F
i
n
a
n
c
i
a
l
C
r
i
s
i
s
,
B
a
i
l
o
u
t
a
n
d
C
o
r
p
o
r
a
t
e
C
a
p
i
t
a
l
S
t
r
u
c
t
u
r
a
l
A
d
j
u
s
t
m
e
n
t
:
E
v
i
d
e
n
c
e
f
r
o
m
C
h
i
n
a

K
e
y
i
n
f
o
r
m
a
t
i
o
n

Date
Time
1:00 pm to 3:00 pm
Venue
Brunei Gallery
Room
B102

A
b
o
u
t
t
h
i
s
e
v
e
n
t

Deming Luo (Visiting Scholar, Zhejiang University)

Abstract

This research considers the spillover effect of bailout policy. We identify zombies and construct the region-industry bailout exposure index. We show that when firms suffer a secular negative financial shock, SOEs accumulate the leverage while NSOEs deleverage their capital structure; Both SOEs and NSOEs are reluctant to deleverage their capital structure when they are exposed to the region-industry bailout policy. These results are robust.

Share this page

R
e
l
a
t
e
d
e
v
e
n
t
s