A Panel Study of Zombie SMEs in Japan : Identification, Borrowing and Investment Behavior

Imai, Kentaro

A Panel Study of Zombie SMEs in Japan : Identification, Borrowing and Investment Behavior

Imai, Kentaro

Discussion Papers In Economics And Business, 2014, 13-16-Rev., 1-23

アクセス数:288件（2025-08-14 18:48 集計）

固定URL: https://hdl.handle.net/11094/25166

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タイトル	A Panel Study of Zombie SMEs in Japan : Identification, Borrowing and Investment Behavior
著者	著者名 Imai, Kentaro
キーワード等	‘zombie’ firms
	ever-greening
	SMEs
	borrowing
	investment
内容	* Revised：A Panel Study of ‘Zombie’ SMEs in Japan: Identification, Borrowing and Investment Behavior [13-16, 2013]
抄録	We estimated the extent to which ‘zombie’ SMEs existed in Japan by using panel data set of firms and investigated borrowing and investment functions of ‘zombie’ SMEs. We found that 5%~13% of SMEs are ‘zombie’ firms. As for borrowing behavior, ‘zombie’ firms did not succeed in reducing their loans. A fall in land value of SMEs induced an increase in borrowing of ‘zombie’firms or ever-greening. We also find that the profitability of investment, measured by marginal q and the increment of output, did not increase investment for the ‘zombie’firm, but rather ever-greening of loans increased investment in less productive and profitable projects.
出版者	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
収録物名	Discussion Papers In Economics And Business
巻(号)	13-16-Rev.
ページ	1-23
刊行年月	2014-09
言語	英語
ハンドルURL	https://hdl.handle.net/11094/25166
NCID	AA1160366X
関連情報 (references)	URI http://www2.econ.osaka-u.ac.jp/library/global/dp/1316R.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Discussion Papers In Economics And Business
最終更新日	2014-09

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business. 2014, 13-16-Rev., p. 1-23
DC.title	A Panel Study of Zombie SMEs in Japan : Identification, Borrowing and Investment Behavior
DC.creator	Imai, Kentaro
DC.publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2014-09
DC.relation' scheme='DCTERMS.URI	http://www2.econ.osaka-u.ac.jp/library/global/dp/1316R.pdf
DC.subject	‘zombie’ firms
	ever-greening
	SMEs
	borrowing
	investment
DC.description	* Revised：A Panel Study of ‘Zombie’ SMEs in Japan: Identification, Borrowing and Investment Behavior [13-16, 2013]
DCTERMS.abstract	We estimated the extent to which ‘zombie’ SMEs existed in Japan by using panel data set of firms and investigated borrowing and investment functions of ‘zombie’ SMEs. We found that 5%~13% of SMEs are ‘zombie’ firms. As for borrowing behavior, ‘zombie’ firms did not succeed in reducing their loans. A fall in land value of SMEs induced an increase in borrowing of ‘zombie’firms or ever-greening. We also find that the profitability of investment, measured by marginal q and the increment of output, did not increase investment for the ‘zombie’firm, but rather ever-greening of loans increased investment in less productive and profitable projects.
DC.format	25166
citation_title	A Panel Study of Zombie SMEs in Japan : Identification, Borrowing and Investment Behavior
citation_author	Imai, Kentaro
citation_publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
citation_language	英語
citation_date	2014-09
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	13-16-Rev.
citation_firstpage	1
citation_lastpage	23
citation_public_url	https://hdl.handle.net/11094/25166
citation_abstract_html_url	http://www2.econ.osaka-u.ac.jp/library/global/dp/1316R.pdf

A Panel Study of Zombie SMEs in Japan : Identification, Borrowing and Investment Behavior

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