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Unfinished business: Zombie firms among SME in Japan's lost decades

机译：未完成的业务：日本中小企业中的僵尸公司失去了数十年

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摘要

The "soft budget problem," by which banks loosen their lending stances toward long-term client firms despite worsening business conditions, has been widely discussed in the field of financial studies. In Japan, this problem has attracted attention particularly in connection to so-called "zombie firms," financially weak firms sustained by discounted interest rates and evergreen lending which have become a major research and political interest in recent years. In this article, we focus on zombie firms among small and medium-sized enterprises (SME), a corporate category that has hitherto received less consideration in the discussion about Japan's zombie firms. We find that: (1) many zombie firms exist among SME and that the zombie firm ratio increases as firm size decreases; and (2) some zombie firms eventually emerge from zombie status among SME. In other words, zombie firms are likely problematic from the view of the efficiency of the industries to which they belong. But when one considers that many zombie firms achieve revival, it would seem inappropriate to uniformly promote their elimination. Since ending zombie status seems to directly imply market exit for many SME, it is important to conduct preliminary screening to prevent the creation of zombie firms in the first place.
机译：在金融研究领域，广泛讨论了“软预算问题”，仍然可以向长期客户公司放松他们的贷款立场，尽管经营状况恶化，但在财务研究领域得到了广泛讨论的。在日本，这个问题引起了特别关注所谓的“僵尸公司”的经济薄弱公司，由折扣利率和常绿贷款持续的公司近年来成为一个主要的研究和政治利益。在本文中，我们专注于中小企业（中小企业）的僵尸公司，该公司在迄今为止在讨论日本的僵尸公司时收到了不太考虑的企业类别。我们发现：（1）许多僵尸公司在中小企业中存在，僵尸公司的比例随着坚定的规模降低而增加; （2）一些僵尸公司最终出现在中小企业之间的僵尸状态。换句话说，Zombie公司可能从他们所属行业的效率看出。但是当考虑到许多僵尸公司实现复兴时，统一促进他们的消除似乎是不合适的。由于结束僵尸状态似乎直接暗示了许多中小企业的市场退出，重要的是开展初步筛选，以防止首先创建僵尸公司。

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