The exit mechanism of the auto industry has been called for many years, and it has always been "the thunder and the rain are small." Recently, however, the eight ministries and commissions such as the People's Bank of China jointly issued a document stating that “zombie enterprises†with long-term losses, loss of liquidity and market competitiveness, or enterprises that are not environmentally friendly and safely produced and fail to rectify and hopelessly rectify, and resolutely squeeze out relevant loan.
At the same time, according to the requirements of the Ministry of Industry and Information Technology, the new product declaration of the publicized enterprise will not be accepted within two years. After the expiration of the publicity period, enterprises that have not applied for the admission conditions assessment and failed the assessment shall not apply for the change of the basic conditions such as renaming and relocation.
In fact, 140 car companies have been listed on the list of two batches of car companies announced by the Ministry of Industry and Information Technology. With the follow-up of the "Opinions" of the eight ministries, some analysts believe that this means directly destroying the "shell resources" of these enterprises, which will undoubtedly speed up the recovery of the ineffective production capacity of the automobile industry and make the zombie vehicles have no cones. The place to promote the pace of mergers and acquisitions.
“Compressing and withdrawing excess capacity industry loans is itself part of the supply-side reform.†Wang Liusheng, an auto analyst at China Merchants Securities, told the Securities Daily that “zombie companies have become a major obstacle to improving quality and efficiency in the industry.â€
Jia Xinguang, chief analyst of China Automotive Industry Consulting and Development Corporation, told the Securities Daily that zombie companies rely on non-market factors to survive and form a reverse elimination mechanism, which leads to bad money driving out good money. Bankruptcy laws should be improved, exit mechanisms should be established, hopeful enterprises should be saved, and zombie enterprises should be buried.
Lawyer Yang Zhaoquan of Beijing Weinuo Law Firm said that regardless of mergers and acquisitions or bankruptcy liquidation, it will involve employee benefits and personnel resettlement and social stability. As much as possible mergers and acquisitions, less bankruptcy and liquidation, and reduce economic and social risks.
What is the zombie car company now?
Speaking of "Jilin Tongtian" people will feel very strange, but when it comes to its predecessor, Jilin Jiangbei Machinery Factory, which belongs to the same age as the Republic, is famous in the automobile industry. Jilin Tongtian Automobile Co., Ltd. is established by the relevant automobile assets of Jiangbei Machinery Factory and the investment and restructuring of a number of private enterprises.
Compared with the past, more is the feeling. From Jiangbei Machinery Factory to Jilin Tongtian, the “shell resources†of the car production catalogue have been built for dozens of years. Jilin Tongtian can be described as a repeated defeat and a high debt.
The "Securities Daily" reporter learned that the national enterprise credit information disclosure system, Jilin Tongtian as the first batch of "death list" appeared in the Ministry of Industry and Information Technology, from 2002 to 2015, its legal representative has changed six times, the current The number of registered employees of the company displayed on the registration information page is only one, and the company's e-mail address left by it has expired. The only company that can be opened is transferred directly to the financial department of the Jilin Provincial High-tech Zone Management Committee.
Happy people are the same, but unfortunate people have their own misfortunes. The direction of the micro-cars in Jilin Tongtian is quite different. The Beijing Zhongda Yanjing Automobile Co., Ltd. (hereinafter referred to as Zhongda Yanjing), which has been in the middle of large and medium-sized passenger cars, has recently appeared in the second batch of special public vehicles announced by the Ministry of Industry and Information Technology. On the list of production companies.
According to the data, Yanjing Automobile Factory, the predecessor of Zhongda Yanjing, was once the leader in the industry. As early as 1991, among the four auto factories that produced more than 1,000 vehicles per year for large and medium-sized passenger cars, Yanjing Automobile Factory was one of them. By 2013, Zhongda Yanjing's vehicle sales plummeted to 18 vehicles and 14 vehicles, the largest drop in bus companies, and was completely discontinued in 2014. Some media have reported that the Beijing Municipal Government had requested Zhongda Group to provide seven pure electric buses for the demonstration operation in Beijing before the “18th National Congressâ€. However, in the face of such a good business opportunity, Zhongda Group is unable to do anything, and the difficulties of Zhongda University can be imagined.
Delisting suffered from "Chinese style"
China's "Industrial Industry Policy" issued in 1994 clearly stipulates that automobile companies must obtain approval from relevant state departments and enter the catalogue to produce automobile products. Although in 2006 the National Development and Reform Commission had cleaned up the production list of complete vehicle enterprises on the issue of “shell resources†and cancelled the production qualifications of more than 120 automobile companies, the automobile industry has not established a sound exit mechanism.
In an interview with a reporter from Securities Daily, Jia Xinguang said that the reason why zombie enterprises are "stiffly" and not dead is that they rely on non-market factors to survive, relying on government subsidies and bank renewals to obtain support, resulting in distortion of market allocation. Failure. This anti-elimination mechanism allows bad money to drive out good money and robbed other healthy companies.
“Compressing and withdrawing excess capacity industry loans is itself part of the supply-side reform.†Wang Liusheng, an auto analyst at China Merchants Securities, told the Securities Daily that “zombie companies have become a major obstacle to improving quality and efficiency in the industry and should be established as soon as possible. Smoothly withdraw from the mechanism and implement a policy of advancement and retreat."
However, this is not an easy task. Yang Zhaoquan said, "Many private enterprises are often bankrupt in bankruptcy and need to solve the problem of systemic risk mitigation. In addition, some of the group companies are difficult to reorganize some of their businesses, and some reorganization plans face many difficulties in implementation." In Yang Zhaoquan's view, mergers and acquisitions Whether it is bankruptcy and liquidation, it will involve the interests of employees and the placement of personnel, as well as the stability of society. Therefore, it is necessary to merge as much as possible, reduce bankruptcy and liquidation, and properly resettle employees to reduce the impact on society and reduce economic and social risks.
The reporter learned that the US economy has also encountered the troubles caused by zombie companies. In the 2008 financial crisis, the US auto industry was on the verge of bankruptcy, and the US government funded the rescue of GM and Chrysler on the verge of bankruptcy. It is also due to the timely rescue of the government, the rapid recovery of the US auto industry turned losses, and created a large number of jobs after the financial crisis.
It is widely believed in the industry that the success of the US rescue vehicle industry has benefited from the rigorous ex ante process and the re-operation of the company's “hematopoietic†function. In addition, the "Non-Budget Rescue Plan" also stipulates that once the enterprise restructuring fails to face bankruptcy liquidation, it must repay the principal and interest of the government loan, and also ensure that the government funds will not bear excessive risks after the rescue.
Jia Xinguang told reporters that the complicated and lengthy and costly bankruptcy procedures have led many unsustainable companies to become "zombies" rather than going bankrupt, making the Bankruptcy Law in an awkward position. For a promising company to achieve a life-return, the zombie enterprise is completely buried.
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