| A zombie firm is an enterprise that is in a crisis that should have withdrawn from the market,but is still able to survive with the help of the bank or the government.In November 2015,the two standing meetings of the State Council all proposed to accelerate the restructuring and integration of zombie firms or the withdrawal of the market.Zombie firms have the characteristics of high debt rate and inability to repay.Its financial performance is not able to make ends meet,and its competitiveness is very weak,but it occupies a large number of social resources.Such enterprises can not invest in technology,product innovation and so on,but they take up resources and lead to unfair competition,which not only disturbs the market order,but also hinders the development and upgrading of the industry.In order to optimize the allocation of market resources and promote the healthy development of the industry,it is urgent to control the zombie firms.The system of bankruptcy reorganization plays an important role in saving enterprises,recovering the economy and maintaining social stability,and is an effective way to control zombie firms.In practice,when bankruptcy reorganization is applied to reorganize botnets,according to the actual situation of enterprises,different ways of reorganization can be adopted in the process of formulating the reorganization plan: firstly,the introduction of new strategic investors to inject new vitality into enterprises is the introduction of a number of joint investment capital,and it has the advantages of decentralized investment risk,and optimize enterprise management.Another way is to choose an investment,merger of zombie companies,which has high efficiency to achieve a greater degree of integration and optimization of resources.Only one investor can reduce the agency cost while the disadvantage is the investment amount of demand is higher,the larger investment risks.The two ways are not to introduce new strategic investors,but to adopt debt to equity swap.For the zombie firms in the transition period,the debt to equity swap can provide a buffer period for the transformation of the enterprises in transition,and reduce the burden of the transformation.Based on literature review of zombie enterprises,we have a comprehensive and thorough understanding of zombie enterprises.Meanwhile,we apply bankruptcy reorganization and combine with the actual situation of China to quickly and efficiently clear zombie enterprises.In this paper,through the analysis of the bankruptcy reorganization,Shanghai super solar wind photoelectric annexation,Wuxi Suntech and Huarong energy debt summarized absolute excess industry of zombie enterprises transition can only gain vitality,but debt way provides a buffer period for the enterprise to zombie transformation,and the relative excess capacity of the enterprises in the industry can be improved the corporate governance structure by introducing a new investment way,realize the integration of enterprise resource optimization.Finally,from the three angles of the government,the enterprise and the bank,the suggestions on the application of the bankruptcy reorganization to the zombie firms are put forward. |
