Empirical Study On The Bankruptcy Reorganization Of "Zombie Enterprise" In China

In recent years,the problem of "zombie enterprise" is one of the most difficult problems in the process of economic development in China."Zombie enterprise" has survived on the government's "blood transfusion" and bank credit support,which seriously affected the effective allocation of resources and the orderly development of the market economy.In 2015,the Central Economic Work Conference emphasized that the supply-side structural reform should be promoted and "zombie enterprise" should be actively and properly dealt with.The judiciary should create the conditions for implementing market-based bankruptcy procedure in accordance with the law.Clearing up "zombie enterprise" is an important part of the supply-side structural reform in our country.Solving this difficult problem is conducive to the smooth operation of our economy.In practice,mainly using trusteeship,mergers and acquisitions,bankruptcy(the bankruptcy reorganization is one of them)and other measures to deal with "zombie enterprise".The bankruptcy reorganization can exert more preventive and rescue functions than other measures.In order to explore the judicial status quo of bankruptcy reorganization of "zombie enterprise",this paper collects and collates 55 typical cases,and conducts empirical study with samples as example to summarize the different treatment methods taken by the courts in the bankruptcy reorganization of "zombie enterprise".This paper tries to analyze the problems in the bankruptcy reorganization process based on the exploration of different disposal methods to put forward some suggestions for reference.In addition to the introduction and conclusion,this paper is divided into four parts:The first part introduces the definition and distribution of "zombie enterprise".At present,the international community does not have an authoritatively definition of "zombie enterprise".The definition of "zombie enterprise" in China is only proposed for the situation in practice.Therefore,the concept of "zombie enterprise" needs to be explored.How to accurately and reasonably identify "zombie enterprise",which involves the defining standard of "zombie enterprise".Secondly,it introduces the distribution of "zombie enterprise" in our country,in order to understand the status quo of "zombie enterprise" in our country.The second part is the case combing.This section selects a total of 55 typical cases issued by the Supreme People's Court on the trial of bankruptcy cases in accordance with the law to promote supply-side structural reform typical cases and issued by courts in Hunan,Shenzhen,Jiangsu and other places.It summarizes the disposal methods adopted by localcourts in the bankruptcy reorganization procedures through these sample cases.The third part analyzes the existing problems in the process of bankruptcy reorganization of "zombie enterprise".This section summarizes four issues from the judicial practice of bankruptcy reorganization: It is difficult to balance the interests of relevant entities in bankruptcy reorganization.The relevant provisions of the Enterprise Bankruptcy Law are not sound.The manager selection mechanism is imperfect.The credit repair problems is prominent after bankruptcy reorganization.The fourth part is the legal countermeasures for the bankruptcy reorganization of "zombie enterprise".This section aims at the aforementioned problems in the process of bankruptcy reorganization of "zombie enterprise",and puts forward some pertinent suggestions.Improving the coordination mechanisms of the relevant interested entities in the disposal process of "zombie enterprise".Realizing the organic connection between "Enterprise Bankruptcy Law" and other related laws.Exploring the pre-reorganization system and improving market-oriented debt-for-equity swap mechanism to deal with "zombie enterprise".And constructing the credit repair mechanism of bankruptcy reorganization so that "zombie enterprise" be able to regain freshman.