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
Introduction:Neuroinflammation is considered a key regulator in the onset and progression of neurodegenerative disorders.While phytochemicals from legumes have shown promising neuroprotective effects in age-related ne...Introduction:Neuroinflammation is considered a key regulator in the onset and progression of neurodegenerative disorders.While phytochemicals from legumes have shown promising neuroprotective effects in age-related neurological diseases,their molecular mechanisms in neuronal cells remain largely unexplored.This study has provided the first evidence demonstrating the anti-neuroinflammatory and neuroprotective potential of Zombi pea ethanolic extract(ZPEE)(Vigna vexillata(L.)A.Rich.)and its bioactive compounds in human neuronal SH-SY5Y cells.Methodology:Using integrated biochemical and transcriptomic analysis,we evaluated anti-inflammatory and neuroprotective effects of ZPEE and its bioactive compounds in SH-SY5Y cells subjected to lipopolysaccharide(LPS)-induced inflammatory stress.Findings:Transcriptomic profiling showed that ZPEE markedly suppressed LPS-induced cytokine and chemokine expression.Notably,CCL2(109 to-2.23)and TNFRSF9(27.7 to-2.2)were significantly reduced.Tran-scriptomic analysis highlighted ZPEE effect on NF-kB and PI3K-Akt pathways and associated genes mediated biological processes.Moreover,RT-qPCR validation demonstrated that ZPEE and its active compound treatment suppressed LPS-induced inflammation approximately 25-50%;p<0.05.Finally,immunostaining revealed that the active compounds of ZPEE modulate the PSD-95 expression in SH-SY5Y cells,a key regulator of synaptic plasticity,development,maturation,and neuronal communication,thereby supporting their role in neuroprotection.Interpretation:Collectively,our present study provided novel insights into the molecular mechanisms of ZPEE,underscoring its potential as a therapeutic candidate for neuroinflammation and neuroprotection.The comprehensive transcriptomic data presented here offers a valuable foundation for future research into ZPEE’s applications in neuroprotection.展开更多
This study empirically examines how bank financial technology(FinTech)affects the governance of zombie firms,using data from China’s A-share listed companies from 2007 to 2023.Bank FinTech adoption is shown to signif...This study empirically examines how bank financial technology(FinTech)affects the governance of zombie firms,using data from China’s A-share listed companies from 2007 to 2023.Bank FinTech adoption is shown to significantly curb firm zombification.This effect is pronounced in technology-oriented and operational risk management-oriented FinTech,whereas no significant effect on customer service-oriented FinTech is observed.Mechanism analysis indicates that bank FinTech inhibits zombie firms through reduced information costs,enhanced banking competition and alleviation of government intervention.Heterogeneity analysis further shows that bank FinTech has a more substantial governance effect on state-owned enterprises,regions with well-developed digital infrastructure and regions with stringent financial regulation.Additionally,bank FinTech alleviates financing constraints on non-zombie firms through credit spillover effects.These findings unveil a financial development-level technological pathway for zombie firm governance,offering theoretical underpinnings and policy implications for leveraging FinTech to enhance economic efficiency.展开更多
Digital transformation stimulates enterprise development but its effects on zombification are uncertain.This study analyzed the efects of digital transformation on de-zombification among A-share listed Chinese compani...Digital transformation stimulates enterprise development but its effects on zombification are uncertain.This study analyzed the efects of digital transformation on de-zombification among A-share listed Chinese companies in Shanghai and Shenzhen Stock Exchanges from 2009 to 2021 and the mechanisms underlying those effects.The findings indicated that digital transformation facilitated enterprise de-zombification,with a stronger efect observed in state-owned enterprises,high-tech enterprises,firms in industries with low levels of competition,those with advanced digital transformation,and cities with high levels of government intervention.Further analysis identified improved production eficiency and capital allocation as important factors enabling this process.Enterprises at risk of zombification should prioritize digital transformation as a fundamental strategy for recovery.Governance strategies should be tailored to the specific characteristics of various types of zombie enterprises.The government may consider ofering financial or tax incentives to assist these firms in their digital transformation eforts,enabling them to overcome the challenges associated with zombification while enhancing both production eficiency and the efficacy of capital allocation.展开更多
Drawing on social exchange theory,this study uses data on China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2016 to examine why zombie enterprises are‘‘stiff but deathless."We?nd that these e...Drawing on social exchange theory,this study uses data on China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2016 to examine why zombie enterprises are‘‘stiff but deathless."We?nd that these enterprises are able to‘‘linger breathlessly"due to government support in the form of increased subsidies and bank loans.The government is more inclined to grant subsidies to zombie companies that assume greater policy burdens,speci?cally those offering more jobs.Furthermore,an enterprise’s property rights do not in?uence the level of‘‘blood transfusions"received,and government assistance fails to bolster operating effciency or value.This phenomenon is further explored in the context of the incentives local government offcials have to maintain employment stability.Our conclusions highlight the necessity and urgency of cleaning up zombie enterprises.展开更多
In recent years,as China has grappled with rising debt and broad economic restructure,the prevalence of zombie firms has become a critical problem.This paper provides a theoretical framework illustrating the rationale...In recent years,as China has grappled with rising debt and broad economic restructure,the prevalence of zombie firms has become a critical problem.This paper provides a theoretical framework illustrating the rationale behind the occurrence of zombie firms from the perspective of banks.We develop differential equations to model a bank s expectation and the ex ante estimate that underlies its decision to refinance an insolvent borrower.An optimistic expectation is essential in zombie lending and is intrinsic to the countercyclical pattern of zombie firms.Our model also predicts that debt can build up to an unsustainable level if recovery ofprofitability is sluggish or the initial debt burden is too high.Examining the Chinese experience of zombie firms over 2007-2017,this paper highlights two findings.First,the share of zombie firms among Shanghai and Shenzhen A-share listed companies demonstrates a countercyclical pattern.Second,the positive correlation between zombie share and debt accumulation across manufacturing sectors sheds light on the link between zombie firms and the rising corporate debt in China.To deal with the zombie"problem,the government should carefully weigh its policies to avoid further distortions because the occurrence of zombie firms may be inevitable and impossible to eliminate.展开更多
Using data on firms listed on Chinese A-share markets from 2009 to 2017,this paperapplies the difference-in-difference model to test the effect of trade facilitation onpreventing the formation of zombie firms.We find ...Using data on firms listed on Chinese A-share markets from 2009 to 2017,this paperapplies the difference-in-difference model to test the effect of trade facilitation onpreventing the formation of zombie firms.We find that the China Railway Express(CRE)significantly prevented the formation of such firms.Mechanism tests show:(i)the CRE has accelerated the speed of sales,which increased the overseas salesrevenue of firms;(ii)the economies of scale and the capital accumulation effectcaused by the CRE can help increase firms'solvency and development ability.Heterogeneity analysis indicates that the effect of the CRE on preventing theformation of zombie firms is mainly reflected in non-state-owned firms,firms inhighly competitive industries,and firms in the eastern region of China.We suggestthat China should continue to promote trade facilitation by expanding the CRE andstrengthening the market's dominant role in preventing the formation of zombie firms.Disadvantaged firms should seize the development opportunities brought by the CRE.展开更多
This paper investigates whether zombie firms demonstrate a tendency to invest in the financial sector,a practice we term financialization strategy.Unlike those in the United States,Japan,and Europe,we find that zombie...This paper investigates whether zombie firms demonstrate a tendency to invest in the financial sector,a practice we term financialization strategy.Unlike those in the United States,Japan,and Europe,we find that zombie firms in China are not necessarily small and that they rely heavily on government subsidies in addition to bank loans for survival.In addition,we document that zombie firms in China experience limited investment opportunities in their core businesses.This combination of readily available funding and limited investment opportunities jointly motivate the financialization of firms with zombie status.We further find that financialization is preferred by non-state-owned firms and by those located in regions with less developed markets.Finally,we suggest that a contagion effect can occur in terms of financialization in provinces that have a high percentage of zombie firms.This research sheds light on the effects of a triangular relationship among firms,government agencies,and financial institutions on both the operations of individual firms and overall market efficiency.展开更多
This paper analyses the life-cycle dynamics of zombie companies-broadly defined as businesses that are consistently unable to meet their interest expenses from current profits-amongst listed firms in China over the pe...This paper analyses the life-cycle dynamics of zombie companies-broadly defined as businesses that are consistently unable to meet their interest expenses from current profits-amongst listed firms in China over the period 2008-2019.A large share of zombie companies subsequently return to nonzombie status.This proportion is higher for firms undergoing a major restructuring event,low leverage levels,and with smaller operating expense ratios.However,zombie firms that return to nonzombie status continue to have lower levels of profitability compared with their industry peers and have a higher probability of relapsing into zombie status compared with firms that have never been classified as zombie.Concerted efforts to revive zombie companies using major restructuring events appear insufficient in overcoming the longer term scarring effects of zombification on firms'profitability.The results highlight the potential benefits of the ongoing efforts by Chinese regulators to improve the delisting process.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supported by the Japan Science and Technology Agency(JST grant number JPMJPF2017).
文摘Introduction:Neuroinflammation is considered a key regulator in the onset and progression of neurodegenerative disorders.While phytochemicals from legumes have shown promising neuroprotective effects in age-related neurological diseases,their molecular mechanisms in neuronal cells remain largely unexplored.This study has provided the first evidence demonstrating the anti-neuroinflammatory and neuroprotective potential of Zombi pea ethanolic extract(ZPEE)(Vigna vexillata(L.)A.Rich.)and its bioactive compounds in human neuronal SH-SY5Y cells.Methodology:Using integrated biochemical and transcriptomic analysis,we evaluated anti-inflammatory and neuroprotective effects of ZPEE and its bioactive compounds in SH-SY5Y cells subjected to lipopolysaccharide(LPS)-induced inflammatory stress.Findings:Transcriptomic profiling showed that ZPEE markedly suppressed LPS-induced cytokine and chemokine expression.Notably,CCL2(109 to-2.23)and TNFRSF9(27.7 to-2.2)were significantly reduced.Tran-scriptomic analysis highlighted ZPEE effect on NF-kB and PI3K-Akt pathways and associated genes mediated biological processes.Moreover,RT-qPCR validation demonstrated that ZPEE and its active compound treatment suppressed LPS-induced inflammation approximately 25-50%;p<0.05.Finally,immunostaining revealed that the active compounds of ZPEE modulate the PSD-95 expression in SH-SY5Y cells,a key regulator of synaptic plasticity,development,maturation,and neuronal communication,thereby supporting their role in neuroprotection.Interpretation:Collectively,our present study provided novel insights into the molecular mechanisms of ZPEE,underscoring its potential as a therapeutic candidate for neuroinflammation and neuroprotection.The comprehensive transcriptomic data presented here offers a valuable foundation for future research into ZPEE’s applications in neuroprotection.
基金support received from the Major Commissioned Program of Social Science Planning Foundation of Liaoning Province(L24ZD003).
文摘This study empirically examines how bank financial technology(FinTech)affects the governance of zombie firms,using data from China’s A-share listed companies from 2007 to 2023.Bank FinTech adoption is shown to significantly curb firm zombification.This effect is pronounced in technology-oriented and operational risk management-oriented FinTech,whereas no significant effect on customer service-oriented FinTech is observed.Mechanism analysis indicates that bank FinTech inhibits zombie firms through reduced information costs,enhanced banking competition and alleviation of government intervention.Heterogeneity analysis further shows that bank FinTech has a more substantial governance effect on state-owned enterprises,regions with well-developed digital infrastructure and regions with stringent financial regulation.Additionally,bank FinTech alleviates financing constraints on non-zombie firms through credit spillover effects.These findings unveil a financial development-level technological pathway for zombie firm governance,offering theoretical underpinnings and policy implications for leveraging FinTech to enhance economic efficiency.
基金supported by the Humanities and Social Sciences Foundation of Ministry of Education of China(No.24YJC790086)the Humanities and Social Sciences Foundation of Yunnan University(No.2023YNUGSP37)the Innovation Team Project of Philosophy and Social Sciences of Yunnan University.
文摘Digital transformation stimulates enterprise development but its effects on zombification are uncertain.This study analyzed the efects of digital transformation on de-zombification among A-share listed Chinese companies in Shanghai and Shenzhen Stock Exchanges from 2009 to 2021 and the mechanisms underlying those effects.The findings indicated that digital transformation facilitated enterprise de-zombification,with a stronger efect observed in state-owned enterprises,high-tech enterprises,firms in industries with low levels of competition,those with advanced digital transformation,and cities with high levels of government intervention.Further analysis identified improved production eficiency and capital allocation as important factors enabling this process.Enterprises at risk of zombification should prioritize digital transformation as a fundamental strategy for recovery.Governance strategies should be tailored to the specific characteristics of various types of zombie enterprises.The government may consider ofering financial or tax incentives to assist these firms in their digital transformation eforts,enabling them to overcome the challenges associated with zombification while enhancing both production eficiency and the efficacy of capital allocation.
文摘Drawing on social exchange theory,this study uses data on China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2016 to examine why zombie enterprises are‘‘stiff but deathless."We?nd that these enterprises are able to‘‘linger breathlessly"due to government support in the form of increased subsidies and bank loans.The government is more inclined to grant subsidies to zombie companies that assume greater policy burdens,speci?cally those offering more jobs.Furthermore,an enterprise’s property rights do not in?uence the level of‘‘blood transfusions"received,and government assistance fails to bolster operating effciency or value.This phenomenon is further explored in the context of the incentives local government offcials have to maintain employment stability.Our conclusions highlight the necessity and urgency of cleaning up zombie enterprises.
文摘In recent years,as China has grappled with rising debt and broad economic restructure,the prevalence of zombie firms has become a critical problem.This paper provides a theoretical framework illustrating the rationale behind the occurrence of zombie firms from the perspective of banks.We develop differential equations to model a bank s expectation and the ex ante estimate that underlies its decision to refinance an insolvent borrower.An optimistic expectation is essential in zombie lending and is intrinsic to the countercyclical pattern of zombie firms.Our model also predicts that debt can build up to an unsustainable level if recovery ofprofitability is sluggish or the initial debt burden is too high.Examining the Chinese experience of zombie firms over 2007-2017,this paper highlights two findings.First,the share of zombie firms among Shanghai and Shenzhen A-share listed companies demonstrates a countercyclical pattern.Second,the positive correlation between zombie share and debt accumulation across manufacturing sectors sheds light on the link between zombie firms and the rising corporate debt in China.To deal with the zombie"problem,the government should carefully weigh its policies to avoid further distortions because the occurrence of zombie firms may be inevitable and impossible to eliminate.
基金the support from the National Natural Science Foundation of China(No.71902050).
文摘Using data on firms listed on Chinese A-share markets from 2009 to 2017,this paperapplies the difference-in-difference model to test the effect of trade facilitation onpreventing the formation of zombie firms.We find that the China Railway Express(CRE)significantly prevented the formation of such firms.Mechanism tests show:(i)the CRE has accelerated the speed of sales,which increased the overseas salesrevenue of firms;(ii)the economies of scale and the capital accumulation effectcaused by the CRE can help increase firms'solvency and development ability.Heterogeneity analysis indicates that the effect of the CRE on preventing theformation of zombie firms is mainly reflected in non-state-owned firms,firms inhighly competitive industries,and firms in the eastern region of China.We suggestthat China should continue to promote trade facilitation by expanding the CRE andstrengthening the market's dominant role in preventing the formation of zombie firms.Disadvantaged firms should seize the development opportunities brought by the CRE.
基金financial support from the National Natural Science foundation of China(Project ID:71762025)National Accounting Top Talents of the Ministry of Finance of Chinathe financial support from the Young Scholar Start-up Program of Shenzhen University(Project ID:85203/00000536)
文摘This paper investigates whether zombie firms demonstrate a tendency to invest in the financial sector,a practice we term financialization strategy.Unlike those in the United States,Japan,and Europe,we find that zombie firms in China are not necessarily small and that they rely heavily on government subsidies in addition to bank loans for survival.In addition,we document that zombie firms in China experience limited investment opportunities in their core businesses.This combination of readily available funding and limited investment opportunities jointly motivate the financialization of firms with zombie status.We further find that financialization is preferred by non-state-owned firms and by those located in regions with less developed markets.Finally,we suggest that a contagion effect can occur in terms of financialization in provinces that have a high percentage of zombie firms.This research sheds light on the effects of a triangular relationship among firms,government agencies,and financial institutions on both the operations of individual firms and overall market efficiency.
基金supported by an Australian Government Research Training Program Scholarship.
文摘This paper analyses the life-cycle dynamics of zombie companies-broadly defined as businesses that are consistently unable to meet their interest expenses from current profits-amongst listed firms in China over the period 2008-2019.A large share of zombie companies subsequently return to nonzombie status.This proportion is higher for firms undergoing a major restructuring event,low leverage levels,and with smaller operating expense ratios.However,zombie firms that return to nonzombie status continue to have lower levels of profitability compared with their industry peers and have a higher probability of relapsing into zombie status compared with firms that have never been classified as zombie.Concerted efforts to revive zombie companies using major restructuring events appear insufficient in overcoming the longer term scarring effects of zombification on firms'profitability.The results highlight the potential benefits of the ongoing efforts by Chinese regulators to improve the delisting process.
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.
