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A Panel Study of Zombie SMEs in Japan : Identification, Borrowing and Investment Behavior
Get PDF* Revised：A Panel Study of ‘Zombie’ SMEs in Japan: Identification, Borrowing and Investment Behavior [13-16, 2013]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
