Research On The Selection Of Zombie Enterprise Rescue Methods

As the world's largest producer of chemicals,China's chemical industry is closely related to economic development,people's life and national defense construction,and occupies an important position in the industrial economic system.Due to the deterioration of the economic environment and the severe overcapacity of the industry in the long run,many chemical industry enterprises in China have suffered from the difficulties and financial risks in succession,gradually becoming the zombie enterprises.In the context of supply-side structural reform,DE-Capacity and addressing zombie enterprises are our primary missions.Therefore,the research on the selection of zombie enterprise rescue methods is significant.This paper adopts inductive method and case study method to analyze the zombie status and causes of the case enterprise,and studies the selection of zombie enterprise rescue methods.Based on the definition of zombie enterprise,this paper first identifies the chemical industrial zombie enterprise through the zombie index proposed by Liu Mei and introduces the case enterprise Weifang Yaxing Chemical Co.,ltd,and systematically studies the zombie status of the company that lays the foundation for the selection and suggestion of the rescue method.After that,the dissertation put forward the concept and classification of zombie enterprise rescue methods,and analyzes the choices of previous rescue method and the reason for the termination before implementation.Lastly,the article proposes selection basis of zombie enterprise rescue modes,combining with the case enterprise's situation and other enterprises' successful experience to put forward that the enterprises should choose the rescue method of mergers and acquisitions and reorganization,and puts forward related proposals.Specifically,Yaxing Chemical should choose assets that can exert maximum synergistic effect and spin off inefficient assets,and select the recombinant party with operational experience.Large shareholders acquire decentralized equity,and enhanced control may be more conducive to the promotion of the rescue plan;Governments should reduce excessive intervention in zombie enterprises,acting as "coordinators" rather than "masters".