泡沫经济破灭后日本僵尸企业的成因、治理及启示

The Cause and Governance Means of Zombie Firms in Japan after the Burst of Bubble Economy and the Enlightenment

僵尸企业并非中国独有的问题,而是世界相关经济体曾经或正在面临的共性问题和共同挑战。泡沫经济破灭后日本僵尸企业因日本政府、金融机构和企业等多方面的原因而形成。日本主要通过产业再生机构和中小企业再生支援协议会治理僵尸企业。借鉴日本相关机构协助僵尸企业顺利退出市场或走出困境重获生机的具体方法,中国对僵尸企业的治理和防范可从多层面着手:在政府层面,运用综合手段,有效处置僵尸企业;在银行层面,严控融资借贷,避免向僵尸企业输血;在制度层面,畅通退市机制,对僵尸企业实施破产或倒闭措施;在社会层面,成立中立机构,协助治理僵尸企业。

The appearance of zombie firms is not unique to China. It has always been a complicated problem for the economic entities around the world since it appeared. In general the government, fi- nancial institutions and firms themselves should be responsible for the appearance and rapid increase of zombie firms in Japan after the burst of bubble economy. Japan Is main measure of governing zombie firms is to establish two special institutions which are Industrial Revitalization Corporation of Japan （IRCJ） and SME Business Rehabilitation Support Cooperatives. Learning from Japan＇s measures to help zombie firms withdrawing from the market smoothly or recovering to be competitive again, China could take the experience for reference. The main aspects could be summarized as follows. The government should use integrated means to govern zombie firms effectively. The bank should control financing loans strictly to avoid continuing blood transfusion to zombie firms. Furthermore system should be set up to consummate the delisting mechanism and to push the zombie firms into bankruptcy in time. In addition, neutral agencies should be built to assist the government in governing zombie firms.