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

作　　者：Liping Lu Xiaoyang Li Zongxin Qian 

机构地区：[1]School of Finance,Renmin University of China,Beijing,China

出　　处：《Economic and Political Studies》2020年第2期141-164,共24页经济与政治研究（英文版）

基　　金：Supported by National Natural Science Foundation of China[71773126].

摘　　要：This paper examines the financing channels for zombie firms in China.We find that equity markets and suppliers provide substan-tial 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 match-ing method.

关 键 词：Zombie firms external financing equity market trade credit 

分 类 号：F75[经济管理—国际贸易]