我国钢铁业僵尸企业认定及退出方式研究

发布时间：2018-04-23 12:47

本文选题：僵尸企业 + 钢铁业　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：供给侧结构性改革是当前我国经济改革和宏观调控的重要战略,其中“去产能”是五大结构性改革任务之首,而去产能的关键举措在于清除“僵尸企业”,减少不产生效益的“僵尸企业”对社会资源的占用,淘汰落后产能,提升优质产能,能够加快经济的转型升级。我国钢铁业由于产能严重过剩,是“僵尸企业”问题的“重灾区”,本文选择我国钢铁行业作为研究对象,对上市钢铁僵尸企业的认定及退出方式的选择进行了深入分析。本文对国内外僵尸企业理论中有关僵尸企业的内涵和认定方法进行了梳理,接下来的部分结合我国僵尸企业形成的特点,综合考虑企业的造血能力和输血情况判定出2011-2015年存在的钢铁僵尸企业,并发现我国钢铁行业僵尸企业在2014年和2015年大规模爆发,僵尸企业问题十分严重。针对认定的2015年存在的14家僵尸企业,将它们与钢铁上市公司中的非僵尸企业进行了包括输血率、盈利能力、负债能力和发展能力的对比分析,二者在这四方面的财务表现差距很大。文章的最后一部分从去产能的角度提出了钢铁行业僵尸企业市场退出方式的选择方案,包括持续经营和终止经营两种,应该综合公司的财务状况和公司实力各方面因素选择不同的退出方式,最后对武钢宝钢的兼并重组以及海鑫钢铁的破产重整两个案例进行了深入分析。
[Abstract]:The supply-side structural reform is an important strategy for China's economic reform and macro-control at present. Among them, "de-productive capacity" is the first of the five major structural reforms, and the key measure to remove production capacity is to eliminate "zombie enterprises." Reducing the occupation of social resources by "zombie enterprises" that do not produce benefits, eliminating backward production capacity, and enhancing quality production capacity can speed up the transformation and upgrading of the economy. The steel industry of our country is the "disaster area" of the "zombie enterprise" because of the serious overcapacity. This paper chooses the steel industry of our country as the research object, and makes a deep analysis on the identification of the listed steel zombie enterprise and the choice of the exit mode. In this paper, the connotation and identification methods of zombie enterprises in the theory of zombie enterprises at home and abroad are combed, and the following part combines the characteristics of zombie enterprises in our country. Considering the hematopoiesis ability and blood transfusion situation of the enterprises, the iron and steel zombie enterprises that existed in 2011-2015 were determined, and it was found that the zombie enterprises in China's iron and steel industry broke out on a large scale in 2014 and 2015, and the problems of the zombie enterprises were very serious. For the 14 zombie companies identified in 2015, they were compared with non-zombie enterprises in listed steel companies, including blood transfusion rate, profitability, debt ability and development ability. The two in these four aspects of the financial performance gap is very large. In the last part of the paper, from the point of view of deproductivity, the author puts forward the options of market exit of zombie enterprises in steel industry, including continuing operation and terminating operation. Different ways of withdrawing should be chosen according to the factors of the financial situation and the strength of the company. Finally, the two cases of the merger and reorganization of Baosteel and Haixin Iron and Steel are analyzed in depth.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.31

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