政治关系与僵尸企业：中国 2008 年经济刺激计划的作用

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2024-04-09 DOI:10.1016/j.jfs.2024.101260

Jie Li , Xiaowei Guo , Bihong Huang , Tianhang Zhou

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引用次数: 0

摘要

本文探讨了在大规模经济刺激政策下，政治关系对僵尸企业的影响。尽管经济刺激计划可能会大大缓解有政治关系的企业的财务约束，但它会扭曲企业的市场退出决策。我们将中国 2008 年的经济刺激计划作为一个半自然实验，结果表明，在采取此类刺激措施后，具有政治关系的企业更有可能成为僵尸企业。进一步的分析表明，经济刺激计划的 "僵尸化 "影响对于经济刺激计划所针对的关键行业的企业更为明显。

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Political connections and zombie firms: The role of the 2008 stimulus plan in China

This paper explores the impact of political connections on zombie business in the presence of massive economic stimulus. Although a stimulus plan may substantially ease financial constraints for a politically connected firm, it distorts the firm’s decision regarding market exit. Exploiting China’s 2008 stimulus package as a semi natural experiment, we show that a firm with political connections is more likely to become a zombie following such stimulus measures. Further analysis indicates that the zombification impact of the stimulus plan is more pronounced for the firms operating in the key industries targeted by the stimulus package.

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.