中小民营企业成为僵尸企业之谜

方明月; 张雨潇; 聂辉华

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Volume 50 Issue 03

October 2018

Article Contents

Citation: The Mystery of Middle-and-Small Scaled Private Zombie Firms[J]. Academic Monthly, 2018, 50(03). shu

The Mystery of Middle-and-Small Scaled Private Zombie Firms

Abstract

From our previous research, we find that middle-and-small scaled private firms account for most of the zombie firms. We name it “the mystery of middle-and-small scaled private zombie firms”, which can hardly be explained by existing literature. This paper explains why these middle-and-small scaled private firms became zombies from a new perspective: contagion effect. Hard getting loans directly from banks, middle-and-small scaled private firms always take a mutual-guaranteed way of borrowing, with a close tie of capital and business between upstream and downstream firms. Once a firm has a financial crisis and becomes a zombie, connected firms have to provide it with credit funds or bank guarantees, which may make it more dangerous for connected firms to become zombies. Specifically, we give three channels through which contagion effects happen among middle-and-small scaled private firms: borrowing, crowding-out effect of labor and crowding-out effect of investment. We test our hypothesis using Chinese Industrial Enterprises database 1998—2013. Our research has important implications for dealing with zombie firms and promoting supply-side structural reform
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沈阳化工大学材料科学与工程学院沈阳 110142

The Mystery of Middle-and-Small Scaled Private Zombie Firms

Abstract: From our previous research, we find that middle-and-small scaled private firms account for most of the zombie firms. We name it “the mystery of middle-and-small scaled private zombie firms”, which can hardly be explained by existing literature. This paper explains why these middle-and-small scaled private firms became zombies from a new perspective: contagion effect. Hard getting loans directly from banks, middle-and-small scaled private firms always take a mutual-guaranteed way of borrowing, with a close tie of capital and business between upstream and downstream firms. Once a firm has a financial crisis and becomes a zombie, connected firms have to provide it with credit funds or bank guarantees, which may make it more dangerous for connected firms to become zombies. Specifically, we give three channels through which contagion effects happen among middle-and-small scaled private firms: borrowing, crowding-out effect of labor and crowding-out effect of investment. We test our hypothesis using Chinese Industrial Enterprises database 1998—2013. Our research has important implications for dealing with zombie firms and promoting supply-side structural reform

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通讯作者: 陈斌, bchen63@163.com

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