Do Private Zombie Enterprises Use More Business Credit?——An Analysis from the Perspective of Supply Chain
The paper analyses the reason why zombie enterprises survive,especially the reason why private zombie enter-prises survive,and explores the relationship between zombie enterprises and trade credit based on the data of listed com-panies from 1990 to 2019.The results show that,zombie enterprises use more net trade credit,especially active trade credit;the larger the market share of zombie enterprises,the more the net trade credit enterprises use;zombie enterprises use more net trade credit in the period of tighten monetary policy;these relationship are more robust in the sample of pri-vate enterprises;the net trade credit will increase while the normal enterprise turned to a zombie enterprise,the net trade credit will decrease while the zombie enterprise turned to a normal enterprise;robust tests get the same results.
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