Study On The Bankruptcy Reorganization Of "Zombie Enterprise"

In recent years,"zombie enterprises" is a major problem encountered by China in the process of economic development.It relies on the government's “blood transfusion” and bank renewal loans,which seriously hinders the effective allocation of resources to the market and affects the sound development of the economy.Promoting the structural reform of the supply side and actively disposing of "zombie enterprises" is conducive to the smooth operation of China's economy.In the communiqué of the 2015 Central Economic Work Conference,"the guidelines for mergers and acquisitions and less bankruptcy and liquidation should be made as much as possible".Bankruptcy reorganization is more effective than reconciliation and liquidation procedures in preventing and rescuing functions.It is recognized as one of the best systems for saving enterprises worldwide,and promotes the “zombie enterprise” bankruptcy reorganization and the central government proposes “three to one The goal of "complementing" is also more appropriate."Zombie enterprise" as the object of bankruptcy reorganization is more special than the average bankrupt enterprise.Although the provisions on the bankruptcy reorganization system in the Enterprise Bankruptcy Law apply to the bankruptcy reorganization of “zombie enterprises”,there are still problems of insufficient supply of the system,and it is difficult to cope well with the “zombie enterprise” in the process of bankruptcy reorganization.Key issues involved.This article tries to make an in-depth exploration of the characteristics,causes and status of the "zombie enterprise",and puts forward the issues that need to be paid attention to in the "zombie enterprise" bankruptcy reorganization process,and puts forward some suggestions for reference.In addition to the introduction and conclusion,the main body consists of the following five parts:The first part is the interpretation of the connotation of "zombie enterprises." On the basis of summarizing the understanding of “zombie enterprises” in academic circles and practice circles at home and abroad,this paper reinterprets the social and economic goals of China's current “clean-up and disposal” of “zombie enterprises” and the institutional background of this study.The connotation of zombie enterprise;from the geographical distribution of the research object,industry ecology,scale,ownership,the characteristics of China's "zombie enterprise" are elaborated,pointing out the danger of the existence of "zombie enterprise" to the market economic order.The second part is the analysis of the reasons for the formation of “zombie enterprises”.From the perspectives of improper government intervention,bank irrational renewal,and market economy legal system,this paper elaborates on the formation mechanism of “anatomy” and “zombie enterprise” under the intervention of the above factors.The third part is the analysis of the status quo of the "zombie enterprise" reorganization practice.The author has compiled the "Typical Cases on the Structural Reform of the Supply Side of the Bankruptcy Case in Accordance with the Law" issued by the Supreme People's Court and the "Typical Cases of National Bankruptcy".At the same time,on the “Peking University” website,“Bankruptcy Reorganization” was used as the key word to search for a total of 45 cases,and the sample cases were statistically analyzed and analyzed according to different criteria.Based on this,we explored the “zombie enterprise” in China."The status quo of reorganization.The fourth part is based on the analysis of the "zombie enterprise" in the first three chapters.Combined with the judicial practice of bankruptcy reorganization,the author proposes that the "zombie enterprise" reorganization boundary is not identifiable,the financial debt restructuring method is restrictive,and the compulsory approval The power regulations are not clear,and the problems of credit repair are four problems.The fifth part is the focus of this paper,the legal countermeasures for the bankruptcy reorganization of "zombie enterprises".It mainly proposes to establish a "zombie enterprise" bankruptcy reorganization review mechanism,improve the system of compulsory approval,improve the market-oriented debt-to-equity swap mechanism,explore diversified reorganization methods,and construct bankruptcy reorganization credit repair mechanism in order to better Realize the social and economic goals that the “zombie enterprise” will be reorganized.