论文标题
美国的僵尸贷款 - 流行与相关性
Zombie-Lending in the United States -- Prevalence versus Relevance
论文作者
论文摘要
响应于19日大流行的大流行的非凡财政和货币干预措施对发达经济体的僵尸流行恢复了关注。在公开上市的美国公司的样本中，我们发现僵尸流行和僵尸贷款本身并不是广泛的现象。尽管如此，我们的结果表明，非僵尸以及整体业务动态的生产力，资本增长和就业增长的僵尸贷款负面溢出。对僵尸贷款活动敏感的健康中小型公司的主要是，财务限制进一步扩大了这些影响。
Extraordinary fiscal and monetary interventions in response to the COVID-19 pandemic have revived concerns about zombie prevalence in advanced economies. Within a sample of publicly listed U.S. companies, we find zombie prevalence and zombie-lending not to be a widespread phenomenon per se. Nevertheless, our results reveal negative spillovers of zombie-lending on productivity, capital-growth, and employment-growth of non-zombies as well as on overall business dynamism. It is predominantly the class of healthy small- and medium-sized companies that is sensitive to zombie-lending activities, with financial constraints further amplifying these effects.
