ABSTRACT

Zombie firms have strong negative effects on society. This paper empirically investigates the effects of zombie firms on the financial information transparency of normal firms and finds that zombie firms significantly reduce the financial information transparency of these normal firms, thus also reducing their performance. Further analysis reveals that zombie firms have more obvious negative effects on the financial information transparency of firms without political connections, firms in poor legal environments, and firms in highly competitive industries.

中文翻译：

---

僵尸企业对其他企业财务信息透明度的影响

摘要

僵尸企业对社会有很强的负面影响。本文实证研究了僵尸企业对正常企业财务信息透明度的影响，发现僵尸企业显着降低了这些正常企业的财务信息透明度，从而也降低了它们的绩效。进一步分析发现，僵尸企业对无政治关联企业、法律环境恶劣的企业、竞争激烈的行业企业的财务信息透明度的负面影响更为明显。