Identification And Exit Route Selection Of Zombie Enterprises In China's Steel Industry

After decades of rapid economic development,China is now in the economic transition period,more attention to the quality of economic development.In order to promote the optimization and upgrading of the industry,the policy of supply-side structural reform was proposed,among which "cutting capacity" is the most important of the five tasks of the reform,and it is the problem of "zombie enterprises" that is solved.The existence of a large number of "zombie enterprises" in China,on the one hand,has brought risks to the financial system that cannot be underestimated,on the other hand,it is also very unfavorable to the economic transformation and the optimization of industrial structure.The main problem of zombie enterprises is overcapacity.Eliminating zombie enterprises is cutting capacity,and solving the problem of zombie enterprises can better promote the supply-side structural reform,which is also in line with China's current national conditions.China's steel industry is one of the industries with a serious overcapacity problem,so the number of zombie enterprises is relatively large.This paper takes this industry as the research object and analyzes the exit plan of zombie enterprises in the steel industry.First of all,this paper sorted out the theory,mainly involving domestic and foreign scholars on the "zombie enterprise" research theory,on this basis combined with the actual conditions of China to identify the "zombie enterprise" in China's steel industry.Zombie enterprises in this paper according to the specific situation in the process of using a variety of standard,found in 2014 and 2015,the steel industry to develop into an unprecedented crisis,zombie companies reached a peak in the two years,the number of steel enterprises,this paper identified 14 these enterprises and other enterprises to carry out the comparison of various aspects,including profitability,solvency,indicators such as blood transfusion rate,development ability,results show that there are large difference between the two types of enterprise's financial indicators.Then,from the perspective of cutting capacity,this paper provides solutions for the exit path of "zombie enterprises",such as going concern,termination of operation,etc.Specific solutions take the actual operating conditions of enterprises as a reference to make appropriate choices.Finally,this paper chooses chongqing iron and steel as a case to analyze.