Research On The Strategic Transition Path And Effect Of Zombie Enterprises

In recent years,China’s economic growth has changed from high-speed growth to medium-high-speed growth,and the country has paid more and more attention to the negative impact of economic development.Among them,overcapacity is one of the important factors hindering the sustainable development of economy,and "zombie enterprises" are the products of overcapacity.Therefore,China has gradually introduced supply-side structural reform and other related policies to provide policy guidance and support to solve the problem of overcapacity.On November 4,2015,Premier Li Keqiang,presiding over the executive meeting of the State Council,clearly pointed out that "we should accelerate the restructuring and integration of zombie enterprises or withdraw from the market".The problem of zombie enterprises has also attracted increasing public attention.Zombie enterprises are not only facing difficult problems,but also occupying a large number of social resources and inappropriate government assistance to the financial and financial industry caused tremendous pressure.Therefore,it is urgent to study the strategic transformation path of zombie enterprises.This paper makes a concrete analysis of the identification criteria,formation reasons and strategic transformation path of zombie enterprises,which lays a foundation for guiding practice.Through the analysis of financial performance,we can more intuitively reflect the changes of repayment ability,profitability and operation ability of * ST Shun Ship before and after reorganization,which further proves the success of * ST Shun Ship’s strategic transformation.Finally,the following conclusions are drawn: Firstly,we should give full play to the guiding role of policy and government,taking into account economic and social interests.Secondly,enterprises should pay attention to internal control,strengthen the role of internal audit institutions,to maximize the value of creditors and shareholders.Thirdly,for different zombie enterprises,specific problems should be analyzed and different strategic transformation paths should be adopted.This paper combs the literature at home and abroad,and combines with the unique political and economic environment of our country,chooses the zombie enterprise named * ST company--* ST Shunshun,and carries out case studies to make a certain contribution to the literature research on how to manage the zombie enterprise and related capital operation.At this stage,finding effective ways to promote the strategic transformation of zombie enterprises has a decisive impact on improving the current economic environment in China.