FinTech Can Prevent the Formation of Zombie Firms:Evidence from China  

作　　者：Jiang Jiatong Yang Lu Yin Zhentao 

机构地区：[1]School of International Trade and Economics,University of International Business and Economics [2]School of Public Policy&Management,Tsinghua University [3]Institute of Finance and Banking,Chinese Academy of Social Sciences

出　　处：《Social Sciences in China》2024年第1期111-133,共23页中国社会科学（英文版）

基　　金：the“Survey on the Digital Transformation of Small and Medium-Sized Enterprises(SMEs)”(No.2024ZDDC002);a major economic and social investigation project conducted by the Chinese Academy of Social Sciences,and the“Construction and Research of China's FinTech Development Index”(No.23ZKJC068);a foundational research initiative of the Chinese Academy of Social Sciences think tank.

摘　　要：The interplay between financial technology(FinTech)and real economy firms has garnered considerable attention.This paper explores the relationship and mechanism between FinTech and corporate zombification using the data of Chinese A-share listed firms in China from 2011 to 2021.The research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm zombification.Mechanism exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating under-investment.On the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor productivity.Heterogeneity analysis suggests that the inhibitory effect of FinTech on corporate zombification is more pronounced for non-stateowned firms and small-sized firms,as well as those in manufacturing industries and highly competitive industries.This paper provides some novel evidence on evaluating the effect of FinTech on firms and also offers new insights for efficient governance of zombie firms.

关 键 词：FinTech zombie firms investment efficiency total factor productivity 

分 类 号：F832[经济管理—金融学] F27