Corporate zombies: anatomy and life cycle
利用14个发达经济体的上市公司数据，发现僵尸企业（低盈利、低市值的公司）占比从1980年代末的4%升至2017年的15%，这些企业规模小、生产率低、负债高，且复苏后仍表现不佳，易再次沦为僵尸。
Abstract Using firm-level data on listed non-financial companies in 14 advanced economies, we document a rise in the share of zombie firms, defined as unprofitable firms with low stock market valuation, from 4% in the late 1980s to 15% in 2017. These zombie firms are smaller, less productive, more leveraged, invest less in physical and intangible capital and shrink their assets, debt and employment. Their performance deteriorates several years before zombification and remains significantly poorer than that of non-zombie firms in subsequent years. Over time, some 25% of zombie companies exited the market, while 60% exited from zombie status. However, recovered zombies underperform compared with firms that have never been zombies and they face a high probability of relapsing into zombie status.