Zombie enterprises, predominantly found in state-owned heavy industries and labor-intensive sectors, have emerged as a crucial challenge in recent years' supply-side structural reforms. To address this issue, this study constructs an evolutionary game model involving enterprises, banks, and the government. By employing replicated dynamic equations, the analysis examines the impact of factors such as the cost of enterprise exit, implicit benefits after bankruptcy, on the decision-making of enterprises to stay or exit. The research indicates that the cost of continuing operations for zombie enterprises, bankruptcy costs, corporate income tax rates, the magnitude of implicit benefits from continuing operations, bank loan interest rates, and the expected returns from diverting loan amounts to other purposes can influence the outcomes of the game. Ultimately, from a government perspective, relevant recommendations are proposed to provide insights into effectively addressing the problem of zombie enterprises.