Monetary policy, financial development and the financing of zombie firms: evidence from China

被引：5
|
作者：
Lu, Liping [1 ]
Li, Xiaoyang [1 ]
Qian, Zongxin [1 ]
机构：
[1] Renmin Univ China, Sch Finance, Beijing, Peoples R China
来源：
ECONOMIC AND POLITICAL STUDIES-EPS | 2020年 / 8卷 / 02期
基金：
中国国家自然科学基金;
关键词：
Zombie firms; external financing; equity market; trade credit; CREDIT;
D O I：
10.1080/20954816.2020.1730542
中图分类号：
C [社会科学总论];
学科分类号：
03 ; 0303 ;
摘要：
This paper examines the financing channels for zombie firms in China. We find that equity markets and suppliers provide substantial financing support for zombie firms, while banks and other financing channels are less important. We also find that the amount of investment does not increase accordingly after zombie firms obtain external financing, which indicates an inefficient use of funds by these zombie firms. Our results are robust to various definitions of zombie firms, and also to a propensity score matching method.
引用
收藏
页码：141 / 164
页数：24
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