Local Government Debt and Firm Zombification: Evidence from China

IF 5.3 3区经济学 Q1 ECONOMICS

Asian Economic Papers Pub Date : 2023-05-26 DOI:10.1162/asep_a_00865

Yang He, Yun Ma, M. Tang, Lu Wang

引用次数: 0

Abstract

Abstract We analyze the effects of local government debt on the proliferation of zombie firms. With aggregated prefecture-level debt data and firm-level data from 2006 to 2013, the empirical evidence demonstrates that the local government debt significantly exacerbates the “zombification” of local firms, mainly through the credit-favoritism to state-owned enterprises and capital misallocation. Our analysis also shows that the magnitude of zombification effects is influenced by debt liquidity and the primary functions of local government financing vehicles.

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地方政府债务与企业僵尸化:来自中国的证据

摘要本文分析了地方政府债务对僵尸企业扩散的影响。利用2006 - 2013年的地级债务数据和企业级数据，实证表明，地方政府债务显著加剧了地方企业的“僵尸化”，主要表现为对国有企业的信贷偏爱和资本错配。我们的分析还表明，僵尸化效应的程度受到债务流动性和地方政府融资平台主要功能的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Economic Papers ECONOMICS-

CiteScore

7.50

自引率

0.00%

发文量

期刊介绍： The journal Asian Economic Papers (AEP) is supported by several prominent institutions, including the Center for Sustainable Development at Columbia University in the United States. This shows that there is a strong emphasis on sustainable development within the journal's scope. Additionally, the Korea Institute for International Economic Policy in South Korea, the UN Sustainable Development Solutions Network (SDSN) in Malaysia, and the Economic Research Institute for ASEAN and East Asia in Indonesia also sponsor AEP. The articles published in AEP focus on conducting thorough and rigorous analyses of significant economic issues pertaining to specific Asian economies or the broader Asian region. The aim is to gain a deeper understanding of these issues and provide innovative solutions. By offering creative solutions to economic challenges, AEP contributes to the discourse and policymaking that impact the Asian economies and region as a whole.