The Formation Of Zombie Firms And The Legal Regulation On It

The problem of zombie firms is one of the most serious problems in the development of current market economy in China,from the perspective of economic law,the form of zombie firms and the difficulties of cleaning up zombie firms reflects the double failure of both market regulation and macro-control.Therefore,it is of great theoretical and practical significance to study legal issues on the form of zombie firms from the perspective of economic law,and then analyze reasons of double failure of both market regulation and macro-control,finally puts forward corresponding countermeasures combining theoretical and practical analysis.In addition to the Introduction and Conclusion,this paper is divided into four parts:The first part is the connotation analyzing of zombie firms.Based on the understanding of zombie firms in academic and practice circles in various fields at home and abroad,this part puts forward the concept of zombie firms combined with the specific problems of Chinese zombie firms and the requirements of law research,and expounds the features of zombie firms from the perspective of the subject,the state of existence and the reasons for the existence,analyzes the harm caused by zombie firms for legitimate rights and interests of the creditors,market resource allocation,the market competition order and the local financial stability.The second part is the analysis of the form of zombie firms.In this part,the author makes a research on the reasons of the form of zombie firms from the particularity of potential zombie firms and its influence on public interest,government interest and bank interest and other aspects.The third part is the he system barriers to prevent the form of zombie firms.From the perspective of law and economics and the interests of relevant subjects,this part reveals the system barriers to prevent the form of zombie firms.And basing blindness of government and bank behavior,the consequences of harm are not the original judgment and the dilemma of government and banks after the form of zombie firms,this part proposes the idea of forming legal regulation to prevent zombie firms.The fourth part is the legal countermeasures and suggestions on preventing zombie firms.On the basis of above study,this part starts from the obstructing reasons of the form of zombie firms and promoting market to exit legal system,and proposes legal countermeasures and suggestions to establish a potential monitoring mechanism,reform the management system of business exception list,give full play to the function of legal system of bankruptcy reorganization and establish a lifelong responsibility of administrative decision in specific rules aspect,as well as legal countermeasures and suggestions to normalize government intervention on enterprises and to deepen marketize development of state-owned enterprises in macroeconomic policies aspect.