This article mainly tells us about the zombies, Xenophobia, and the Never-Ending Battle with＂The other＂, the solution to problems is too often placed upon the shoulders of scapegoats through the process of ostraciza...This article mainly tells us about the zombies, Xenophobia, and the Never-Ending Battle with＂The other＂, the solution to problems is too often placed upon the shoulders of scapegoats through the process of ostracization and persecution. It is in this diverting and obscured vein that zombie fiction serves as a zeitgeist for unspoken fears and frustrations fed by gross national reaction to cultural threat.展开更多
One explanation for the observed lack of economic dynamism in Europe is that so-called zombie firms are spreading and that they crowd out the growth of other,potentially more"lively",companies.Zombie firms a...One explanation for the observed lack of economic dynamism in Europe is that so-called zombie firms are spreading and that they crowd out the growth of other,potentially more"lively",companies.Zombie firms are firms that apparently are unable to repay their debt and yet,they continue operating.The report describes estimates for 2010 and 2013 of the incidence of zombie firms across 19 European countries using firm-level data for more than one million companies.Importantly,it uses three alternative definitions of what constitutes a zombie firm to ensure robustness of estimates.The report finds that zombie firms are spreading in Europe,with the estimated incidence for 2013 being higher than for 2010.It also identifies considerable differences across countries.Zombie firm shares as of overall corporate capital are particularly high in Greece and Spain,but low in the Czech Republic and Slovakia.Distinguish among firms in terms of size and age,the report finds that larger and older firms,as compared to relatively smaller and younger firms,are more likely to be zombie firms.The report also finds that the growth of zombie firms in terms of employment crowds out the growth of other,non-zombie firms,especially young ones.Thus,one policy implication is that,greater economic activity is achieved by allowing zombie firms to exit the market.展开更多
The interplay between financial technology(FinTech)and real economy firms has garnered considerable attention.This paper explores the relationship and mechanism between FinTech and corporate zombification using the da...The interplay between financial technology(FinTech)and real economy firms has garnered considerable attention.This paper explores the relationship and mechanism between FinTech and corporate zombification using the data of Chinese A-share listed firms in China from 2011 to 2021.The research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm zombification.Mechanism exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating under-investment.On the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor productivity.Heterogeneity analysis suggests that the inhibitory effect of FinTech on corporate zombification is more pronounced for non-stateowned firms and small-sized firms,as well as those in manufacturing industries and highly competitive industries.This paper provides some novel evidence on evaluating the effect of FinTech on firms and also offers new insights for efficient governance of zombie firms.展开更多
文摘This article mainly tells us about the zombies, Xenophobia, and the Never-Ending Battle with＂The other＂, the solution to problems is too often placed upon the shoulders of scapegoats through the process of ostracization and persecution. It is in this diverting and obscured vein that zombie fiction serves as a zeitgeist for unspoken fears and frustrations fed by gross national reaction to cultural threat.
文摘One explanation for the observed lack of economic dynamism in Europe is that so-called zombie firms are spreading and that they crowd out the growth of other,potentially more"lively",companies.Zombie firms are firms that apparently are unable to repay their debt and yet,they continue operating.The report describes estimates for 2010 and 2013 of the incidence of zombie firms across 19 European countries using firm-level data for more than one million companies.Importantly,it uses three alternative definitions of what constitutes a zombie firm to ensure robustness of estimates.The report finds that zombie firms are spreading in Europe,with the estimated incidence for 2013 being higher than for 2010.It also identifies considerable differences across countries.Zombie firm shares as of overall corporate capital are particularly high in Greece and Spain,but low in the Czech Republic and Slovakia.Distinguish among firms in terms of size and age,the report finds that larger and older firms,as compared to relatively smaller and younger firms,are more likely to be zombie firms.The report also finds that the growth of zombie firms in terms of employment crowds out the growth of other,non-zombie firms,especially young ones.Thus,one policy implication is that,greater economic activity is achieved by allowing zombie firms to exit the market.
基金the“Survey on the Digital Transformation of Small and Medium-Sized Enterprises(SMEs)”(No.2024ZDDC002)a major economic and social investigation project conducted by the Chinese Academy of Social Sciences,and the“Construction and Research of China's FinTech Development Index”(No.23ZKJC068)a foundational research initiative of the Chinese Academy of Social Sciences think tank.
文摘The interplay between financial technology(FinTech)and real economy firms has garnered considerable attention.This paper explores the relationship and mechanism between FinTech and corporate zombification using the data of Chinese A-share listed firms in China from 2011 to 2021.The research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm zombification.Mechanism exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating under-investment.On the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor productivity.Heterogeneity analysis suggests that the inhibitory effect of FinTech on corporate zombification is more pronounced for non-stateowned firms and small-sized firms,as well as those in manufacturing industries and highly competitive industries.This paper provides some novel evidence on evaluating the effect of FinTech on firms and also offers new insights for efficient governance of zombie firms.
