| For recent years,the problem of over capacity has been increasingly serious.Over capacity has been the biggest issue during our country’s economic reform,especially after the "four trillion" economic stimulus in 2009.Over capacity occurs primarily in upstream industry of national economy,such as coals,steels,cements,and nonferrous metals,etc.In these industries,there are such problems as low industry concentration ratio,big scale of losses,insufficient capacity factor,and concentration of government capital.The Central Economic Working Conference(December,2015)proposed that the main economic work of year 2016 should centered on supply-side reform.Conference also proposed five work tasks as cutting overcapacity,deleverage,destocking,decreasing the cost and improving weak links,from which cutting overcapacity is the most important.The core of cutting overcapacity is to clear zombie enterprises.The capacity of zombie enterprises is from outside subsidies,so it should be cleared out.The top task of clearing zombie enterprises is to recognize them.Therefore,it is very essential to research how zombie enterprises form and how to recognize them under the whole economic transition background.According to the international common definition of zombie enterprise,it refers to enterprises with insolvency and ones keeping running by perpetual loan.They are characterized with losses,hemophagy and kidnapping.The researches about zombie enterprises became dynamically after 2000,mainly focusing on Japanese enterprises which depended on bank subsidies after the bursting of last century’s economic bubbles.The international most common research method is CHK Model which recognizes zombie enterprise by measuring enterprise’s actual expenditure interests and lowest payable interests.The way can check if the enterprise has loan subsidies.However,some qualified enterprises or enterprises with good development prospect can often get concessional loan from banks,which should not be confirmed as zombie enterprises in essence.Therefore,the above CHK Model exist a possibility of misjudgment.Moreover,CHK Model only inspects bank loans.Some invisible subsidies may be missed.Foreign scholars made some modifications on base of CHK Model.They created FN-CHK Model by adding earnings and sustainable loans standards,which reduced the faults in CHK Model.This essay uses CHK and FN-CHK Models to recognize zombie enterprises among Chinese listed companies and enterprises.Set listed companies as samples to inspect the distribution status of quantities and property of zombie enterprises,and then combining government subsidy and DEA Model ofthe production efficiencyfactors to inspect distribution status of quantities and property of zombie enterprises among the listed companies of steel industry.This paper is divided into six parts,the main logical framework includes:The first part introduces the research background and significance of this paper,this paper also makes a review of the literature on zombie enterprises at home and abroad,expounds the recognition andcauses of zombie enterprise,analysis exit mechanism;The second part takes 2008-2015 data from non-financial enterprises listed in all A share market listed companies as a sample,analyzes the distribution characteristics of Chinese zombie enterprises from the perspective of regional,ownership and the whole feature industry.And draws the following conclusions:The number of zombie companies and the size of their assets were first added and reduced between 2008 and 2015;The industry in which zombie enterprises are concentrated is generally dominated by state-owned enterprises;The number of zombie enterprises in the west and northeast is significantly higher than that in the east;State-owned zombie enterprises have the largest number of zombie enterprises and assets.The third part modifies the CHK model of the zombie enterprise recognition,considering the special of banks in China,government subsidy and the production efficiency;The fourth part takes 2012-2016 data of 22 companies from steel industry listed company as a sample,analyzes the distribution of zombie enterprises in steel industry with the CHK model after the index correction.It is concluded that the "football" distribution state of Chinese steel zombie enterprises is presented.Non-zombie enterprises and high level zombie enterprises account for less,and the middle level zombie enterprises account for the largest proportion;The fifth part analyzes the causes of zombie enterprises,the mainly reasons are institutional reasons,economic withdrawal and institutional withdrawal;The last part of this article is some Suggestions for dealing with zombie enterprises. |
PDF Full Text Request