Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify c...Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.展开更多
目的观察临床应用Nance弓联合横腭杆在拉尖牙远移中支抗的效果。方法采用前瞻性研究方法,选取2014年7月至2016年2月在安康市中心医院进行拔牙矫正的88例错颌患者,采用随机平行分组法随机分为对照组和观察组,每组各44例。对照组患者应用...目的观察临床应用Nance弓联合横腭杆在拉尖牙远移中支抗的效果。方法采用前瞻性研究方法,选取2014年7月至2016年2月在安康市中心医院进行拔牙矫正的88例错颌患者,采用随机平行分组法随机分为对照组和观察组,每组各44例。对照组患者应用横腭杆治疗,观察组患者给予Nance弓联合横腭杆治疗。对比分析两组患者治疗后的支抗强度、模型测量结果、头影测量结果。结果观察组强支抗率(56.8%)明显高于对照组(38.7%),总体支抗强度较对照组明显提高,差异均具有统计学意义(P<0.05);观察组上颌第一恒磨牙矢状距(0.82±0.04 mm vs.1.88±0.13 mm)、第一恒磨牙宽度(0.64±0.01 mm vs.1.12±0.06 mm)以及第一恒磨牙轴角(3.73±0.15°vs.8.52±0.34°)明显小于对照组,差异均具有统计学意义(P<0.05);观察组上颌第一恒磨牙牙体长轴和前颅底平面交角(U6-SN)明显小于对照组(1.24±0.12°vs.1.58±0.21°),差异具有统计学意义(P<0.05)。结论在拉尖牙向远中移动过程中,应用Nance弓联合横腭杆治疗增加支抗效果显著,可在临床推广应用。展开更多
基金This paper is part of the“Research on Information Asymmetry and Government Subsidy Effi ciency Based on Agency Theory”(No.18BJY017)funded by the National Social Science Fund of China.
文摘Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.
文摘目的观察临床应用Nance弓联合横腭杆在拉尖牙远移中支抗的效果。方法采用前瞻性研究方法,选取2014年7月至2016年2月在安康市中心医院进行拔牙矫正的88例错颌患者,采用随机平行分组法随机分为对照组和观察组,每组各44例。对照组患者应用横腭杆治疗,观察组患者给予Nance弓联合横腭杆治疗。对比分析两组患者治疗后的支抗强度、模型测量结果、头影测量结果。结果观察组强支抗率(56.8%)明显高于对照组(38.7%),总体支抗强度较对照组明显提高,差异均具有统计学意义(P<0.05);观察组上颌第一恒磨牙矢状距(0.82±0.04 mm vs.1.88±0.13 mm)、第一恒磨牙宽度(0.64±0.01 mm vs.1.12±0.06 mm)以及第一恒磨牙轴角(3.73±0.15°vs.8.52±0.34°)明显小于对照组,差异均具有统计学意义(P<0.05);观察组上颌第一恒磨牙牙体长轴和前颅底平面交角(U6-SN)明显小于对照组(1.24±0.12°vs.1.58±0.21°),差异具有统计学意义(P<0.05)。结论在拉尖牙向远中移动过程中,应用Nance弓联合横腭杆治疗增加支抗效果显著,可在临床推广应用。
