| With China's economic development having entered a new norm,and in the process of promoting the supply side structural reform,a number of existing "Zombie Companies" may waste social resources,exacerbate overcapacity,and hinder industrial development.The exit of "Zombie Companies" brings lots of problems,such as resolving staffing problems,creating the corresponding jobs,impact on local social stability,the too largefunding gap,the long disposal cycle,the lack of exit power,making its exit very difficult,which has become a difficult problem on the road of economic transformation in China.Based on the previous literature,the thesis summed up three important reason for the formation of "Zombie Companies" in the perspective of theoretical analysis,so introduced the concept of "Blood Transfusion Rate"(BTR),from a quantitative point of view,the causes of the "Zombie Companies" ' definition and analysis,making the "Zombie Companies" return to the definition itself.At the same time,operating in difficult circumstances,"Zombie Companies" still guarantee for other companies to improve their own ability to obtain more financing through bank loan,so I analysis the relationship between the enterprise external guarantee degree and "Zombie Companies".Based on the data of A-share listed companies excluding the financial sector during 2007-2016 from the CSMAR database,to this thesis studied the relationship between "Blood Transfusion Rate",the guarantee degree and the "Zombie Companies".The findings are as follows: there is a positive association between the "Blood Transfusion Rate" and the "Zombie Companies",as well as between the guarantee degree and the "Blood Transfusion Rate",also in the guarantee degree and the "Zombie Companies".The thesis proposes that the concept "Blood Transfusion Rate" can be used as a supplement standard to define "Zombie Companies",policies on how to reduce the possibility of becoming "Zombie Companies" and other related recommendations. |
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