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日本处理“僵尸企业”的主要手段及其启示

尹嘉啉1 邹国庆1

(1.吉林大学商学院, 吉林长春 130012)

【摘要】随着国际经济环境变化和日本自身发展模式调整, 日本共经历3次大规模的“僵尸企业”危机。处理“僵尸企业”问题时, 日本遵循市场规律, 由市场选择企业破产或重组, 尤其重视失业工人的再培训和就业安置, 并成立专门机构落实各项解决“僵尸企业”问题的法律法规。中国应根据自身特征, 充分借鉴日本成功经验, 解决“僵尸企业”难题。

【关键词】 僵尸企业;产能过剩;重组;财务困境;再生机构;

【DOI】

【基金资助】 国家社会科学基金项目“中国情境下制度环境对创新绩效的作用机制研究” (15BGL008) ; 国家软科学研究计划项目“经济转型中的制度质量与区域创新能力:一个跨区域的实证研究” (2010GXS5D195) ;

Japan’s main measures to tackle the issues relating to “zombie enterprises” and enlightenment

YIN Jialin1 ZOU Guoqing1

(1.Business School, Jilin University, Changchun, Jilin, China 130012)

【Abstract】Against the backdrop of changed international economic environment and adjusted development models, Japan experienced three crises relating to large-scale zombie enterprise.To tackle these crises, Japan gave full play to role of market in selecting enterprises that needed to go bankrupt or to be reorganized.During this process, Japan paid special attention to the re-training and job placement of laid-off workers. It also established some ad hoc institutions to implement laws and regulations for these crises. Based on its own characteristics, China can learn from Japan to address the issues relating to “zombie enterprise.”

【Keywords】 zombie enterprises; overcapacity; reorganization; financial dilemma; revitalization agencies;

【DOI】

【Funds】 National Social Science Foundation Project (15BGL008) ; National Soft Science Research Program Project (2010GXS5D195);

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    Footnote

    [1]. ① Such as mergers and acquisitions of enterprises, sustained loans from banks and subsidies from local governments. [^Back]

    [2]. ② Such as other healthy enterprises, commercial banks and local governments. [^Back]

    [3]. ① Japan’s national average land price refers to the average land price of all cities in Japan. [^Back]

    [4]. ② Six metropolises are Tokyo Area, Yokohama, Nagoya, Kyoto, Osaka and Kobe. [^Back]

    [5]. ③ In Figures 2–5, the land price index of March 2000 is set to 100. [^Back]

    References

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    [2] CHAKRABORTY S, PEEK J. Cherry-Picking Winners or Aiding the Distressed? Anatomy of a Financial Crisis Intervention, Working Paper (2012).

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    [4] KANE E J. Dangers of Capital Forbearance: The Case of the FSLIC and “Zombie,” S&Ls, Contemporary Economic Policy, 5 (1): 77–83(1987).

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    [6] BROOKE J. They’re Alive! They’re Alive! Not! Japan Hesitates to Put an End to Its ‘Zombie’ Enterprises, Bank of America is a Good Example of a Zombie Company, New York Times (2002-10-29).

    [7] RIDZAK T. Lending Activity and Credit Supply to Firms during the Crisis-Evidence from the Croatian Micro Level Data, the Seventeenth Dubrovnik Economic Conference, Croatian: Croatian National Bank (2011).

    [8] HOSHI T, KIM Y. Macro-prudential Policy and Zombie Lending in Korea, Working Paper (2012).

    [9] Huang, Q. & Li, X. Guangming Ribao (光明日报), (2016-04-13).

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This Article

ISSN:1000-355X

CN: 22-1065/F

Vol 36, No. 04, Pages 58-68

July 2017

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Article Outline

Abstract

  • 1 Definition of “zombie enterprises”
  • 2 Three major issues with “zombie enterprises” in Japan
  • 3 Japan’s main measures to tackle the issues relating to “zombie enterprises”
  • 4 Enlightenment
  • Footnote

    References