| For a long time,reforming the state-owned enterprises deeply,is a key strategic objective to promote the healthy and rapid development of China’s economy,has appeared in government work reports many times.The concept of supply-side structural reform was first put forward by General Secretary Xi Jinping in 2015.Once it was put forward,it was widely recognized and became the core policy leading the current government work.After the Fifth Plenary Session of the Eighteenth Central Committee,promoting the development of supply-side structural reform has become the focus of our government’s work.Government departments have shown unprecedented determination and enthusiasm in dealing with "zombie enterprises".The survey results show that most of the "zombie enterprises" belong to state-owned enterprises.The main reason is that state-owned enterprises have many employees and large scale,and occupy a dominant position in the national economy.Therefore,it is easier for private enterprises to obtain credit support from banks and government than ordinary private enterprises.Even if they fall into financial crisis for many years,they can still survive.However,due to the extremely high asset-liability ratio and poor solvency of "zombie enterprises",it is easy to cause economic losses to creditors.In addition,the existence of "zombie enterprises" has seriously damaged the order of market economy,aggravated the overcapacity burden of the industry,while consuming a large number of social resources but unable to produce corresponding benefits,it has oecupied the social resources of excellent enterprises and restricted their development.Therefore,in order to ensure the healthy development of China’s economy and deepen the reform of state-owned enterprises in an all-round way,we must speed up the process of market clearance of "zombie enterprises".In this context,it is of great significance to explore the financial methods for dealing with "zombie enterprises".This paper is divided into the following five parts:The first part is the introduction.First,introducing the significance and background of this study,then introducing the research methods used in this paper,and finally pointing out the innovation of this paper.The second part is literature review and related basic theory introduction.This part first gives the characteristics and definitions of "zombie enterprises",then makes a concrete analysis of the financial methods used to deal with "zombie enterprises" at home and abroad,including the introduction of the contents of the three financial methods of merger,reorganization,trusteeship,bankruptcy and withdrawal,and their respective application.Through the comparison of the three financial methods,it comes to the conclusion that bankruptcy and withdrawal is the main way to deal with"zombie enterprises".Finally,it explores the relevant basic theories on the disposal of "zombie enterprises",mainly involving principal-agent theory,debt restructuring theory,merger and acquisition restructuring theory and budget soft constraint theory.It is found that the theory of soft budget constraint reasonably explains the root cause of the outbreak of "zombie enterprises".The incessant supply of credit preferences to"zombie enterprises" by banks or governments is the key factor to induce its formation.Financial methods such as merger and acquisition,bankruptcy reorganization and bankruptcy liquidation can properly improve its operating conditions,optimize the structure of creditor’s rights and liabilities of enterprises,and provide reference for the following research.The third part is the analysis of the current situation and causes of "zombie enterprises".Firstly,this paper analyses the distribution characteristics of the number of "zombie enterprises" from the two dimensions of industry and ownership,and briefly summarizes the financial problems commonly existing in "zombie enterprises" and the harm that "zombie enterprises" cause to society.Then through in-depth analysis of the causes of the formation of "zombie enterprises" in China,it is found that the root causes of the emergence of "zombie enterprises" in China are the late industrialization and the outbreak of the international financial crisis,the incomplete reform of state-owned enterprises,the intervention of non-market factors and the ineffective exit mechanism.The fourth part is the case analysis of the bankruptcy reorganization of Yunwei Co.,Ltd.Firstly,it introduces the basic situation of the company,including the control relationship between Yunwei shares and its actual controllers and main subsidiaries.Then it explains the reasons for choosing Yunwei shares,briefly describes the zombie process of the company,and describes the specific process of barkruptcy reorganization,including the identification of "zombie enterprises",the reasons for choosing bankruptcy reorganization scheme and the shortcomings of bankruptcy liquidation.Finally,the Enlightenment of this case is smmunarized.The fifth part is the suggestions and prospects for the disposal of "zombie enterprises".This part puts forward some suggestions on how to deal with "zombie enterprises" from the perspectives of enterprises’ own management and government’s reducing intervention and strengthening guidance.It is pointed out that enterprises should follow the principle of "implementing measures according to their enterprises",analyze their debts according to the actual situation,establish the reorganization objectives and implementation steps,and ensure the success of the reorganization of enterprises.Finally,it points out the shortcomings in the research process and looks forward to the future work of dealing with "zombie enterprises".This paper holds that,since most of the "zombie enterprises" in China belong to state-owned enterprises or enterprises controlled by state-owned enterprises,adopting the "one-size-fits-all" approach in a general way will not only greatly increase the unemployment rate of labor force and increase the economic losses of creditors,but also affect government tax revenue,which is not conducive to maintaining social stability and economic development.Compared with bankruptcy liquidation,reorganization can minimize the loss of all creditors and help enterprises to rebirth.Of course,it is not that bankruptcy liquidation is not advisable in all cases,but that we should adopt a "one-enterprise-one-strategy" approach in the light of the specific situation of each enterprise.Restructuring should be given priority in determining the hope of rebirth of an enterprise,and bankruptcy liquidation can be considered if it finds that there is no hope of rebirth after analysis. |
