Why Did 'Zombie' Firms Recover in Japan?
Why Did 'Zombie' Firms Recover in Japan?
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DOI：
10.1111/j.1467-9701.2011.01368.x
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发表时间：
2011-07-01
期刊：
影响因子：
2.5
通讯作者：
Nakamura, Jun-ichi
中科院分区：
文献类型：
--
作者：
Fukuda, Shin-ichi;Nakamura, Jun-ichi
日本经济在20世纪90年代经历了长期衰退。此前的研究表明，向陷入困境的企业（被称为“僵尸企业”）提供的长期贷款扭曲了稳定经济的市场纪律，并导致经济复苏的严重延迟。不过，僵尸最终破产的情况却很少见。本研究的目的是调查僵尸企业在日本复苏的原因。我们首先扩展 Caballero 等人的方法。 （2008）并从上市公司中识别僵尸。随后，我们研究了对重振僵尸企业有效的企业重组的性质。我们的多项逻辑回归表明，减少僵尸企业的员工人数并出售其固定资产有利于促进其复苏。然而，缺乏会计透明度或抑制管理者激励的企业重组是无效的。此外，由于缺乏良好的宏观经济环境和大量的外部金融支持，企业重组缺乏成效。
The Japanese economy experienced prolonged recessions during the 1990s. Previous studies suggest that evergreen lending to troubled firms known as ‘zombie firms’ distorted market discipline in terms of stabilising the economy and caused significant delays in its recovery. However, the eventual bankruptcy of zombies was rare. The purpose of this study is to investigate why zombie firms recovered in Japan. We first extend the method of Caballero et al. (2008) and identify zombies from among the listed firms. Subsequently, we investigate the nature of corporate restructuring that was effective in reviving zombie firms. Our multinomial logistic regressions suggest that reducing the employee strength of zombie firms and selling its fixed assets were beneficial in facilitating their recovery. However, corporate restructuring without accounting transparency or by discouraging incentives for managers was ineffective. In addition, corporate restructuring lacked effectiveness in the absence of favourable macroeconomic environment as well as substantial external financial support.