关键词: 银行竞争, 僵尸企业, 去杠杆

Abstract: Matching the financial license information published by CBRC with the Chinese Industrial Enterprises Database, this paper investigates the mechanism through which bank competition influences zombie firms’ dynamic capital structure adjustmentThe results exhibit that by raising firms’ financing cost, bank competition has significantly accelerated the speed of zombie firms’ capital structure adjustment, especially the extent of deleveragingFurthermore, the impact of bank competition on the zombie firms’ deleveraging is more pronounced during easy monetary policy periodMoreover, zombie firms with lower level of soft budget constraints, higher dependence on external financing and smaller size have faster deleveraging paceThis paper focuses on the specific zombie firms’ deleveraging behavior under China's financial system which is gradually deepening openingup, and provides empirical evidence for how the competition mechanism of the financial market advances zombie enterprises’ deleveraging

Key words:  , bank competition, zombie firms, deleveraging