Zombies, again? The COVID-19 business support programs in Japan.
Zombies, again? The COVID-19 business support programs in Japan.
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DOI：
10.1016/j.jbankfin.2022.106421
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发表时间：
2023-03
影响因子：
3.7
通讯作者：
Ueda, Kenichi
中科院分区：
文献类型：
--
作者：
Hoshi, Takeo;Kawaguchi, Daiji;Ueda, Kenichi
关键词：
我们与 Tokyo Shoko Research, LTD (TSR) 合作，设计并开展了一项关于 COVID-19 相关政府计划使用情况的公司级调查。结合调查结果和受访企业的财务报表，我们调查了各种政府项目分配背后的因素。我们发现，在 2019 年 COVID-19 大流行之前信用评分较低的企业更有可能申请并获得日本政府在 2020 年提供的补贴和优惠贷款，从而控制了大流行爆发后的销售增长。信用评分低的企业不一定是僵尸企业，僵尸企业被定义为没有生存能力但靠债权人和/或政府的援助维持生存的企业。我们的结果表明，政府的援助可能补贴了一些在大流行之前尚未成为僵尸企业的表现不佳的企业。
We design and conduct a firm-level survey on the use of COVID-19-related government programs, in collaboration with Tokyo Shoko Research, LTD (TSR). Combining the survey results with the financial statements of the respondent firms, we investigate the factors behind the allocation of various government programs. We find that firms that had low credit scores in 2019, before the COVID-19 pandemic, were more likely to apply for and receive the subsidies and concessional loans offered by the Japanese government in 2020, controlling for the sales growth after the onset of the pandemic. Firms with low credit scores are not necessarily zombies, which are defined to be the firms that are non-viable but kept alive by assistance from creditors and/or the government. Our result suggests that the government assistance may have subsidized some poorly performing firms that were not yet zombies before the pandemic.
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