一、报告题目：

 Zombie Firm Dynamics and China's Monetary Policy

二、报告人：

北京航空航天大学经管学院助理教授 李伟

三、报告时间：

 2019年12月05日 （周四） 上午10:30-12:00

四、报告地点：

知新楼B423

五、报告人简介：

李伟，北京航空航天大学经管学院金融系助理教授，博士毕业于美国马里兰大学经济系。主要研究方向是宏观经济学，企业动态分析和国际金融，侧重于用微观的企业，银行，专利数据来分析政策变化对宏观经济的影响。

六、 报告摘要：

本研究利用中国的工业企业数据将一部分依靠补贴存活的企业定义为僵尸企业，讨论货币政策与僵尸企业动态的关系，并构建一个异质性企业模型估算僵尸企业存在对货币政策有效性和资源配置的影响。

By examining dynamics of zombie firms with respect to both the intensive margin and extensive margin, we study the distributional effects of monetary policy on firm performance and reallocation dynamics in China. Based on China Industrial Enterprise database from 1998 to 2013, this paper documents the evidence of two competing forces arising from China's monetary policy practices. First, monetary expansion leads to an improvement upon the extensive margin of Chinese firm dynamics by selecting good firms out of the bad league of ``zombie" firms that are marked by negative profits and subsidized borrowing. Simultaneously, conditional on staying as zombies, these firms are associated with greater resource misallocations, thus an deterioration at the intensive margin. Precisely, we show why zombie firms exits: monetary stimulus brings forth improved revenue without further distorting the borrowing cost of these firms. For very persistent zombie firms, leverage went up and revenue was down in spite of increasingly subsidized borrowings. We then build a heterogeneous-firm model to study zombie firm dynamics.

七、主办单位：

龙门客栈资料库