do not have [42]. Te fsQCA method helps to explore multiple concurrency relationships among multiple conditional variables. Secondly, the fsQCA method can identify the path to improve the success rate of enterprise debt restructuring, and multiple confgurations will be formed among multiple antecedents of enterprises with diferent characteristics, and these confgurations may lead to high-quality debt restructuring. Finally, the fsQCA method infers the causal relationship between conditional variables and result variables through set relations rather than correlations. Te limitation of fsQCA method is that it is difcult to obtain clustering conclusion when the sample size is large. Te degree of dependence of the outcome variable on the conditional variable can be determined by the size of the consistency index. Te formula is as follows:

Data Sources.
Tis study takes the debt restructuring enterprises in China as the research object, takes debt restructuring as the keyword, and searches 43 related cases of small and medium-sized enterprises participating in debt restructuring on the Internet as the frst-class candidate case study database. After that, according to the case selection principle of the QCA method, that is, to ensure the maximum heterogeneity of the overall case, the specifc process of debt restructuring enterprises in each province in each year is screened and summarized and comprehensively understand the characteristics of each enterprise and debt restructuring strategy. Te sample data missing in the implementation of debt restructuring by enterprises were removed to form a research database of 25 cases required for this study [43,44]. On the premise of considering the adequacy of the sample size, this paper ensures that the sample covers successful and unsuccessful enterprise debt restructuring samples to meet the theoretical construction needs of fsQCA. Te enterprise debt restructuring samples are shown in Table 1.

Outcome Variable.
Te outcome variable of this paper is the degree of success of enterprise debt restructuring. Make an overall comprehensive comparative analysis of the proftability, solvency, and operational capacity of enterprises before and after the debt restructuring, and code the success degree of debt restructuring. Te top 50% of enterprises are coded as 1, and the bottom 50% of enterprises are coded as 0.

Antecedent Condition
(1) Degree of Technological Leadership. In this paper, we use whether the enterprise has obtained the national and provincial level high-tech qualifcation certifcation, as well as scientifc and technological research and development, such as R&D expenditure as the basis for measurement. Te enterprises that meet all the above conditions are assigned a value of 0.67, the enterprises that only meet one of them are assigned a value of 0.33, and the enterprises that do not meet the above conditions are assigned a value of 0.
(2) Sunset Industry. An industry whose overall rate of return is lower than the average yield of return of each industry is defned as the sunset industry. Te industry whose overall yield is higher than the average yield of each industry is defned as a sunrise industry, and the industry in between is defned as an intermediate industry. Te value of the enterprises belonging to the sunset industry is 0, the value of the enterprises belonging to the intermediate industry is 0.33, and the defnition of the enterprises belonging to the sunrise industry is 0.67.
(3) Degree of Debt Relief. Te debt relief degree of an enterprise is measured by the ratio of the amount of debt relief granted by creditors to the total liabilities of the enterprise. Tis paper uses the upper and lower quartile methods to determine the anchor point.
(4) Short-Term Debt and Long-Term Investment. By analyzing the balance sheet and cash-fow statement of enterprises, we can sum up the fnancial problems existing in enterprises. It is found that some enterprises grant short-term loans to some institutions, thus acquiring other enterprises, which makes the enterprises face great cash fow pressure [16]. In this paper, the existence of shortterm debt and long-term investment in enterprises is regarded as a dichotomy condition. Te existence of this kind of situation is defned as 1, and the nonexistence is defned as 0.
(5) Degree of Debt-to-Equity Swap. In this paper, the debt-toequity swap degree of an enterprise is measured by the ratio of the number of creditors' rights converted to equity and the total debt of the enterprise [44]. Tis paper uses the upper and lower quartile methods to determine the anchor point.
(6) Level of Government Involvement. When the government participates in debt restructuring, the government provides certain support to enterprise debt restructuring. When the government gives policy support and fnancial support to enterprises, the value is 0.67. When the government only gives policy support or only fnancial support to enterprises, the value is 0.33, and when the government does not participate in debt restructuring, it is defned as 0.
(7) Enterprise Management Problems. In this paper, the management problems existing in the business process of enterprises are regarded as a dichotomy condition. Combining the three fnancial statements of the enterprise and identifying the operational management problems through the calculation of several core indicators. When an enterprise has a management problem, it is defned as 1, and if it does not exist, it is defned as 0.

Variable Calibration.
In the fsQCA analysis, each antecedent condition variable and outcome variable constitutes a set. Each case study has its own membership score in these sets, and the process of assigning membership scores to each case is the process of calibration. According to the existing theories and relevant experience, following the mainstream QCA research methods, this study uses the direct calibration method; that is, the calibration function in the fsQCA software is used to calibrate the data to convert the data into fuzzy membership. In this paper, when converting the sample data to the set membership, it is necessary to presuppose the location of three critical values, namely the fully membership point, the intersection point, and the completely nonmembership point. Te converted membership is between 0 and 1. Tis paper uses the upper and lower quartile methods to identify three anchor points for seven conditional variables and one outcome variable [39][40][41]. According to the data type of each antecedent condition and outcome variable, the data are converted into fuzzy membership scores, and the calibrated variables are shown in Table 2. Table Construction. Tis paper encodes 25 enterprise debt restructuring events based on the principle of dichotomy. After the assignment, a combination of 7 explanatory variables (the degree of success in enterprise debt restructuring, sunset industry, debt relief, short-term debt and long-term investment, management problem, debt-to-equity swaps, and the level of government participation) and outcome variables (success of enterprise debt restructuring) are obtained. In the implementation of fsQCA analysis, we refer to the mainstream practice, set the threshold of consistency rate and case frequency, screen out unqualifed cases, select qualifed cases, and fnally form a truth table composed of 20 cases as the basis of QCA analysis, as shown in Table 3.

Necessity Analysis of Single Condition.
In this study, the fsQCA3.0 software was used. Tis paper frstly tests whether each condition variable constitutes a necessary condition for successful and unsuccessful debt restructuring. If a certain condition always exists in the result of the occurrence, it can be judged that the condition is a necessary condition for the result [39,40]. Te consistency index can refect the dependence of the outcome variable on the condition variable. Te degree of explanation of conditional variables to the results can be judged by the degree of coverage. When the consistency index value is greater than 0.9, it can be considered that this condition variable is a necessary condition for the outcome variable. Tis paper makes a sufcient and necessary analysis of the conditions for the successful and unsuccessful debt restructuring of enterprises. As shown in Table 4, none of the 7 conditions constitute sufcient and necessary conditions for the result. Tis shows that the success and failure of enterprise debt restructuring are afected by many factors rather than a single element, and the synergistic efect between various conditions should be further explored.

Conditional Variable Combination Analysis.
Conditional variable combination analysis is to explore the sufciency of the combinations of seven conditional variables to the results. Trough fsQCA3.0 software operation, three diferent solutions will be output, including complex solution, intermediate solution, and simplifed solution.
Referring to the relevant literature, this paper reports the intermediate solution and the simplifed solution, in which the simplifed solution plays an auxiliary role [40]. Table 5 shows the confguration analysis conditions of seven conditional variables on the successful debt restructuring of enterprises. Among them, • means the existence of the core condition, means the absence of the core condition, • means the existence of the auxiliary condition, and ⊙ means the absence of the auxiliary condition. In the fsQCA analysis, the core conditions only exist in the simplifed solution and intermediate solution, and the auxiliary conditions only exist in the intermediate solution [39][40][41]. Te simple solution and intermediate solution are shown in Tables 6 and 7.
Combined with the analysis of the output results of the fsQCA3.0 software, the path of successful debt restructuring presents diversifed results. Tere are 5 kinds of conditional confgurations in total, and the overall consistency is 0.9294, indicating that the 5 kinds of conditional confgurations are sufcient and necessary conditions for the result variable. Te overall coverage rate is 0.45, indicating that 5 conditions can cover 45% of cases. Table 5 shows that the raw coverage of all paths is higher than the unique coverage, indicating that there are support cases consistent with multiple causal paths [44]. For the fve confgurations presented in the table, the consistency of each solution is higher than 0.8, and the solution consistency is higher than 0.9, all higher than the minimum standard of 0.75. Terefore, the fve confgurations in the table can be regarded as a combination of sufcient and necessary conditions for the successful enterprise debt restructuring. Tere are fve confgurations (1a, 1b, 1c, 2a, 2b) that promote the success of enterprise debt restructuring, where a, b, and c represent the second-order equivalent confguration solutions with the same core conditions. Tere are the same core conditions in paths 1a, 1b and 1c, and the existence of short-term debt and longterm investment and the absence of management problems are the core conditions. Tere are the same core conditions in 2a and 2b, and the existence of technological leadership, debt relief, and the absence of short-debt long-term investment are the core conditions. According to diferent core conditions, this paper summarizes two modes: enterprises have high-quality management mode and enterprise technology leadership and debt-to-equity swap strategy mode.

Enterprises Have High-Quality Management Mode.
In confguration 1a, high short-term debt and long-term investment, low management problems as the core condition, high technology leading degree, low debt relief, high debt-to-equity swap, and low government participation as the edge condition. Confguration 1a shows that when the Complexity    8 Complexity enterprise has a leading technical level and is in a good state of operation, it can make up for the disadvantage of short-term debt and long-term investment, and the government can save resources and not participate in the debt restructuring process. At this time, creditors choose the debt-to-equity swap strategy to increase the success rate of debt restructuring. Te regression case shows that Huge Auto Trading Group is a famous national brand, the enterprise itself has a complete production and processing chain, and the operation is in good condition. However, the enterprise has the problem of heavy expansion, a large number of acquisitions and investments in other enterprises, consuming a large number of funds, resulting in the difcult operation of enterprise funds, into the debt crisis. Trough negotiation with creditors, the creditors agreed to implement the debtto-equity swap strategy, which reduced the enterprise debt, prompted the enterprise to overcome the debt crisis, and successfully completed the debt restructuring.
Combining the core condition and marginal condition of confguration, the case is reanalyzed and explored. Tis paper believes that when the enterprise has advanced technology and no obvious management problems, the debtto-equity swap strategy is the preferred strategy for enterprise debt restructuring.
In confguration 1b, high short-term debt and long-term investment, low management problems as the core condition, low technology leadership, low sunset industry, high debt relief, low debt-to-equity swap, and low government participation as the edge condition. Confguration 1b shows that when the enterprise has no major operation and management problems, it can make up for the problem of short-term debt and long-term investment and the negative impact of the industry downturn. Creditors give certain debt relief in the process of debt restructuring. Te more the debt relief, the higher the probability of successful debt restructuring. At this time, the government does not need to participate in debt restructuring.
Te regression case shows that the main business of Guanghua Holding Group Co., Ltd. is light industrial products, chemical raw materials and hardware department stores trade business, and the main business of Xinjiang Beer Flower Co., Ltd. is the sale of Beer fower products. Te main business of the two enterprises does not belong to the sunrise industry, in order to accelerate the development of enterprises, a large number of short-term loans borrowing for long-term investment behavior, resulting in large debt, and ultimately into the debt crisis. However, the enterprise is actively transforming, and there are no major problems in the operation process of the two enterprises. Te debt enterprise negotiates with the creditor, and the creditor agrees to reduce or exempt a part of the debt, so that the enterprise can successfully overcome the debt crisis and successfully achieve debt restructuring.
Combining the core condition and marginal condition of confguration, the case is reanalyzed and explored. Tis paper believes that when the main business of the enterprises does not belong to the sunrise industry with good prospects, but there is no obvious business management problem in the operation process of the enterprises, debt relief is the preferred strategy for enterprise debt restructuring.
In confguration 1c, high short-term debt and long-term investment, low management problems as the core condition, high technology leadership, high sunset industry, high debt relief, low debt-to-equity swap, and high government participation as the edge condition. Confguration 1c shows that when the enterprise has advanced technology, the industry has good prospects, and there are no major problems in the business process of the enterprise, the creditor will grant certain debt relief, and the government will participate in the debt restructuring in the process of debt restructuring. At this time, the greater the government's support, the more debts creditors can relieve, and the greater the chance of successful debt restructuring.
Te regression case shows that Sanjiu Group has advanced technology, its main business is the pharmaceutical industry, and the development prospect of the industry is good, but the crazy expansion of enterprises, resulting in increased business risk, into the debt crisis, the government in order to social and economic stability, will give some support, and creditors reduce some debt and promote the success of enterprise debt restructuring. • and ⊗ means the existence and absence of the core condition, •and ⊙ means the existence and absence of the auxiliary condition, and "space" means that the condition may exist or be absent.  Combining the core condition and marginal condition of confguration, the case is reanalyzed and explored. Tis paper believes that when enterprises have advanced technology, good prospects for their main business, and no obvious management problems, government participation and debt relief strategies are the preferred strategies for enterprise debt restructuring.

Enterprise Technology Leadership and Debt-to-Equity
Swap Model. In confguration 2a, high technology leadership, low short-term debt and long-term investment, and high debt-to-equity swaps as the core condition, low sunset industry, low debt relief, high business management problems, and high government participation as the edge condition. Confguration 2a shows that technology is the foundation and driving force of an enterprise. When an enterprise has advanced technology, the enterprise has greater value and can make up for problems in enterprise operations. At this time, the government participates in debt restructuring, and creditors are also willing to share in enterprises with advanced technology and implement debtto-equity swap strategy.
Te regression case shows that Sichuan Lutianhua Co., Ltd. actively learns international frst-class technology and has national-level large-scale technology centers and scientifc research institutions such as doctoral stations. It is a well-known national brand, and its main business of the enterprise is the synthesis of chemical fertilizer products such as ammonia and urea. Tis enterprise does not belong to an emerging industry. Afected by the general economic environment, the business situation of the enterprise has problems. In order to avoid a greater crisis for the enterprise, the government provides certain support for debt restructuring, and advanced technology of the enterprise can bring confdence to creditors, and creditors are willing to choose the debt-to-equity swap strategy.
Combining the core condition and marginal condition of confguration, the case is reanalyzed and explored. Tis paper believes that when enterprises have advanced technology and good prospects, they can make up for the management problems of the enterprises, and debt-toequity swap is the preferred strategy for enterprise debt restructuring.
In confguration 2b, high technology leadership, low short-term debt, and long-term investment, high debt-toequity swaps as the core condition, high sunset industry, low debt relief, high business management problems, and low government participation as the edge condition. Confguration 2b shows that when the enterprise has advanced technology and the industry prospect is good, it can make up for the problems in the operation of the enterprise. At this time, the government does not need to participate in debt restructuring to save resources, and creditors are willing to share in such enterprises and implement a debt-to-equity swap strategy.  • and ⊗ means the existence and absence of the core condition, •and ⊙ means the existence and absence of the auxiliary condition, and "space" means that the condition may exist or be absent.

Complexity
Te regression case shows that Erzhong Group Heavy Equipment Co., Ltd. is one of the most important suppliers of clean green energy equipment materials in China. Te enterprise's main business has good prospects and plays a leading role in China's heavy machinery industry. However, due to the problems in the business conditions of enterprises and the debt crisis, debt restructuring is needed. Because the enterprise has advanced technology and good prospects, creditors are willing to choose debt-to-equity swaps strategy.
Combining the core condition and marginal condition of confguration, the case is reanalyzed and explored. Tis paper believes that when enterprises have advanced technology and good prospects, they can make up for the management problems of the enterprises, and debt-toequity swap is the preferred strategy for enterprise debt restructuring.

Robustness Analysis.
Te robustness test of QCA can use a variety of methods, among which the more common methods include adjusting the setting of relevant parameters, such as adjusting the calibration basis, adjusting the consistency threshold, changing the data, and so on. Ten, the adjusted data are analyzed again to evaluate the reliability of the results according to the change in the results. If the adjustment of the parameter setting does not make substantial changes in the composition of confguration structure and the solution consistency and coverage, the analysis results can be considered to be robust [40]. Tis paper uses the adjustment of the anchor point, and the calibration anchor point is shown in Table 8. After that, the adjusted calibration anchor point is reanalyzed, and the obtained confguration structure is shown in Table 9. Te adjusted confguration and solution coverage and solution consistency in Table 9 have basically no substantial changes compared with the previous ones, indicating that the results are reliable.

Conclusion
Tis paper selects seven indicators of technological leadership, sunset industry, debt relief, short-term debt and long-term investment, business management issues, debtto-equity swaps, and government participation as the antecedent condition to study the success of enterprise debt restructuring. Taking the case of 25 Chinese enterprises that have completed debt restructuring as research samples, this paper uses the fuzzy set qualitative comparative analysis method to excavate the infuence of various factors on the choice of debt restructuring strategy and the chain reaction between various factors and summarizes the diferent characteristics of enterprises to participate in debt restructuring strategy selection rule, through this rule to help participants choose the appropriate strategy. By constructing the truth table, this paper makes the combined analysis of various conditional variables, identifes the path for enterprises to successfully complete debt restructuring, and fnds out the multidimensional factors afecting the success of enterprise debt restructuring. Te research results show that a single condition is not a necessary condition for enterprises to successfully complete debt restructuring but is afected by a combination of multiple factors. Te two types of models formed by the fve second-order confgurations, that is, the high-quality management model of the enterprise, the technological leadership of the enterprise, and the strategy of debt-to-equity swap, can promote the successful completion of the debt restructuring of the enterprise. Trough the study of enterprise debt restructuring by the method of fuzzy set qualitative comparative analysis, it is found that when the enterprises have advanced technology and no obvious management problems, the debt-toequity swap strategy is the preferred strategy for debt restructuring. When the industrial prospect of enterprises is general, but there are no obvious management problems in the operation process, the debt relief strategy is the preferred strategy for the enterprises to carry out debt restructuring. When the enterprise has advanced technology, good industrial prospects, and no obvious management problems, government participation and debt relief strategies are the preferred strategies for enterprises to carry out debt restructuring. When enterprises have advanced technology and can make up for the existing business problems of the enterprise, government participation and debt-toequity swap strategies are the preferred strategies for the enterprise to carry out debt restructuring. When enterprises have advanced technology and good industrial prospects, it can make up for the existing business problems of the enterprises. At this time, the debt-for-equity swap strategy is the preferred strategy for enterprises to carry out debt restructuring. It can be seen that the enterprise's technological leadership capability and good management mode are the key conditions in the fve confgurations. Terefore, enterprises should continuously strengthen their own technical level and improve their own business philosophy, which is the core element to promote the success of enterprise debt restructuring. Te research results of this paper provide a reference for enterprise managers to make reasonable decisions, provide measures for enterprise managers to improve their ability to prevent enterprise crises, and provide a basis for the government and creditors to make scientifc decisions in the process of enterprise debt restructuring. It plays an important role in promoting the smooth realization of debt restructuring.
It should be noted that although this paper has covered many infuencing factors, it may not be comprehensive enough and does not include digital technology, social infuence, green innovation ability, and other factors. Future research can be detailed in this aspect. Secondly, due to data limitations, this paper does not broaden the sample selection, only 25 enterprises are selected as samples, and future research can collect more data on debt restructuring enterprises. Finally, limited by static data and time series QCA method needs to be improved, this study only carried out cross-sectional analysis. In the future, longitudinal data can be collected to explore how the dynamic changes of diferent infuencing factors afect the performance of enterprise debt restructuring.

Data Availability
Te data used to support the fndings of this study are available from the corresponding author upon request.

Conflicts of Interest
Te authors declare that they have no conficts of interest.