日本“僵尸企业”的50年历史:银行和股东是如何参与企业救助的?

IF 1.3 4区 经济学 Q3 ECONOMICS
Jun-ichi Nakamura
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引用次数: 0

摘要

我们使用上市公司的数据,在“僵尸公司”的概念包括可能的有效救助的框架下,回顾了半个世纪以来日本“僵尸公司“的长期变化。第一波僵尸企业发生在主要银行(以下简称MBs)时期。当时,MBs能够积极选择哪些公司将获得救助。然而,关于MBs的监督权以及企业集团和长期信贷银行在救助中的特殊作用的普遍看法并不得到支持。在失去的十年中最大的一次浪潮中,我们发现制造业的僵尸企业问题与非制造业的企业数量一样严重。此外,制造业中不愿意向MBs集中贷款等病理现象也相当典型。即使在泡沫破灭以来银行不良贷款得到解决后,制造业的软预算限制仍在继续,导致了全球金融危机后以制造业为中心的第三波僵尸企业。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
A 50-year history of “zombie firms” in Japan: How banks and shareholders have been involved in corporate bailouts?

We review long-term changes in “zombie firms” in Japan over this half-century using listed firm data with a framework in which the concept of “zombie firms” includes possible efficient bailouts. The first wave of zombie firms occurred during the period of main banks (hereinafter MBs). MBs were able to actively choose which firms would receive bailouts at the time. However, commonly held beliefs about MBs’ monitoring power and the special role of corporate groups and long-term credit banks for bailouts are not supported. In the largest wave of the lost decade, we find the zombie firm problem in the manufacturing sector was just as serious as the non-manufacturing in terms of firm count. Moreover, the pathological phenomena such as unwilling concentration of loans to MBs were also rather typical in the manufacturing. Soft budget constraints have continued in the manufacturing even after the resolution of banks’ non-performing loans since the bubble burst came to an end, leading to the manufacturing-centered third wave of zombie firms following the Global Financial Crisis.

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来源期刊
CiteScore
2.60
自引率
0.00%
发文量
26
审稿时长
46 days
期刊介绍: The increase in Japan share of international trade and financial transactions has had a major impact on the world economy in general and on the U.S. economy in particular. The new economic interdependence between Japan and its trading partners created a variety of problems and so raised many issues that require further study. Japan and the World Economy will publish original research in economics, finance, managerial sciences, and marketing that express these concerns.
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