Research On The Bankruptcy Reorganization Of Zombie Enterprise

With the transformation of China’s economy from a total economic model to a new normal economic model pursuing high-quality development,the problem of zombie enterprises has become increasingly prominent.Bankruptcy reorganization,as an enterprise bankruptcy procedure that can maintain the existence of the main body of the enterprise,and then stabilize the government tax and the employment of workers,has appeared in the domestic enterprise practice in recent years.By the end of 2019,more than 70 listed companies have announced bankruptcy reorganization in China.However,due to the immature bankruptcy reorganization system in our country,some senior executives or relevant personnel still have insufficient understanding of bankruptcy reorganization,and in the process of actually implementing bankruptcy reorganization,some enterprises do not pay attention to the long-term significance of rebuilding enterprises and correcting defects and errors in bankruptcy reorganization.Although they have completed the reorganization in procedure,they have not fundamentally solved the enterprise’s experience Battalion problem.Based on this,this paper attempts to provide some inspiration to scholars and practitioners on how to solve the zombie enterprise problem more efficiently through the research of bankruptcy reorganization system.This paper can be divided into two parts.The theoretical analysis part is based on the logic of solving the problem of zombie Enterprises:firstly,it analyzes the governance methods of zombie enterprises,secondly,it affirms the applicability of the bankruptcy reorganization system to the problem of zombie enterprises from the institutional level,and finally introduces the key factors and risk points of the implementation of the bankruptcy reorganization of zombie enterprises;the case analysis part is selected Taking the case of Chongqing Iron and Steel Co.,Ltd.as an example,this paper first analyzes the reasons why Chongqing Iron and steel became a zombie enterprise,and then affirms the effectiveness of its bankruptcy reorganization from the perspectives of cost and income,market influence and stakeholders.Finally,based on the above analysis,it summarizes the experience that Chongqing Iron and steel is worth learning from other enterprises in the process of bankruptcy reorganization and the relevant issues Suggestions for zombie corporate governance.