| Since the expansion of the new third board market in the country,the number of listed companies showed growth spurt,the scale of financing and expanding trade is bigger,the market system is being perfected.However,the new board also has a lot of problems,the lack of liquidity in the market,a large gap among the performance of listed companies,the differentiation of the grim situation,the number of investors is small,which reduce market activity etc..In order to improve market liquidity,reducing the difficulty of monitoring and improving investors' choosing accuracy,hierarchical system of the new third board market came into being.After the hierarchical system,enterprises of base layer and enterprises of innovation layer are separated,for a large number of of "zombie" enterprises with long-term losses in the base layer,will face great challenges.Its brand and investors attention drops.Its financing is more difficult.Using the method of comparative analysis and data statistics,based on the existing literature on the definition and identification of zombie companies and the characteristics of the enterprise itself of the new third board market,we put forward the definition of the new board of "zombie" enterprises,and a method to identify the new board of zombie companies.According to the new board "different types of zombies" enterprise,We explored the reasons of forming and put forward the corresponding countermeasures for three new board "zombie" hierarchical enterprises to cope with the challenges.This paper first introduces the related concepts and theoretical basis,and then analyzes the situation of China's new board "zombie" enterprises,including three new board "zombie" enterprise recognition,status quo and causes of formation,including bank loans or equity,government subsidies to support its poor management and the new board delisting system which is not perfect.According to the different natures of "new three zombies" enterprises,countermeasures are given,improve their management,merger and reorganization and delisting.And then we analyse the case of the sixth elements merging Wuxi Graphene Film,exploring the feasibility of the external conditions needed through merger and reorganization about "self-help" of three new board "zombie".We put forward the corresponding suggestions and countermeasures about merger and reorganization process and the existing problems of "zombie" enterprises of new three board.Finally,the paper draws the corresponding conclusion.Different types of new three board "zombie" enterprises should take different ways to deal with it,and the marketization is a characteristic of the new three board "zombie" enterprises different from the main board zombie enterprises. |
