Research On The Choice Of The Exit Paths Of Zombie Enterprise In Case Of Nuclear Titanium Dioxide

In recent years,the problem of zombie enterprises in our country is becoming more and more serious.The existence of a lot of zombie enterprises has led to the loss of market clearing function and aggravated the overcapacity phenomenon,which has also hindered the operation of healthy enterprises and worsened the overall efficiency of China's economy.To solve the "zombie enterprise" problem is not only a major theoretical topic,but also a very difficult practical problem.The key to the structural reform of the supply side is to clean up the zombie enterprises.Therefore,the research on the definition of zombie enterprises and the choice of exit path has certain theoretical and practical significance.Firstly,on the basis of comparing four representative zombie enterprise definition methods,this paper puts forward the optimization method of zombie enterprise definition,and uses this method to define the zombie enterprises in China's titanium dioxide industry listed companies in the past 2007-2016 years.Secondly,this paper chooses Nuclear Titanium Dioxide as an example,systematically analyses the rationality of the selection of mergers and acquisitions,trusteeship management and bankruptcy reorganization that Nuclear Titanium Dioxide has choosed on the four bases of the adjustment direction of the industrial structure,the degree of financial difficulities,the reconstruction of hope,and the requirement of social stability.Finally,the following conclusions are drawn by comparing the three exit processes:Number one,"rusteeship management +bankruptcy reorganization + M&A " is an effective way to save the zombie enterprises in bankruptcy plight.Number two,the high quality M&A party selected by zombie enterprises should be those who are committed to becoming bigger and stronger in the industry and have rich experience in operation and management.At the same time,we should master the relevant policies in advance to reduce the risk of policy approval.Number three,legal and reasonable cooperation agreements are the basis of successful cooperation.