What happened to “zombie” firms in Japan?: Reexamination for the lost two decades
What happened to “zombie” firms in Japan?: Reexamination for the lost two decades
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日本“僵尸”企业怎么了？：重新审视失去的二十年
DOI：
10.1142/s2251361213500079
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Junichi Nakamura and Shin-ichi Fukuda
中科院分区：
文献类型：
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作者：
伊藤武;杉之原真子と共同報告;近藤正基;阪口功;浅野豊美;大杉覚;小川英治編著;Ikuo Kume;Junichi Nakamura and Shin-ichi Fukuda
日本经济在20世纪90年代和21世纪头10年经历了长期的衰退。直到本世纪初，向“僵尸”企业发放的常青树贷款在稳定日本经济方面扭曲了市场纪律。尽管大多数僵尸企业最终在本世纪头五年复苏，但日本的通货紧缩在整个本世纪头十年仍然持续。本文的目的是探讨在通货紧缩持续的情况下，日本僵尸企业是如何复苏的。我们调查了在20世纪90年代和21世纪头10年，公司重组如何有效地重振僵尸企业。我们的多项Logistic回归表明，一些削减成本的努力，如减少员工数量和出售固定资产，有利于促进僵尸企业的复苏。然而，行业层面和企业层面的环境，特别是劳动生产率，与复苏关系不大。这一结果可能表明，没有创新的企业重组是日本在本世纪头十年持续通缩的原因。
The Japanese economy experienced prolonged recessions during the 1990s and the 2000s. Until the early 2000s, evergreen lending to "zombie" firms had distorted market discipline in terms of stabilizing the Japanese economy. Even though a majority of the zombie firms eventually recovered during the first half of the 2000s, deflation in Japan still persisted throughout the 2000s. The purpose of this paper is to explore how zombie firms recovered in Japan while the deflation persisted. We investigate how corporate restructuring was effective in reviving zombie firms in the 1990s and the 2000s. Our multinomial logistic regressions suggest that some of cost cutting efforts such as reducing the number of employees and selling the fixed assets were beneficial in facilitating the recovery of zombie firms. However, industry-level and firm-level environment, especially labor productivity, had little to do with the recovery. The results may suggest that corporate restructuring without innovations were responsible for the Japan's prolonged deflation in the 2000s.