Li Shuguang with a market-oriented approach to solve the problem of troubled enterprises

Li Shuguang: to solve the problem of enterprises with a market-oriented approach [Abstract] to use legal methods, legal thinking, market, market thinking to solve the problem of troubled enterprises. The last time in 90s to resolve the crisis is mainly used in administrative enterprises, this solution is still a hangover. The author: Li Shuguang (Professor of China University of Political Science and Law, director of the China University of Political Science and Law research center and the reorganization of the enterprise bankruptcy law) on mergers and acquisitions of enterprises in difficulties, I would like to make three points: the first point of view, the emergence of enterprises in difficulties is the normal market economy, for different types of enterprises in difficulties of processing is difficult, the supply side structural reform the key. The crisis is a normal phenomenon in the economy, in any market economy countries, including in some non market economy countries, are so. Today, we discuss the background of the crisis is that the world economy and China’s economy continued downward, very meaningful. Here’s a dangerous business, is a larger concept than zombie companies, zombie companies should be included in the "dangerous business" among them. I put the crisis into three types of enterprises: the first known as the "capital of the enterprise", is the shortage of cash flow, in the short term, the occurrence of a crisis of the enterprise. The second is called debt trapped enterprises, an enterprise’s debt is too heavy, even more than the principal of the debt interest of the enterprise, so that enterprises are difficult to get rid of the plight of. The third kind is called "camp enterprise", which is often caused by the problems of management, especially in cost control. For these three types of enterprises, the measures should be different. The handling of the crisis is related to the acquisition of investment companies, which is an excellent opportunity for investment union. For the investment community, we should try to avoid the risk of stiff enterprise, from the crisis in the enterprise, to find those who have vitality, investment opportunities, the crisis of enterprises". In China’s economic downward pressure on the stage, the region has emerged in these three kinds of enterprises, which has become a major obstacle to structural reform of China’s supply side. The enterprises in difficulties disposal, has become the focus of structural reform, the supply side difficulties, to improve the whole macro economy and the adjustment of economic structure, are very important, this is our next stage to focus on reforms. The second point of view, the existence of enterprises in China in three areas. These three areas of risk management companies in the face of the policy or legal aspects of the characteristics are different: the first area is the crisis of the policy side of the enterprise, is the central and local governments at all levels are trying to solve the zombie business. Currently, the two iron and steel industry to the actual production capacity is not too good. Revealed in the development and Reform Commission presided over a few days before the inter ministerial Joint Committee on information, 7 months ago, in these two areas, only to the 47% steel production capacity, coal production capacity only went to 38%. This year’s annual production capacity of the task, crude steel production capacity is 45 million tons, coal is more than 100 million tons, half of which have not been solved now, the total production capacity of 2.5 tons. Currently, the policy side is not very smooth. There are a lot of reasons. First of all, the policy side and the relationship between production capacity and economic development, many places have misconceptions, such as mistakenly believe that if the production capacity to protect the local economic development favorable, is a political.相关的主题文章: