Study On Disposal Path And Effect Of "Zombie Enterprise"

The existence of a large number of "zombie enterprises" occupies rich social resources,but does not create any economic benefits,which hinders the development of new companies,and makes China’s overall economic efficiency continue to decline.Since China has carried out supply-side structural reform,how to properly dispose of zombie enterprises has become the focus of our government.The COVID-19 pandemic has had a global impact,severely affecting the economies of various countries and turning a large number of enterprises with poor economic performance into zombie enterprises.Speeding up the clearing of zombie enterprises and activating social resources has become a top priority,so it is of practical significance to study the identification and disposal of zombie enterprises.Based on the literature review of zombie enterprises at home and abroad,this paper selects Salt Lake shares as the research object.First of all,it introduces the institutional background,the current situation of the market and the disposal path of zombie enterprises,and then briefly introduces the basic situation of Salt Lake shares,defines its zombification,and analyzes the reasons for Salt Lake shares to become zombie enterprises from the perspectives of enterprises themselves,external environment,banks and the government.Then,it expounds the bankruptcy reorganization disposal path implemented from 2019 to2020,analyzes the disposal effect from the perspective of financial risk,market reaction,financial performance and stakeholder impact,and analyzes its success and shortcomings.In terms of financial risk,through the use of Z-Score model index data,excessive debt ratio and solvency index data,it is found that the financial risk of Salt Lake shares is significantly reduced after bankruptcy reorganization.In terms of market reaction,the impact of the bankruptcy reorganization of Salt Lake Shares on the stock market is positive,which is also illustrated by the closing price rise of 306% on the first day of trading after the re-listing of Salt Lake shares on August 10,2021.In terms of financial performance,the profitability of Salt Lake shares has been enhanced after bankruptcy reorganization.In terms of stakeholder impact,the bankruptcy reorganization of Salt Lake shares protects the interests of creditors,minority shareholders and employees.In the process of bankruptcy reorganization,the protection of creditors’ interests,the implementation of debtor self-management mode,and the measures of government departments to promote the implementation of bankruptcy reorganization are worthy of reference,but there are also problems such as a long delay in debt payment,imperfect legal system related to bankruptcy reorganization,and imperfect information disclosure system.Finally,this paper summarizes the research content and draws some enlightenment.Through the case study of bankruptcy reorganization of Salt Lake stock to get rid of zombified,this paper believes that the disposal plan of Salt Lake stock is successful.When disposing of other zombie enterprises,the appropriate disposal path can be selected according to the actual situation,and the disposal experience of Salt Lake shares can be used for reference,and the debt pressure of enterprises can be reduced through the conversion of capital reserves to shares,and the support of the government can be used to promote bankruptcy reorganization.