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On Certain Iusses of Zombie Enterprise

CHEN Hua;LIU Yangshu;CHEN Rong;The People's Bank Of China;Xiamen University;  
There is no unified and authoritative way to identify zombie enterprises. In General,the common feature of the "zombie enterprise" is the continued sluggishness of production and operation of enterprises,the high financing risk of enterprises,and the strong dependence on the outside of enterprises. Many theoretical models explain the formation of "zombie enterprise" from the micro behavior of banks. This paper first defines the definition of "zombie enterprise" from a macro level and estimates the scale of the "zombie enterprise" in China's listed companies based on the universal characteristics of "zombie enterprise." The results show that the scale of the "zombie enterprise" in the listed companies in the traditional industries such as the mining industry,transportation industry,agriculture,forestry,animal husbandry and fishery,wholesale and retail trade,manufacturing industry,accommodation and catering industryoccupy a higher proportion. From the perspective of provinces,some resourcebased provinces and central and western provinces have a high proportion of "zombie enterprises",both above 10%. Finally,this paper studies Japan's disposal of "zombie enterprises" experience and puts forward some policy suggestions on disposal of "zombie enterprises" in our country.
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