Effective disposal of zombie enterprises and solution of excess capacity must have a more substantial understanding of zombie enterprises.This paper analyzes the causes of zombie enterprises from the game perspective based on the maximization of interests of business, bank and government. On the basis of the zombie enterprise identification methods at home and abroad, combined with China's unique institutional environment, this paper constructs the identification index system, which can meet the three conditions: the enterprises are in financial distress,banks give credit support and the survival is relied on government,to make up for the lack of existing identification methods. And the zombie enterprises in steel industry are verified and the consequences is analyzed, and it finds that when the zombie enterprises is evolving from the non-zombie stage to the zombie stage,they can get more credit resources.%有效处置僵尸企业并化解过剩产能必须对僵尸企业有更实质的了解.本文以企业、银行、政府三方基于利益最大化的博弈视角分析僵尸企业的成因,在国内外有关僵尸企业识别方法的基础上,结合中国特有的制度环境,构建同时满足企业陷入财务困境、银行给予信贷支持和依赖政府生存三个条件的识别指标体系,尝试弥补已有识别方法的欠缺.并以钢铁行业僵尸企业进行验证及后果分析,发现僵尸企业由非僵尸阶段向僵尸阶段演变,获得的信贷资源更多.
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