美国的僵尸贷款--流行率与相关性
Zombie-Lending in the United States -- Prevalence versus Relevance
摘要：
为应对COVID-19大流行而采取的特别财政及货币干预措施，令人再度担忧发达经济体的僵尸疫情。在美国上市公司的样本中，我们发现僵尸盛行和抵押贷款本身并不是一个普遍的现象。尽管如此，我们的研究结果显示，小额贷款对非僵尸企业的生产率、资本增长和就业增长以及整体商业活力产生了负面溢出效应。主要是健康的中小型公司对小额贷款活动敏感，而资金限制进一步放大了这些影响。
英文摘要：
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.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
