Research On Exit Path And Effect Of Zombie Enterprises In Chemical Industry ——Take LIUZHOU CHEMICAL INDUSTRY CO.,LTD As An Example

In recent years,with the gradual slowdown of China’s economic growth,the phenomenon of overcapacity has seriously affected the normal operation of enterprises in some industries.These enterprises have been adversely affected by the external environment,and their operating performance has gradually declined.This environmental change has also affected chemical enterprises,and some chemical enterprises have gradually transformed into "zombie enterprises".It is difficult to maintain normal operation by relying on their own operating ability alone.At the same time,they also bear a large number of debts that cannot be paid.They have to rely on external assistance to barely maintain,lose the ability of "hematopoiesis",and finally become dependent on external continuous "blood transfusion" to maintain their operation.This is"zombie enterprise".These zombie enterprises have not only lost their own development ability,but also caused noticeable damage to the sound development of China’s economy.Therefore,in order to speed up the disposal of zombie enterprises,it is imperative to find an effective method to deal with zombie enterprises..This paper takes the bankruptcy reorganization of Liuzhou Chemical industry as a case for analysis.Firstly,it briefly introduces the basic situation of Liuzhou Chemical industry,expounds the specific measures and plans for the implementation of bankruptcy reorganization from 2018 to 2019,and analyzes the main motivation of bankruptcy reorganization.Then,the effect of bankruptcy reorganization will be evaluated from two directions:financial indicators and nonfinancial means.Financial indicators refer to the analysis of the four capabilities of debt repayment,operation,profitability and development.Non-financial means refer to the analysis of the audit report issued by accounting firms and the performance of corporate social responsibility,supplemented by EVA analysis Asset Restructuring Effect Analysis and stock price change analysis to comprehensively evaluate the effect of bankruptcy reorganization of Liuzhou Chemical industry.Finally,three reasonable and universal suggestions are given for enterprise bankruptcy reorganization:first,the evaluation system of enterprise entry and exit should be established and improved;Secondly,we need to establish a diversified exit path for zombie enterprises;Finally,we should also optimize the policy environment for the exit of zombie enterprises.