The Construction And Application Of Zombie Enterprise Zombie Index

In the context of China's new normal economy,overcapacity becomes the key to restrict economic transformation and upgrading.To push forward supply-side structural reform,"de-capacity" is the top of the five major structural reform tasks.In May 2017,xi jinping,the secretary of the central economic and economic leadership group,pointed out that to remove excess capacity is to handle "zombie businesses." In order to promote the transformation and upgrading of China's economic structure,disposal of zombie enterprises is the key to the remove production capacity.The existence of a large number of zombie enterprises violates the benign mechanism of market economy.They not only hinder the allocation efficiency of social resources and economic sustainable development,reduce industry productivity,and lead to insufficient innovation ability,induce financial risks,and industrial transformation and upgrading is difficult to achieve.The improper disposal of zombie enterprises can also cause a lot of economic risks such as unemployment of the workforce and banking crisis.Therefore,to solve the problem of zombie enterprises,we should first define the definition and criteria of zombie enterprises and conduct effective classification for different zombie enterprises.Based on the definition and characteristics of zombie enterprises,this article amends the definition of zombie enterprises,in this paper,we choose the eight characteristic variables of return on net assets,asset-liability ratio,accounts receivable turnover,growth rate of operating income,blood transfusion rate,excess interest payment,accumulated loss time,accumulated blood-sucking time to determine and measure the zombies degree.Based on the data of Shanghai and shenzhen A shares from 2009 to 2016,the Logistic regression method was adopted to determine the relevant weight of the characteristic variables of the zombie enterprises,and construct the zombie index that was in line with China's national zombie enterprises.Zombie index can determine and measure the zombie companies,the quantitative standard for defining the zombies,the maneuverability is strong,the zombie index for determining results accuracy reached 90.94%,improve the zombies recognition accuracy and efficiency,and the index can be applied to measure the zombification degree of the enterprise,provide the basis for the disposal of zombie companies.The construction of the zombie index achieve the unified function of judging zombie enterprises,measuring the degree of zombie enterprises and the early warning of zombie enterprises,and improving the relevant research on the standard of zombie enterprise definition.Based on the characteristics of zombie enterprises and the degree of corporate zombification,this paper gives some Suggestions on the selection of market exit paths of zombie enterprises.