The Research On The Causes And Disposal Of China's Coal Industry Zombie Enterprises

As the continuous progress of China's supply-side structural reform,the disposal of zombie enterprises has become the key to eliminate backward production capacity and accelerate economic transformation and upgrading.China's coal industry has outstanding overcapacity phenomenon and serious zombie problem.In this paper,25 A-share listed coal enterprises were selected as research objects,and literature research method,quantitative analysis method and case analysis method were used to conduct research on coal zombie enterprises' causes and disposal from both industry aspect and case aspect.Firstly,analyze the 11 zombie enterprises' zombification causes both from internal and external aspect,and then analyzes the selection of their disposal strategies one by one based on different causes.On the foundation of industry analysis,conducts research on zombification causes of the case company Xinji Energy,and evaluate the implementation effect of its merger and reorganization disposal strategy,in order to curb the formation of zombie enterprises and accelerate the clearance of zombie enterprises.Through the lucubration of zombification causes we got that: the root cause of coal zombie enterprises is the lack of profitability.The deep reasons for lacking profitability are the weak competitiveness,the unreasonable industrial structure and the low management level of enterprises.The root cause of case company Xinji Energy is that the industrial structure is unreasonable,and the single coal business has weak anti-risk ability;government subsidies and bank renewal are the direct causes of the coal zombie enterprises;the impractical exit mechanism is the deterioration cause of coal zombie enterprises.Based on different causes,the selection of the disposal strategy shows that: the enterprises with weak market competitiveness have no salvage value,and should choose the bankruptcy disposal strategy decisively;enterprises with stronger market competitiveness but weakly in industrial structure,should choose mergers and reorganizations or policies supports to upgrade the industrial structure;enterprises with stronger market competitiveness but weakly in management,choose the custody management disposal strategy,and rely on the management advantages of high-quality enterprises to get rid of the zombie dilemma.The case company Xinji Energy after been merged and reorganized,the industrial structure was rationally adjusted based on the advantages of the merger party,and the coal-electricity integration was realized.The short-term market reaction was good and the financial performance was significantly improved.Based on the research conclusions of this paper,it is suggested in cause perspective that enterprises should break the resources and environmental protection restrictions to enhance market competitiveness,increase the upstream and downstream industry joints to optimize the industrial structure,reduce government intervention and improve the exit mechanism;in disposal perspective,it is recommended to classify disposal according to different zombification causes,and vigorously promote mergers and reorganization between enterprises to enhance the industry concentration degree.