Zombie enterprise is economist Peter? An economic concept put forward by Coy refers to those indebted enterprises, which have no hope of regaining their vitality, but avoid bankruptcy because of the support of lenders or * * * *.
Zombie enterprises are different from problem enterprises that are in trouble because of problem assets, and can come back to life quickly. Zombie enterprises are characterized by the long-term and dependence of "blood-sucking". Giving up the aid to zombie enterprises may worsen the social situation, so they have the characteristics of kidnapping and extortion.
Question 2: Who are the "zombie enterprises"? When it comes to "zombie enterprises", some people mistakenly think that it is a sarcasm and sarcasm to difficult enterprises, which is unpleasant to hear and cannot be said. In fact, "zombie enterprise" is a very clear economic concept at home and abroad, which refers to an enterprise that has no viability and can only survive by loans or subsidies from its group.
There is also a "scary" misunderstanding, that is, treating large iron and steel groups that have lost money for a period of time as "zombie enterprises". Especially last year, according to the statistics of group caliber, most large state-owned steel groups were in a state of loss. Such a big loss and so many steel workers seem a little scary and helpless if they are treated as "zombie enterprises". In fact, an important reason for the losses of many large state-owned steel groups is that when they were ordered to engage in joint restructuring, they were burdened with "Lang Lang Pei". Nowadays, these merged subsidiaries have suffered huge losses, dragging major large enterprises into the loss mud pit. For example, Angang Group and Shougang Group have all become loss-making enterprises. Even a high-profit enterprise like Baosteel lost 7.55 billion yuan last year because of the merger of two subsidiaries, leaving only a profit of 65.438+0.4 billion yuan after breakeven, down 88.9% from 946.5438+0.8 billion yuan in the previous year. A company with the best benefit is dragged down into a low-profit enterprise, so it is not surprising that other large iron and steel groups become loss-making enterprises. It is obviously unscientific and unreasonable to regard these large groups as "zombie enterprises" without analysis. In fact, in a large steel group, there are both excellent enterprises and "zombie enterprises"; Within an enterprise, there are both effective production capacity and "zombie production capacity"; There are both varieties with good market prospects and varieties with poor market prospects. After careful analysis, there are not many real "zombie enterprises" or "zombie production capacity", and it will not scare people to death.
According to the analysis of eight large and medium-sized iron and steel enterprises with the biggest losses and long-term survival by bank loans or local subsidies, in 20 15 years, the total steel output was 41380,000 tons, with a loss of 24.25 billion yuan, with an average loss of 586 yuan per ton of steel and an average asset-liability ratio of 90%. Among them, some enterprises are far from the market and raw material supply places, and the logistics cost is very high; Some enterprises have low-grade products, dim market prospects and no ability to transform and upgrade; Although some enterprises have advanced technology and equipment, their production scale exceeds the effective supply radius of the market, which makes the products exported from a long distance lose their competitive advantage; Some enterprises are large in scale, overstaffed and costly. The greater the output of these enterprises, the greater the losses and the heavier the debts, and they are forced to become "zombie enterprises" or close to "zombie enterprises".
Enterprises that stop production are not necessarily "zombie enterprises". Some private enterprises "closed down" when losing money and "reopened" on their own when making profits, which is a normal phenomenon in the market economy environment. There are also some private enterprises that have analyzed the general trend of the economy and intend to withdraw from the steel market. As long as the state implements an equal and unified policy for state-owned enterprises and private enterprises, enterprises can make their own decisions and dispose of them independently.
The harm of "zombie enterprises" is not only a waste of social resources, but also more harmful. With the support of "blood transfusion", it sells products at a loss, occupying the market of healthy enterprises for many years, destroying the normal relationship between supply and demand, and making steel prices fall year after year. In the case of abnormal steel prices, "zombie enterprises" still rely on "blood transfusion" to survive, while some excellent high-profit enterprises have gradually become low-profit enterprises, and low-profit enterprises have become loss-making enterprises, resulting in the unfair phenomenon that "bad money drives out good money". Especially when the growth rate of steel demand slows down or falls slightly, "zombie enterprises" have become the source of industry losses. It can be predicted that if "zombie enterprises" are not disposed of, the steel price will be difficult to return to normal, the steel industry will be difficult to get out of the predicament, and the profit level of steel enterprises will be difficult to reach the average profit rate of industrial enterprises. At the same time, a series of problems such as "zombie enterprises" defaulting on employees' wages and damaging employees' rights and interests are inevitable, which are unfavorable to industries, enterprises and employees.
It is unwise to try to make "zombie enterprises" live longer. Easily engaging in "debt-to-equity swap" for "zombie enterprises" is tantamount to quenching thirst by drinking poison, which cannot solve the substantive problems. Take eight large and medium-sized iron and steel enterprises with the most serious losses and an average asset-liability ratio of 90% as an example. Last year, these eight enterprises lost 24.25 billion yuan, and the total interest on bank loans was 9/kloc-0.70 billion yuan. If debt-to-equity swaps are implemented, even if the interest on bank loans is completely exempted, they will still lose 1, 5 1 billion yuan. As a result, the losses continue, which only prolongs the survival time of "zombie enterprises" and increases the burden, and may even drag banks to ... >; & gt
Question 3: What are the reasons for the existence of "zombie enterprises"? In fact, the existence of a large number of zombie enterprises stems from the fact that local governments often vigorously maintain the survival of long-term loss-making enterprises in order to protect employment. For banks, for fear of non-performing loans, they often continue to lend to zombie enterprises.
The specific reason is that every loan given by a bank to an enterprise will be stored as an asset in the bank's balance sheet. Once there is a problem with corporate repayment, the corresponding loans will be recorded as non-performing loans. According to the regulations, every non-performing loan requires the bank to take part of its capital as a risk reserve. In this way, the bank's own capital will be reduced, and the capital adequacy ratio will decline. Sometimes, a serious non-performing loan is equivalent to the quarterly profit of a local branch. A larger scale of non-performing loans may directly affect the operation of banks. In order to avoid bad loans, banks will provide a sum of money when enterprises just encounter difficulties. Generally speaking, as long as the enterprise can repay the principal and interest normally, this loan is a normal loan.
Fundamentally speaking, there are a large number of zombie enterprises in China, which is related to the characteristics of the whole financial system. Generally speaking, what should enterprises do? Under the contemporary conditions, we must be bigger and stronger through continuous innovation, which is inseparable from financial services. China's finance is dominated by banks, so enterprises usually can only get financing by loans, and loans need collateral.
In the realistic business environment of China, collateral is usually "heavy assets" such as real estate or machinery and equipment. In this way, on the one hand, zombie enterprises with real estate and other collateral are easy to obtain financing, on the other hand, innovative enterprises with the characteristics of "light assets" are difficult to obtain financing.
At the same time, zombie enterprises are often not easy to go bankrupt, because enterprises can continue to repay loans. Cleaning up zombie enterprises usually requires mergers and acquisitions, and mergers and acquisitions depend on the developed capital market environment. China's underdeveloped capital market leads to the lack of merger and reorganization channels for zombie enterprises.
Question 4: What is a zombie enterprise? A shell company, a shell company, one or two people. Without the support of any funds and personnel, it was a one-time transaction, and one person was cheated.
Question 5: What are the basic characteristics of "zombie enterprises"? There are two authoritative versions of the definition of "zombie enterprise": academia and management. The academic definition is economist Peter? Coe puts forward that "zombie enterprises" refer to those enterprises with heavy debts, which have no hope of regaining vitality, but have avoided bankruptcy due to the support of lenders or * * * *. The definition of management was put forward by Feng Fei, Vice Minister of the Ministry of Industry and Information Technology. He believes that the so-called "zombie enterprises" refer to enterprises that have stopped production, semi-stopped production, suffered losses year after year, and are insolvent, mainly relying on subsidies and bank loans to maintain their operations. The connotation of the two definitions is the same, but there is a little difference in quantitative expression. This paper synthesizes these two definitions and expresses their characteristics as follows:
One is the difficulty. The production and operation of "zombie enterprises" have encountered great difficulties, or have fallen into a state of suspension or semi-suspension. Due to the influence of market environment, enterprise production conditions and industrial innovation, it is difficult for enterprises to have the ability of self-leap and innovation.
The second is the long term. The problem of "zombie enterprises" didn't just happen and form at present. Before stopping production or semi-stopping production, it has been difficult to operate for a long time, and even suffered losses for years. Long-term large-scale write-down of assets has lost, and some enterprises are insolvent.
The third is risk. China has bankruptcy law to deal with enterprises in difficulty. Through bankruptcy protection, it provides a good exit mechanism for enterprises and creates conditions for the redistribution and effective utilization of social resources. The reason for the zombie situation is that these enterprises often involve very complicated social stability issues, employee rights and interests issues and interest disputes. Once the bankruptcy exit procedure is started, it will pierce the risk and lead to contradictions and results that are difficult to handle and deal with in the short term.
The fourth is discrimination. Discrimination includes mechanism discrimination and market discrimination. Mechanism discrimination refers to the difference of enterprise function and ownership, which leads to the main asset holders and creditors taking special measures to manage. Market discrimination means that "zombie enterprises" have a special market position, so they have obtained important monopoly resources, so they can still maintain the situation of "not breaking and not retreating" no matter what the actual operating conditions are. For example, some listed companies have this feature because they have "shell resources".
Question 6: How to deal with "zombie enterprises"? First, adhere to a more active fiscal policy, give full play to the structural control advantages of policy measures, and provide good policy support for resolving "zombie enterprises". According to the deployment of the State Council, the deficit will increase by 21800 million yuan this year, accounting for about 3% of GDP. The increased deficit will be mainly used to make up for the space for enterprises to reduce taxes and burdens. It is estimated that the "reform of the camp", the suspension of some * * * funds and the exemption of 18 * * fees will reduce the burden on enterprises and individuals by about 500 billion yuan. In addition, 500 billion yuan of central infrastructure investment and 400 billion yuan of local special bonds have been arranged to support infrastructure construction and optimize the environment for enterprise reform and development.
Second, adhere to a flexible and moderate monetary policy. The State Council requires that in 20 16 years, M2 of broad money is expected to increase by about 13%, and the balance of social financing scale will increase by about 13%, both of which are about twice the growth rate of GDP. The expansion speed of monetary financing can better meet the investment and financing needs of the real economy and the capital market, keep the fixed asset investment and asset transaction prices rising steadily, and provide a good financial environment for the reform of "zombie enterprises" with "more mergers and acquisitions and less bankruptcy liquidation". In the implementation of monetary policy, we should comprehensively use various monetary policy tools, such as open market operation, interest rate, reserve ratio, refinancing and so on. Maintain a reasonable and sufficient liquidity, dredge the transmission mechanism, reduce financing costs, and strengthen support for the real economy, especially small and micro enterprises, agriculture, rural areas and farmers.
Third, focus on implementing the innovation-driven development strategy, promote the deep integration of science and technology and economy, and improve the overall quality and competitiveness of the real economy.
Fourth, vigorously promote the reform of state-owned enterprises and improve the management of state-owned assets. Continue to deepen the reform of state-owned enterprises, clarify the pricing mechanism and principles of state-owned assets, and expand the flexibility of asset disposal and management of state-owned enterprises. We will promote the structural adjustment of state-owned enterprises, especially central enterprises, promote the reform of equity diversification, and carry out pilot projects such as implementing the functions and powers of the board of directors of enterprises, market-oriented selection of operators, professional manager system, mixed ownership, and employee stock ownership. Accelerate the reorganization and establishment of state-owned capital investment and operation companies, promote the functional transformation of state-owned assets supervision institutions focusing on managing capital, prevent the loss of state-owned assets, and realize the preservation and appreciation of state-owned assets. Give more local state-owned enterprises reform.
Fifth, moderately expand the total demand, actively adjust and reform the demand structure, tap the potential of domestic demand, promote the effective docking of supply and demand, the organic combination of investment and consumption, and the coordinated development of urban and rural areas, so as to form a stable and lasting support of domestic demand for economic development. It not only strengthens the basic role of consumption in stimulating economic growth, but also plays the key role of effective investment in stabilizing growth and adjusting structure. At the same time, we will continue to deepen new urbanization and optimize the regional development pattern.
Sixth, concentrate policy resources and focus on resolving excess capacity and reducing costs and increasing efficiency. While the reform environment continues to be optimized and the policy system continues to be improved, we will focus on capacity reduction in difficult industries such as steel and coal, adhere to market coercion, enterprise support, local organization support and central support, and use economic, legal, technological, environmental protection, quality and safety means to strictly control new production capacity, eliminate backward production capacity and withdraw excess production capacity in an orderly manner. Take measures such as merger and reorganization, debt restructuring or bankruptcy liquidation, and actively and steadily dispose of "zombie enterprises".
Question 7: Case of Zombie Enterprise A zombie enterprise that stopped production 16 in Wenzhou reached a debt settlement. On June 3rd, 2065,438+03, the People's Court of ouhai district successfully concluded the bankruptcy liquidation case of Wenzhou Jiadate Shoes Co., Ltd., which facilitated the debtor of Jiadate Company, which stopped production for 65,438+06, to reach a bankruptcy liquidation settlement agreement, and awarded an undisputed creditor's right of 465,000 yuan, and the debtor's shareholders paid off the debt of 232,500 yuan. Jardat Company was established in 1995 with a registered capital of1080,000 yuan, mainly engaged in rubber shoes, leather shoes, clothing and other products. Due to the break of the company's capital chain, it closed down and stopped production. /kloc-0 was revoked by the administrative department for industry and commerce in July, 1997. From June 5438 to February 2006, Hangzhou Locke Management Investment Co., Ltd. obtained Jardat's creditor's rights of 465,000 yuan through transfer. On June 24, 20 13, Ouhai court filed a case to accept the bankruptcy liquidation application of Locke Investment Company against Jardat Company. During the trial, Locke Investment Company reached a settlement agreement with Jardat Company and the debtor (the original shareholder of Jardat Company), and the shareholders of Jardat Company paid Locke Investment Company a lump sum of 232,500 yuan on behalf of the company. Locke Investment Company no longer claims any other rights to Jardat Company and shareholders. At the same time, Lucheng District People's Court ruled yesterday that it recognized Wenzhou Lucheng Xinya Footwear Co., Ltd.' s "Implementation Agreement of Reconciliation Scheme" and terminated the reconciliation procedure. It is reported that this case is the first bankruptcy settlement case in our city that was facilitated by the court to reach a settlement agreement. Relevant persons from Lucheng Court and Ouhai Court said that for the "zombie enterprises" that are unclear and unbreakable, the creditor-debtor relationship has been suspended for a long time, which has seriously hindered the market order and social development requirements. Some enterprises withdraw from the market through bankruptcy, which is conducive to boosting economic transformation and upgrading, not only enabling enterprises to get back on the road, but also maximizing the interests of creditors.
Question 8: What are the disposal methods of "zombie enterprises" at home and abroad for reference only? The main measure to deal with zombie enterprises in China is 1. M&A was once an important way to solve the problem of zombie enterprises. The premise of adopting merger and reorganization to solve the problem of zombie enterprises is that the existing assets and resources of zombie enterprises still have certain value, and M&A entities have room to integrate resources and assets to improve the operating efficiency of enterprises. For M&A subject, through low-cost M&A, the resources or assets needed for enterprise development can be obtained; For zombie enterprises, by merging into the main body of mergers and acquisitions to become their new subsidiaries or branches, on the basis of properly solving the problem of employee placement, the original operational difficulties can be effectively solved. In the first three quarters of 20 15, 67 of the 306 listed central enterprises and their subsidiaries suffered losses, accounting for about 2 1%. Under the background of the reform of state-owned enterprises, mergers and acquisitions have become a good way to help state-owned enterprises get rid of the loss dilemma. In view of the overall predicament of the coal industry, the National Development and Reform Commission also pointed out that it is necessary to speed up the closure, elimination, merger and reorganization of small coal mines, sum up and promote the effective experience of some regional industries, encourage large coal enterprises to merge and reorganize small and medium-sized coal mines, and promote the solution of the problem of zombie enterprises in the coal industry. In the investigation, it is found that the way of merger and reorganization is widely used in various places, and many supporting measures have been taken in various places to promote the merger and reorganization of zombie enterprises by dominant enterprises, so as to reduce the capital cost and time cost of merger and reorganization and promote the merger and reorganization subject to speed up the merger and reorganization process. The merger and reorganization of Zhejiang Yuezhou Paper Products Co., Ltd. by Xiamen Hexing Packaging and Printing Co., Ltd. is a typical case of solving the problem of zombie enterprises through merger and reorganization, which not only effectively revitalized the equipment and land assets of the original enterprises with difficulties in operation, but also solved the employment problem of the employees of the original enterprises, and also helped the listed companies to expand their production capacity and market, achieving a win-win situation for both parties and the local government. 2。 Trusteeship management The so-called trusteeship refers to a mode of operation in which the enterprise owner transfers the management right of the enterprise from the legal person or natural person who has strong management ability and can bear the corresponding business risks, so as to clarify the power and responsibility relationship among the enterprise owner, operator and producer. That is, through the form of contract, the trustee conditionally accepts the asset management and operation of the principal, thus effectively realizing the preservation and appreciation of assets. Trusteeship management is to introduce effective management mechanism, scientific management means, scientific and technological achievements and high-quality brands into enterprises through the investment of some start-up funds by the operators of "external" enterprises, so as to realize effective management of enterprises. At the same time, the trustee obtains certain economic returns by virtue of its own management and capital advantages in the process of custody operation. Trusteeship management is suitable for some enterprises whose business is deteriorating, hopeless and on the verge of bankruptcy, such as some enterprises with aging products, technologies, equipment and personnel, which are not competitive in the market, some enterprises with heavy debt burden or even insolvency, and some enterprises that have failed to make rectification in many ways. It is also suitable for some enterprises that can maintain their operations temporarily, but have obviously felt that they are under-managed; The original owner of the enterprise is unable to run the enterprise by himself, unwilling or easily giving up the ownership of the enterprise, and trusteeship may become the best way to restructure. Or when there are institutional obstacles in using other methods (such as merger, acquisition, bankruptcy, etc.). When reorganizing an enterprise, the original property right transfer can be suspended through trusteeship, and the legal person property right can be transferred first. On the one hand, we should strive to save the enterprise, on the other hand, we should strive for more favorable operating conditions to meet the interests of the trustee. When there are obstacles to excessive capital investment in enterprise restructuring by other methods, the trusteeship method can be considered. At this time, trusteeship can effectively alleviate the financial pressure of the buyer, so the original property right can be temporarily unchanged, and then the cost of purchasing this property right can be temporarily exempted. Or when the buyer indicates that he is not allowed to buy the future prospect of the target enterprise for the time being, or does not want to buy the original property right of the target enterprise, the risk of this investment can be reduced to a certain extent by trusteeship. In the reform of state-owned enterprises in the 1990s, state-owned assets and state-owned enterprise trusteeship were widely used as a means to extricate state-owned enterprises from difficulties. The key for zombie enterprises to get out of trouble is to find a trustee with good capital investment ability and excellent management ability. But in practice, it may not be easy to find a suitable custodian. The National Development and Investment Corporation has entrusted a large number of small and medium-sized state-owned enterprises with special difficulties and accumulated rich experience. According to the approval of the State-owned Assets Supervision and Administration Commission, state-owned assets >>
Question 9: Zombie, the source of the word zombie enterprise, refers to a zombie, a dull and lifeless person who comes back to life through witchcraft, or a person who acts mechanically without thinking, also known as the "living dead". Zombies are also a state of Linux processes. Zombie: Zombie state. The state in which a process ends but not yet dies. At this point, the process has finished running and released most of the resources, but the process control block has not been released. The word zombie pany can be traced back to EdwardKane, who analyzed Japan's economic crisis in 1960s and financial crisis in 1990s.
Question 10: How can an enterprise tell if it is a zombie enterprise? 10 Pay more attention to the observation at ordinary times, whether employees often have holidays, whether the workshop often stops production, whether there are many raw materials in the raw material warehouse, and whether there are cars that often carry goods in and out of the factory, dear.