僵尸企业的风险传染效应:基于供应链机制

The Risk Contagion Effects of Zombie Companies:Evidence from the Supply Chain Mechanism

本文探究了客户僵尸化风险对供应商企业的影响。结果发现,当客户成为僵尸企业时,上游供应商的僵尸化风险显著提高,这种传染主要是基于以商业信贷为主的资金链以及存货为依托的产品链实现的。另外,消化更多就业压力、贡献更多增长的大型企业及具有更高抵押贷款规模的企业更易获得资金支持,沦为僵尸企业。最后,客户的僵尸化风险不仅会传染给其上游企业,还会沿供应链蔓延至更高层级的供应商企业,带来更大范围的风险扩散。

This work explores the impact of customer zombification risk on supplier companies.The results of the study show that when a customer becomes a zombie company,the zombification risk rate of upstream suppliers increases significantly.The reason for this mainly lies in the commercial credit-based capital chain and the inventory-based product chain.Large companies that absorb greater labour pressure and contribute to higher growth,and companies with a larger scale of mortgage loans,are also more likely to receive financial support and become zombie companies.Finally,the customer zombification risk will not only be passed on to the corresponding upstream companies but will also continue to spread along the supply chain to the higher-level supplier companies,resulting in a further spread of risk.