[20201029]IF11673_“僵尸”公司：背景和政策问题.pdf

https:/crsreports.congress.gov October 29, 2020“Zombie” Companies: Background and Policy Issues“Zombie” companies are mature companies that have not generated sufficient profits to cover their debt borrowing costs over a period of years. Such companies are characterized by prolonged underperformance and poor future prospects and are often associated with low productivity. The number of zombie companies has gone up in recent years. As many as 15% of companies in the Russell 3000an index of 3,000 publicly traded U.S. companies that make up the vast majority of the investable public U.S. equity marketare considered zombies by some (Figure 1). This In Focus addresses basic questions about zombie companies, discusses their effects on the economy, and briefly reviews policy implications and proposals to address them. Figure 1. Percentage of U.S. Zombie Companies in Russell 3000 Equivalent Index Source: Leuthold Group and Joe Rennison, “Pandemic Debt Binge Creates New Generation of Zombie Companies,” Financial Times, September 13, 2020. Notes: Companies with profits that are less than the interest paid on their debts for at least three years. Data based on the Leuthold 3000 Universe (a R