Corporate zombies: Anatomy and life cycle

IF 4.5 3区 经济学 Q1 ECONOMICS
Ryan Banerjee, Boris Hofmann
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引用次数: 0

Abstract

Using firm-level data on listed non-financial companies in 14 advanced economies, we document a rise in the share of zombie firms, defined as unprofitable firms with low stock market valuation, from 4% in the late 1980s to 15% in 2017. These zombie firms are smaller, less productive, more leveraged, invest less in physical and intangible capital and shrink their assets, debt and employment. Their performance deteriorates several years before zombification and remains significantly poorer than that of non-zombie firms in subsequent years. Over time, some 25% of zombie companies exited the market, while 60% exited from zombie status. However, recovered zombies underperform compared to firms that have never been zombies and they face a high probability of relapsing into zombie status.
僵尸企业:解剖和生命周期
利用14个发达经济体上市非金融公司的公司层面数据,我们发现僵尸公司的比例从20世纪80年代末的4%上升到2017年的15%。僵尸公司被定义为股票市场估值较低的无利可图公司。这些僵尸企业规模更小,生产率更低,杠杆率更高,对有形和无形资本的投资更少,资产、债务和就业都在缩水。它们的业绩在僵尸化前几年就会恶化,并且在随后的几年里仍明显逊于非僵尸企业。随着时间的推移,大约25%的僵尸公司退出了市场,而60%的僵尸公司退出了市场。然而,与那些从未成为僵尸的公司相比,恢复后的僵尸公司表现不佳,而且它们很有可能再次陷入僵尸状态。
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来源期刊
Economic Policy
Economic Policy ECONOMICS-
CiteScore
4.80
自引率
0.00%
发文量
41
期刊介绍: Economic Policy provides timely and authoritative analyses of the choices confronting policymakers. The subject matter ranges from the study of how individual markets can and should work to the broadest interactions in the world economy. Economic Policy features: Analysis of key issues as they emerge Views of top international economists Frontier thinking without technical jargon Wide-reaching coverage of worldwide policy debate
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