Research On The Choice Of Disposal Methods Of "Zombie Enterprises" Based On Enterprise Core Competence

Since China proposed the supply-side structural reform,“Three Reductions,One Lowering and One Compensation” has become the focus of government work,and it has become the key to revitalizing the market vitality and improving the economic development efficiency.Clean up "zombie enterprises",resolve overcapacity,achieve quality and efficiency,and become a necessary link in the supply-side structural reform."Zombie enterprises" have caused serious harm to China's economy,environment and society.For example,occupying a large amount of social resources(land,capital,etc.),reducing the use of resources,disrupting market order,hindering market development and reducing the quality of economic development.Therefore,it is of great theoretical and practical significance to study the choice of disposal methods of “zombie enterprises”,to provide useful suggestions for their disposal,and to realize the early retreat of “zombie enterprises”.This paper sorts out the literature on "zombie enterprises" and core competitiveness,and understands the current research status.Through literature review,it is found that there are few studies on the disposal methods from the inside of the enterprise.As we all know,the core competitiveness is the performance of the company's ability to sustain development in the future.Therefore,this paper will deal with the disposal methods of “zombie enterprises” from the perspective of core competitiveness.According to the research content,this paper introduces and calculates the identification of “zombie enterprise” and the evaluation system of enterprise core competitiveness index,and identifies the “zombie enterprise” among A-share listed companies.And it evaluated the core competitiveness of A-share listed companies,completed the preliminary data processing work.Through the Logit model,the impact of core competitiveness on “zombie enterprises” is studied,and based on the research results,the basic steps of the “zombie enterprise” disposal method selection from the perspective of the core competitiveness of the enterprise are determined,and the relevant “zombie enterprise” disposal is proposed.The main conclusions are as follows:First,the core competitiveness of enterprises will have a significant impact on the emergence of China's "zombie enterprises." Specifically,when the core competitiveness of an enterprise increases,the probability that a company becomes a “zombie enterprise” will decrease.When the core competitiveness of a company is weak,the probability that a company will become a “zombie enterprise” will rise.That is to say,the core competitiveness of enterprises is negatively correlated with the emergence of “zombie enterprises”.Second,this paper measures the core competitiveness from the aspects of scale,operation and innovation,and studies the relationship between these three aspects and the “zombie enterprise”.It turns out that the impact on the “zombie enterprise” is determined by the operational capacity and scale.Competitiveness and innovation capabilities have gradually increased.And the relationship between the three and the "zombie enterprise" is negatively related.In other words,whether it is the improvement of operational capabilities or the improvement of scale competitiveness,or the improvement of innovation capabilities can help companies reduce the probability of becoming a "zombie enterprise." The innovation ability of the three is the most obvious influence on the “zombie enterprise”,which also shows the importance of innovation to the development of the enterprise.Third,based on the above research,this paper proposes three steps for the choice of treatment methods.First,understand whether the direction of the company's development is in line with national industrial policies.If the industry in which the enterprise is located is an overcapacity industry and does not meet the development direction of the country,then the enterprise should choose to withdraw from the market.Secondly,judge whether the enterprise has core competitiveness,if it does not mean that the enterprise cannot obtain in the fierce market competition.The competitive advantage will inevitably be eliminated by the market.Therefore,such enterprises with weak self-development and debts will also face elimination;Then,we will examine the company from the aspects of operation,scale and innovation,understand the advantages of the company,foster strengths and avoid weaknesses,and choose the most appropriate disposal method to maximize the advantages.