Salvation Of Zombie Enterprises

In 2016,the State-owned Assets Supervision and Administration Commission officially proposed to clean up zombie enterprises through “self-reform” and strive to basically complete the main task of “zombie enterprise” disposal by 2020.Local governments at all levels began to clean up zombie enterprises in an orderly manner.For enterprises with overcapacity and long-term losses that do not meet national energy consumption,environmental standards and quality and safety,take measures to shut down,transfer or divest and restructure;for enterprises that have experienced losses of more than three years and do not meet the structural adjustment direction,they should be “cleaned up” through asset restructuring,property rights transfer,and bankruptcy closure.The corporate coalition government handles zombie enterprises through mergers and acquisitions,custody,support development and bankruptcy.However,due to China’s specific national conditions,the disposal of zombie enterprises involves a large scale and a large number of employees,and faces many problems after disposal.The rescue of “zombie companies” has also become a key issue for scholars.Based on this background,this paper uses the literature reference method,case study method and quantitative analysis method to study the rescue of the current Chinese zombie enterprises.This paper selects "*ST Changlin Re-listing Event" as a research case for zombie enterprise rescue,and evaluates the effect of zombie enterprise rescue with the enterprise vitality index system.Through the establishment of enterprise vitality evaluation system,the effects of salvation of zombie enterprises are analyzed from the three dimensions of survivability,growth and regenerative,summarize the need for improvement in the process of disposing of zombie enterprises in China,and give a feasible experience.Based on the research boom of “zombie enterprises” in China,this paper selects *ST Changlin as a case of zombie enterprise being rescued,and analyzes the specific cases of “zombie enterprise” disposal.I hope that the zombie enterprise can be summarized from the specific case analysis.The experience of salvation provides specific rescue methods and practical experiences for the rescue of zombie companies in China.