"Zombie Enterprise" refers to companies that have stopped production, semi -suspension, losses, and non -debt. They mainly rely on government subsidies and bank renewal to maintain operations.The existence of zombie companies will have a series of negative impacts on the economy and society. Due to the long -term occupation of social resources such as large amounts of land, funds, raw materials, and labor, the overall utilization efficiency of social resources will be reduced, which may hinder the healthy and orderly operation of the market.
A few days ago, the China State Administration of HKMA, the Ministry of Industry and Information Technology, and the Development and Reform Commission jointly issued a notice, requiring the orderly withdrawal from the manufacturing "zombie enterprise" in an orderly manner to revitalize the financial resources that have been inefficient occupied.
The formation of zombie companies is not a matter of overnight. It drags the shadow of the planned economy system, mostly state -owned enterprises, manifested as the feeling of bloodlines in the system.Some capital markets are covered. Although they have been losing money for a long time, few are willing to take the initiative to withdraw.Some hopes to cook until the next group of people, and some hope to cook until the next market cycle willow, and some hope to cook until the opponent falls down first, and it will be consumed.
The "pain point" of zombie companies is obvious.
The government has the difficulties of the government.State -owned enterprises are local famous brands, the face of the government, and a archway for official performance. If the local state -owned enterprise's bankruptcy is reorganized or merged across regions, it means that the government has lost control of these enterprises.) The decline, the loss of tax, the disappearance of political achievements.Bankruptcy means that the government needs to deal with a large number of unemployment and relief work. In the face of the potential social irrelevant crisis, it will cause social shocks. These are hot potato.For example, Inner Mongolia Electric Power Construction Company is one of the 75 zombie companies determined by the Inner Mongolia Autonomous Region Government. Before bankruptcy, the enterprise marked a project worth tens of millions of yuan (RMB, the same below).Xinhao Construction Engineering Co., Ltd. cannot withdraw more than 20 million yuan (about S $ 3.8 million) project funds.Inner Mongolia Electric has built a heart disease of local governments.
The bank has a bank consideration.State -owned banks mainly live on the spread of interest spreads. State -owned enterprises and large private enterprises that bundle government credit are the easiest service targets and profits. The bank has become the withdrawal machine for these enterprises.Starting, there is always the owner of the "top debt"; while the enterprise constantly borrows the new debt to pay the old debt, and the bank can obtain considerable interest.If the company fails, the bank will become the head of injustice.Another idea is that in the case of the government endorsement, the bank believes that zombie companies are still possibly pushed back, so they rest assured that they will continue to lend.
The market has a market calculation.Zombie companies are mostly listed companies, wearing*ST Xiaohong Hat (editor: The stock of listed companies is warned by delisting risk), leaving only the "shell" of listed companies.When the shell company in Shanghai and Shenzhen has the most time, it accounts for 10%of the total number of listed companies.Although the shell company is old and yellow, and the power is not lingering, it still has a bit of color and charm.This color is the "name" of listed companies, and the charm is the signboard of listed companies.For many Chinese companies, listing is still a dream, and it is a sign of staged success.In the official performance book, in the year -end summary of the company's boss, the listing of enterprises is undoubtedly a glory.With a golden signboard such as Shell, as long as the shell is kept, there are sky -high shell resources, and there are no buyers and investors.These zombie companies have long depended on the stock market and cheated, and the delisting is far away.
Exit the general trend
Although zombie companies have low economic benefits, they occupy a large amount of resources, resulting in the unable to flow to companies with higher income, causing serious waste.They are sheltered by the government, banks, and capital markets. Like ghosts, they can form a self -cycle strange circle, damage the market mechanism of survival of the fittest, and may even occur in the abnormal phenomenon of inferior coins to expel good coins.Those small and medium -sized enterprises representing emerging industries have no loans, and they are waiting to be fed, with high financing costs.
Zombie companies bear a large amount of debt and cannot deal with it in time. Long -term accumulation will inevitably lead to the increase in non -performing credit assets of banks. In addition, the inter -debt chain dogs are intertwined, which may cause systemic risks.
In view of this, in the past 10 years, the central government of the mainland government and the State Council has made structural reforms from the supply side.Most zombie companies are "platforms" on excess capacity, such as steel, petrochemical, machinery, cement, coal, textile, etc., which represents zombie companies with excess capacity symbols, which are the targets of de -capacity.
The most noticeable thing is that on December 9, 2015, the State Council's executive meeting requested that enterprises that have continued to lose more than three years and did not meet the direction of structural adjustment, and should be treated with asset reorganization, property transfer, and bankruptcy.
Here, the word "Qingqing" is very eye -catching. In fact, it is to resolutely sweep the ground to the enterprises that turn their hopeless but difficult to withdraw from the ground.This is the first time that the State Council has proposed qualitative, quantitative, timing, and standard measures on the problem of losing money for the company's problems, which is of great significance.These four sets have clear policy operability and limited.
This also shows the courage of the central government's strong men: to be determined to eliminate a batch of old motion, and to transform and upgrade a batch of more. We must have the courage to set off a knife for companies with "zombie companies" and "absolute excess capacity".
Not retired
However, the retreat of zombie companies is not retreated, because this is a very difficult problem. It must be selected for a roadmap to establish a scientific order and minimizing the exit mechanism of social shocks.Zombie enterprises can be disposed of through two ways of market -oriented mergers and reorganizations and bankruptcy in accordance with the law, and bankruptcy according to law is divided into three specific forms: reorganization, reconciliation, and bankruptcy liquidation.
The situation of zombie companies is very different. Whether it is market change, high debt, or shortage of funds, and backward production capacity, it is a bottleneck of development.It is necessary to sort out their own main problems for different zombie companies, and seize the key points and classification.In accordance with the principles of "corporate subjects, government promotion, market guidance", the disposal of zombie enterprises and guiding local industries will be combined to establish isolation belts to prevent risk deferred and promote the stable growth of the economy under the new normal.
This time, the three departments of the State Council jointly issued a notice requesting the orderly withdrawal from manufacturing zombie companies in an orderly manner to revitalize the financial resources that have been inefficient to occupy."Orderly exit" deserves attention.The so -called order, to establish the exit procedures and processes, maintain fairness, transparency, and standardized, including clear application procedures, audit procedures, and asset liquidation and debt processing procedures. According to the situation of the enterprise, the retirement is in batch.It is also necessary to pay attention to the financial resources that are actively occupied by inefficient occupation. The land after clearing should be used in a timely manner to prevent deserted waste. Credit funds must be replaced in time. Human resources should be properly resettled and cannot be retreated.
The author is the writer of China Financial Media column and chief analyst of Jingsu Media
