A Case Study Of Bankruptcy Restructuring Of Zombie Enterprises

Under the background of promoting supply-side structural reform in China,the disposal of zombie enterprises has become an important part of the reform.Zombie enterprises often refer to those enterprises that have been in poor management,but can survive by the continuous "blood transfusion" of the government or banks.On the one hand,the existence of zombie enterprises tends to cause further imbalance between supply and demand in their industries,resulting in a decline in product prices,which will drag down the entire industry.On the other hand,the higher asset-liability ratio of zombie enterprises will occupy a large number of social financial resources,and promote the increase of the probability of financial risk.Then,how to make zombie enterprises choose the appropriate exit path and effectively exit the market has become an urgent problem to be solved.Firstly,this paper introduces the research content,significance and research methods of the article,and then collates the relevant literature about zombie enterprises and bankruptcy reorganization at home and abroad in recent years.Then,it selects Shanghai Chaotian Sun Co.,Ltd.as a case company to analyze the causes and financial indicators of its "rigidity",and pays attention to the process of bankruptcy reorganization of the case company.Cheng He's organizational structure and financial performance changes after successful bankruptcy reorganization.Finally,through the analysis of the case company's bankruptcy reorganization process,the corresponding conclusions and enlightenment are drawn.This paper studies the case company through case analysis and comparative analysis.First of all,the introduction of the first part elaborates the background,significance,content and research methods of the relevant research,and through the study of domestic and foreign literature,lays a certain theoretical foundation for the writing of the article;because the case company Sunshine is a zombie enterprise in the photovoltaic industry,so the second part briefly outlines the general situation of the photovoltaic industry and the definition and recognition of zombie enterprises.The third part introduces the development process of the case company,analyses the causes and fuses of its rigidity,while the fourth part analyses the plan and economic structure of the case company's bankruptcy reorganization.Finally,the paper discusses the relevant conclusions and countermeasures through the case analysis.The innovation of this paper is to select the enterprises in the photovoltaic industry which were seldom selected before as case companies to provide experience for the future bankruptcy reorganization of similar enterprises.By comparing the financial situation of the case companies before and after the bankruptcy reorganization for seven years,the paper analyses how the enterprises can recover to a state of operation after the success of the bankruptcy reorganization,and judges whether the bankruptcy reorganization is a bankruptcy reorganization or not.