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
Government policy is the key to the development of the individual and private economy (IPE).In the making of a policy, the social consciousness of government officials is one of the important factors to affect the pol...Government policy is the key to the development of the individual and private economy (IPE).In the making of a policy, the social consciousness of government officials is one of the important factors to affect the policy made. Since the social consciousness on the development of IPE varies from person to person, it is conventionally indefinite and fuzzy. This paper applies fuzzy sets to analyse the government officials’ social consciousness on the IPE basis.展开更多
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Government policy is the key to the development of the individual and private economy (IPE).In the making of a policy, the social consciousness of government officials is one of the important factors to affect the policy made. Since the social consciousness on the development of IPE varies from person to person, it is conventionally indefinite and fuzzy. This paper applies fuzzy sets to analyse the government officials’ social consciousness on the IPE basis.
