Question 1: What are zombie companies? Zombie companies refer to indebted companies that have no hope of coming back to life but are protected from collapse by the support of lenders or banks.

Zombie companies are an economic concept proposed by economist Peter Coy. They refer to indebted companies that have no hope of coming back to life but are protected from collapse by the support of lenders or banks.

Zombie companies are different from problem companies that are in trouble due to problem assets and can quickly come back to life. The characteristics of zombie companies are their long-term and dependence on "blood-sucking". If they give up the rescue of zombie companies, the social situation Possibly worse, hence the characteristics of kidnapping for ransom.

Question 2: What exactly are "zombie companies"? When mentioning "zombie companies", some people mistakenly think that it is a sarcasm and sarcasm for companies in difficulty, and feel that it is unpleasant and cannot be said. In fact, "zombie companies" are a very clear economic concept at home and abroad. They refer to companies that have no viability and can only survive by relying on loans or government subsidies or subsidies from the groups to which they belong.

There is also a "scary" misunderstanding that large steel groups that suffer temporary losses are regarded as "zombie companies". Especially last year, according to group statistics, most large state-owned steel groups were in a state of loss. With such a large loss and so many steel workers, it would seem a bit scary and helpless to treat it as a "zombie enterprise". In fact, an important reason why many large state-owned steel groups suffered losses is that when they were ordered to carry out joint reorganization, they were "co-opted" and shouldered the burden. Today, these merged subsidiaries have suffered huge losses, dragging the main large enterprises into a loss pit. For example, Anshan Iron and Steel Group and Shougang Group have all become loss-making enterprises. Even a high-profit enterprise like Baosteel lost 7.55 billion yuan last year due to the merger of two subsidiaries. After the profits and losses were offset, the profit was only 1.04 billion yuan, a decrease of 88.9% from the previous year's 9.41 billion yuan. If a company with the best profits has been reduced to a low-profit company, it is not surprising that other large steel groups have turned into loss-making companies. It is obviously unscientific and unreasonable to treat these large groups as "zombie enterprises" without analysis. In fact, within a large steel group, there are both excellent companies and "zombie companies"; within a company, there are both effective production capacity and "zombie production capacity"; there are both varieties with good market prospects and markets. A variety with a bleak future. A careful analysis shows that there are not many real "zombie companies" or "zombie production capacity" and they will not scare people to death.

According to an analysis of eight large and medium-sized steel companies that have the largest losses and have long-term survival on bank loans or local government subsidies, a total of 41.38 million tons of steel was produced in 2015, with a total loss of 242.5 million tons. billion, with an average loss of 586 yuan per ton of steel, and an average asset-liability ratio of 90%. Among them, some companies are far away from the market and raw material supply places, and their logistics costs are very high; some companies have low-grade products, bleak market prospects, and do not have the ability to transform and upgrade; some companies have advanced technology and equipment, but their production scale exceeds the market The effective supply radius makes products exported over long distances lose their competitive advantage; some enterprises have large organizations, overstaffed, and excessive costs. The greater the output of these enterprises, the greater their losses and the heavier their debts. They are forced to become "zombie enterprises" or close to "zombie enterprises".

Companies that have ceased production are not necessarily “zombie companies”. Some private enterprises "go out of business" when they are losing money and "open" on their own when they are making profits. This is a normal phenomenon in a market economy environment. There are also some private enterprises that have analyzed the general economic situation and intend to withdraw from the steel market. As long as the state implements equal and unified policies for state-owned enterprises and private enterprises, enterprises can make independent decisions and make decisions on their own.

The harm of "zombie companies" is not only that they waste social resources, but the greater harm is that with the support of "blood transfusion", they sell products at a loss price and occupy the market of healthy companies for many years. , destroying the normal supply and demand relationship, causing steel prices to decline year after year. In the case of abnormal steel prices, "zombie companies" still survive by relying on "blood transfusions", while some excellent high-profit companies have gradually turned into low-profit companies, and low-profit companies have turned into loss-making companies. There has been a "bad currency expulsion" The unfairness of “good money”. Especially when the growth of steel demand slows down or falls slightly, "zombie companies" have become the source of industry losses.

It can be predicted that if the "zombie companies" are not dealt with, steel prices will be difficult to return to normal, the steel industry will be difficult to get out of the predicament, and the profitability of steel companies will be difficult to reach the average profit margin of industrial companies. At the same time, "zombie companies" themselves have a series of problems such as arrears of wages and damage to employees' rights and interests. It is also difficult to avoid, which is detrimental to the industry, enterprises and employees.

Trying to prolong the lives of “zombie companies” is unwise. Easily engaging in "debt-for-equity swaps" for "zombie companies" is tantamount to drinking water to quench thirst and cannot solve the actual problem. Take the eight large and medium-sized steel companies with the most serious losses and an average asset-liability ratio of 90% as an example. Last year, these eight companies suffered a total loss of 24.25 billion yuan, and the total bank loan interest was 9.17 billion yuan. If "debt-for-equity swap" is implemented , even if all bank loan interest is waived, the company will still lose 15.1 billion yuan. As a result, losses will continue, which only prolongs the survival time of "zombie companies". The burden will become bigger and bigger, and may even drag banks into... >>

Question 3: "Zombie companies" "What is the reason for existence? In fact, the existence of a large number of zombie companies stems from the fact that local governments often vigorously maintain the survival of long-term loss-making companies out of considerations such as ensuring employment. For banks, out of concern about the occurrence of non-performing loans, they often continue to lend to zombie companies.

The specific reason is that every loan given by a bank to an enterprise will exist on the bank's balance sheet as an asset. Once the enterprise's repayment goes wrong, the corresponding loan will be recorded as a non-performing loan. . According to regulations, each non-performing loan requires the bank to set aside a portion of its capital as risk reserves. As a result, banks' own capital will decrease and their capital adequacy ratio will decline. Sometimes, a serious bad loan is equivalent to a local branch's profit for a quarter. Larger non-performing loans may directly affect the bank's operations. In order to avoid non-performing loans, banks will provide companies with a sum of funds when they first encounter difficulties. Generally speaking, as long as the company can repay the principal and interest normally, the loan is considered a normal loan.

Fundamentally speaking, the existence of a large number of zombie companies in China is related to the characteristics of the entire financial system. Generally speaking, what should companies do? Under contemporary conditions, we should become bigger and stronger through continuous innovation, which is inseparable from financial services. China's finance is dominated by banks, so companies can usually only obtain financing through loans, which require collateral.

In China’s actual business environment, collateral is usually “heavy assets” such as real estate or machinery and equipment. In this way, on the one hand, it is easy for zombie companies with real estate and other collateral to obtain financing; on the other hand, it is difficult for innovative companies that often have "asset-light" characteristics to obtain financing.

At the same time, since companies can continue to repay loans only if they continue to exist, zombie companies are often less likely to go bankrupt. Cleaning up zombie companies usually requires mergers and reorganizations, which in turn rely on a developed capital market environment. China's capital market is not yet highly developed, which results in a lack of merger and reorganization channels for zombie companies.

Question 4: What is a zombie enterprise? A shell company, a skinny company, with only one or two people, without the support of any funds or personnel, is a one-time deal, and every person is deceived.

Question 5: What are the basic characteristics of “zombie companies”? The definition of "zombie enterprise" has two authoritative versions: academic and managerial. The academic definition was put forward by economist Peter Coe, who believes that "zombie companies" are indebted companies that have no hope of revival but are saved from collapse by the support of lenders or banks. The managerial definition was proposed by Feng Fei, Vice Minister of the Ministry of Industry and Information Technology. He believes that so-called "zombie companies" refer to companies that have stopped production, semi-stopped production, suffered losses for consecutive years, and are insolvent, and mainly rely on government subsidies and bank loan renewals to maintain operations. enterprise. The connotations of the two definitions are consistent, but there is a slight difference in quantitative expression. This article combines the two definitions and describes their characteristics as follows:

First, difficulty. The production and operation of "zombie enterprises" have encountered great difficulties, or they have fallen into a state of suspension or semi-suspension of production. Subject to the influence of factors such as market environment, corporate production conditions, and industrial innovation, it is difficult for enterprises to have the ability to self-transcend and innovate for rebirth.

The second is long-term nature.

The problem of "zombie companies" did not occur and form now. Before the suspension or semi-suspension of production, there had been operating difficulties for a long time, and even losses for consecutive years. Assets were written down and lost on a large scale for a long time, and some companies were insolvent. .

The third is risk. For enterprises in difficulty, our country has a "Bankruptcy Law" to deal with them. Through bankruptcy protection, it provides a good exit mechanism for enterprises and creates conditions for the reallocation and effective use of social resources. The reason for the formation of a "zombie" situation that cannot be broken or retreated is that these companies are often involved in very complex social stability issues, employee rights issues, and interest disputes. Once the bankruptcy exit procedure is initiated, risks will be pierced, leading to conflicts and consequences that are difficult to handle and cope with in the short term.

Fourth, it is discriminatory. Discrimination includes institutional discrimination and market discrimination. Mechanism discrimination means that due to differences in corporate functions and ownership, major asset holders and creditors take special measures for management; market discrimination means that "zombie companies" have special market position, thus obtaining important monopoly resources, so it can still maintain a "no break, no retreat" situation without considering the actual operating conditions. For example, some listed companies have this characteristic due to their "shell resources".

Question 6: How to deal with "zombie companies"? First, adhere to a more proactive fiscal policy, give full play to the structural control advantages of policy measures, and provide good policy support for the resolution of "zombie enterprises". According to the deployment of the State Council, the *** deficit will increase significantly this year to 2.18 trillion yuan, accounting for approximately 3% of GDP. The increased deficit will mainly be used to compensate for the room for corporate tax cuts and burden reductions. It is expected that the "business tax to value-added tax", the suspension of some sexual funds, and the exemption of 18 sexual charges will reduce the burden on enterprises and individuals by about 500 billion. Yuan. In addition, central infrastructure investment of up to 500 billion yuan and local government special bonds of 400 billion yuan have also been arranged to provide support for ensuring infrastructure construction and optimizing the environment for enterprise reform and development.

Second, adhere to a flexible and appropriate monetary policy. The State Council requires that broad money M2 is expected to grow by about 13% in 2016, and the balance of social financing scale will increase by about 13%. The above-mentioned growth rates are both about twice the GDP growth rate. This kind of currency and financing expansion speed can better meet the investment and financing needs of the real economy and capital market, maintain the steady and rising price of fixed asset investment and asset transaction prices, and provide the basis for "more mergers and reorganizations and less bankruptcy and liquidation". The reform of "zombie enterprises" provides a good financial environment. In the implementation of monetary policy, it is necessary to coordinate the use of various monetary policy tools such as open market operations, interest rates, reserve ratios, and re-lending to maintain reasonable and sufficient liquidity, unblock the transmission mechanism, reduce financing costs, and strengthen the support for the real economy, especially small businesses. Support for micro-enterprises, “agriculture, rural areas and farmers”, etc.

Third, strive to implement 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 do a good job in the management of state-owned assets. It is necessary to continue to deepen the reform of state-owned enterprises, clarify the pricing mechanism and principles of state-owned assets, and expand the flexibility of state-owned enterprises in asset disposal and management. Promote the structural adjustment of state-owned enterprises, especially central enterprises, promote the reform of equity diversification, and carry out pilot projects to implement the powers of corporate boards of directors, market-based selection and recruitment of operators, professional manager systems, mixed ownership, and employee stock ownership. Accelerate the reorganization and establishment of state-owned capital investment and operating companies, promote the transformation of the functions of state-owned assets supervision agencies with capital management as the main task, prevent the loss of state-owned assets, and maintain and increase the value of state-owned assets. Give local governments more freedom to reform state-owned enterprises.

Fifth, moderately expand the total demand, actively adjust and reform the demand structure, deeply tap the domestic demand potential, 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 stable economic development. Long-lasting domestic demand support. We should not only enhance the basic role of consumption in driving economic growth, but also play the key role of effective investment in stabilizing growth and adjusting structure. At the same time, we should insist on further promoting new urbanization and optimizing the regional development pattern.

Sixth, concentrate policy resources and strive to resolve excess production capacity and reduce costs and increase efficiency.

While the reform environment continues to be optimized and the policy system continues to improve, we must focus on cutting overcapacity in difficult industries such as steel and coal, adhere to market pressure, business entities, local organizations, and central support, and use economics, law, technology, environmental protection, quality , safety and other means, strictly control new production capacity, eliminate backward production capacity, and exit excess production capacity in an orderly manner. Take measures such as mergers and reorganizations, debt restructuring or bankruptcy liquidation to actively and steadily deal with "zombie companies".

Question 7: The Case of Zombie Enterprises A "zombie enterprise" in Wenzhou that had been suspended for 16 years reached a debt settlement. On June 3, 2013, the Ouhai District People's Court successfully concluded the trial of Wenzhou Yalda Shoes Co., Ltd. In the bankruptcy liquidation case, the creditors and debtors of Yalda Company, which had been shut down for 16 years, reached a bankruptcy liquidation settlement agreement. The ruling confirmed that the undisputed creditor's rights were 465,000 yuan, and the debtor's shareholders paid off the debt on their behalf for 232,500 yuan, achieving a 50% ordinary debt repayment rate. Yalda Company was established in 1995 with a registered capital of 1.08 million yuan. It mainly operates rubber shoes, leather shoes, clothing and other products. Due to the break in the company's capital chain, it went bankrupt and ceased production. In July 1997, the business license was revoked by the industrial and commercial administration department. In December 2006, Hangzhou Locke Management Investment Co., Ltd. obtained Yalda's 465,000 yuan creditor's rights through transfer. On June 24, 2013, Ouhai Court filed a case to accept the bankruptcy liquidation application of Rock Investment Company against Yalda Company. During the trial, Locke Investment Company reached a settlement agreement with Yalda Company and the debtor (former shareholder of Yalda Company). The shareholders of Yalda Company paid a one-time payment of 232,500 yuan to "Locke Investment Company" on behalf of the company, and Locke Investment Company It will no longer claim any other rights against Yalda Company and its shareholders. At the same time, the Lucheng District People's Court yesterday ruled to recognize the "Reconciliation Plan Implementation Agreement" of Wenzhou Lucheng Xinya Shoes Co., Ltd. and terminate the reconciliation process. It is reported that this case is the first bankruptcy settlement case in our city where a court facilitated a settlement agreement. Relevant people from Lucheng Court and Ouhai Court said that for "zombie companies" that are closed but not destroyed and collapsed but not broken, the long-term suspension of creditor-debt relationships seriously hinders market order and social development requirements. The exit of some companies from the market through bankruptcy is conducive to promoting economic transformation and upgrading. It not only allows companies to get back on the road, but also maximizes the interests of creditors.

Question 8: What are the methods to deal with “zombie companies” at home and abroad? For reference only: my country’s main measures to deal with zombie companies 1. Mergers, Acquisitions and Reorganizations Mergers, acquisitions and reorganizations are an important way to solve the problem of zombie companies in one go. The premise of using mergers and acquisitions to solve the problem of zombie companies is that the existing assets and resources of zombie companies still have a certain value, and there is room for merger and acquisition entities to integrate resources and assets to improve corporate operating efficiency. For the merger and acquisition entities, through low-cost mergers and acquisitions, the resources or assets needed for enterprise development are obtained; for zombie companies, by merging into the merger and acquisition entities and becoming their new subsidiaries or branches, they can properly solve the problem of employee placement. On the basis of this, the original operational difficulties can be effectively solved. In the first three quarters of 2015, 67 of the 306 listed central enterprises and their subsidiaries suffered losses, accounting for approximately 21%. In the context of the reform of state-owned enterprises, mergers, acquisitions and restructuring have become a good way to help state-owned enterprises get out of the plight of losses. In response to the overall plight of the coal industry, the National Development and Reform Commission also pointed out that it is necessary to accelerate the closure, elimination, mergers and reorganizations of small coal mines, summarize and promote effective experiences in some regional industries, and encourage large coal companies to merge and reorganize small and medium-sized coal mines to promote Solve the problem of zombie enterprises in the coal industry. The survey found that solving the problem of zombie enterprises through mergers, acquisitions and restructuring is widely used in various places, and local governments have also taken many supporting measures to promote the mergers and acquisitions of dominant enterprises and the restructuring of zombie enterprises to reduce the capital cost and time of mergers, acquisitions and restructuring. Costs will push M&A entities to speed up the M&A 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 companies through mergers, acquisitions and reorganization. It not only effectively revitalized the equipment, land and other assets of the original enterprises with operating difficulties, but also solved the problem of the original enterprises. It not only solves the employment problem of enterprise employees, but also helps listed companies expand production capacity and markets, achieving a win-win situation for both parties in mergers, acquisitions and reorganizations and local governments. 2.

Trusteeship operation The so-called trusteeship means that the owner of the enterprise transfers the operation and management rights of the enterprise to a legal person or natural person who has strong operation and management capabilities and can bear the corresponding operation risks for a fee, so as to clarify the responsibilities of the owner, operator, and producer of the enterprise. A way of operating power relationships. That is, through the form of a contract, the trustee conditionally accepts the management and operation of the assets of the entrusting party to effectively maintain and increase the value of the assets. Trusteeship operations require "external" operators to invest a certain amount of start-up capital into the enterprise, and introduce effective operating mechanisms, scientific management methods, scientific and technological achievements, high-quality brands, etc. into the enterprise to implement effective management of the enterprise. At the same time, during the custody operation process, the trustee relies on its own management and financial advantages to obtain certain economic returns. Custody operation is suitable for some companies whose operations have deteriorated, have no way to save them, and are on the verge of bankruptcy. For example, some companies whose products, technologies, equipment, and personnel are aging and have little market competitiveness. Some companies have heavy debt burdens or even become insolvent and have no way to borrow money. , some enterprises that have been rectified many times and in many ways but have failed. It is also applicable to some enterprises that can temporarily maintain operations but have clearly felt that their management is insufficient; the original property rights subject of the enterprise is neither able to operate the enterprise on its own, nor is it willing to give up or is unwilling to give up the ownership of the enterprise easily, so trusteeship may become the best way to restructure. . Or when there are institutional obstacles to corporate reorganization using other methods (such as mergers, acquisitions, bankruptcy, etc.), the transfer of original property rights can be postponed through trusteeship, and the legal person's property rights can be transferred first, and efforts can be made to save the company first. , on the other hand, try to provide more favorable operating conditions to the trustee to meet the interests of the trustee. When there are obstacles to excessive capital investment when applying other methods to restructure the enterprise, the trusteeship method may be considered. At this time, escrow can effectively relieve the financial pressure of the buyer, so it can temporarily not change the original property rights, and thus can temporarily avoid paying the cost of purchasing this property rights. Or when the buyer is uncertain about the future prospects of purchasing the target company, or does not want to purchase the original property rights of the target company, the risk of this investment can be reduced to a certain extent through custody. During the reform of state-owned enterprises in the 1990s, the trusteeship operation of state-owned assets and state-owned enterprises was once widely used as a means for state-owned enterprises to escape difficulties. The key to getting out of custody is to find a custodian with good capital investment capabilities and excellent management capabilities for zombie companies. But in practice, finding a suitable custodian may not be easy. The State Development and Investment Corporation has successively managed and disposed of a large number of small and medium-sized state-owned enterprises in extreme poverty, and has accumulated rich experience in this regard. According to the approval of the State-owned Assets Supervision and Administration Commission, the state-owned assets... >>

Question 9: The origin of the term zombie enterprise. Zombie means a zombie who is brought back to life by witchcraft, a slow and lifeless person or a person with dull movements. People who don't use their brains are also called "living dead". ZOMBIE is also a state of the Linux process. ZOMBIE: zombie state. Indicates a state in which a process has ended but has not yet died. At this point, the process has finished running and released most of its resources, but the process control block has not yet been released. The term zombie pany can be traced back to Edward Kane's analysis of Japan's economic crisis in the 1980s and financial crisis in the 1990s.

Question 10: How can you tell whether a company is a zombie company? 10 points. Pay more attention to observe at ordinary times. Are there frequent employees on vacation? Are there frequent production shutdowns in the workshop? Are there many raw materials in the raw material warehouse? Are there often trucks loading goods in and out of the factory? Dear