Identification And Disposal Of Zombie Enterprises In Steel Industry

In the context of the current supply-side structural reform in China,how to effectively resolve the overcapacity has become an urgent problem to be solved,and the most critical task to solve this problem is to resolve the "zombie enterprise" problem and speed up the withdrawal of backward production capacity.To improve the efficiency of the use of social resources.The problem of overcapacity in iron and steel industry in China is especially serious,and the proportion of zombie enterprises is very high.Therefore,this paper adopts the method of case study to construct the identification method and classification and disposal mechanism of zombie enterprises in iron and steel industry.It is expected to provide valuable reference for China’s "capacity reduction" work.This paper comprehensively combs the relevant literatures at home and abroad,expounds the necessity of the research in this paper,introduces in detail the theory related to the production and disposal of "zombie enterprises",and on this basis,takes the merger and reorganization of Baosteel WISCO as an example,The identification methods and disposal methods of zombie enterprises in iron and steel industry in China are constructed and applied,and the application results are evaluated.Firstly,this paper constructs the identification method of "zombie enterprises" in the iron and steel industry of our country,that is to say,considering the influence of bank preferential credit and government subsidy,combining with the index of "blood transfusion rate" put forward in this paper,the identification of Baosteel and WISCO is carried out.The causes of "zombie" in WISCO are analyzed.Secondly,the classification and disposal path of "zombie enterprise" in iron and steel industry is constructed,that is,the disposal scheme is determined from three angles: whether the enterprise adapts to the direction of industrial development,the degree of asset predicament and the prospect of development.On this basis,the reasons why WISCO chose to withdraw from the market with the merger and reorganization of Baosteel were analyzed,and the process of merger and reorganization was introduced.Finally,this paper evaluates the merger and reorganization of WISCO from two angles of financial performance and efficiency of capacity reduction.It is found that Baosteel has basically completed the digestion of the huge assets and debts of WISCO after the reorganization,and the management performance is good.However,due to the short time since the completion of the merger,it is impossible to make an accurate evaluation of the results of its capacity reduction.From the point of view of long-term development,the paper only puts forward some suggestions for Baowu Group to continue to promote the work of eliminating production capacity.