Study On Bankruptcy Reorganization Of "Zombie Enterprises" And Its Effect

Over the past 40 years of reform and opening up,China's economy has experienced a long period of rapid growth.However,due to the global financial crisis in 2008,the development is slow or even stagnant,and overcapacity has become the development condition of most enterprises in China.Since then,a large number of"zombie enterprises" have appeared in China.The two major priorities of the state assets reform in 2018 are the reorganization of central enterprises and the disposal of zombie enterprises.In this context,it is of great significance to discuss the handling methods of zombie enterprises in the current central enterprises,and to take the opportunity of the current macro-economic situation to put forward the solution path of "dealing with rigidity and treating difficulties".At present,the research on bankruptcy reorganization in Chinese academic circles mainly stays in the empirical research,and there are few researches on specific enterprise bankruptcy reorganization.This paper analyzes the bankruptcy reorganization process of NJTC,and analyzes the application of "3+1" mode in the bankruptcy reorganization process of NJTC.Through the analysis of the process of the bankruptcy reorganization of NJTC,this will enrich the relevant research on the bankruptcy reorganization.The research on the effect of bankruptcy reorganization of NJTC can provide practical experience for the research on the effect of bankruptcy reorganization of "zombie enterprises".Under the current economic background,this paper discusses the bankruptcy reorganization of "zombie enterprises" and its effect by taking the case of NJTC,"the first state-owned enterprise delisting".This paper studies the bankruptcy reorganization and its effect of zombie enterprises through literature research,case analysis and financial index analysis.This paper is divided into six parts:The first chapter is the introduction,which mainly introduces the research background and significance,research content and methods and the innovation points of this paper.The second chapter is literature review,respectively in domestic and foreign aspects of zombie enterprises and bankruptcy reorganization of the relevant research,and the literature review.Chapter three is the research foundation of "zombie enterprises" bankruptcy reorganization,and summarizes the definition of "zombie enterprises",the causes of formation and its treatment and the theoretical basis of bankruptcy reorganization.Chapter four is the case introduction of the bankruptcy reorganization of NJTC,mainly introduces the background,identification of zombie enterprises,the reorganization plan and implementation.Chapter five is the analysis of the effect of the bankruptcy reorganization of NJTC,mainly analyzing the corporate governance change,financial performance,financial distress degree,zombie enterprise re-identification and the effect of bankruptcy reorganization.Chapter six is the conclusion,enlightenment,suggestion and narrates the limitation of the research.