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| Can Government R&D Subsidies Save Zombie Firms? An Empirical Study Based on Small and Medium-Sized Enterprises in Shanghai |
| Luan Qiang, Luo Shougui, Xiong Qi, Luo Jin |
| Antai College of Economics and Management,Shanghai Jiaotong University,Shanghai 200030,China |
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Abstract In this paper,data of SMEs in Shanghai are used to study whether the government R&D subsidies can save the zombie firms,and the results show that:From the industry point of view,industries with labor-intensive characteristics and some knowledge-intensive industries accounts for a higher proportion of zombies,and industries which meet the basic living needs of residents account for a lower proportion of zombie firms;In the short run,government R&D subsidies can effectively prevent healthy firms from becoming zombie firms,but it will promote the zombie firms in the short and long run to be much more serious.Therefore,the government R&D subsidy policy should treat zombie firms as an important reference indicator,and the actual operation should identify and remove zombie firms as much as possible to achieve more effective allocation of public resources.
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Received: 18 December 2017
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2018, Vol. 0 
