Abstract: This paper investigates the debt risk transmission through industry chain in real economy by analyzing the impact of zombie firms in downstream on normal firms in upstream Based on the 1998–2007 Annual Survey of Industrial Firms of China，this paper finds：first，zombie firms exhibit higher debt risk and also exert a positive effect on the leverage of normal firms in upstream industries，which transmit debt risk in real economy；second，distorted trade credit （ie，delayed payment）is the main transmission channel of the debt risk；third，this kind of debt risk transmission could be suppressed by strengthening property rights protection This paper finds consistent results in robustness tests such as using multilevels fixed effects，instrumental variable，and alternative measures of variables The results implicate that the smoothing of domestic circulation and the controlling of debt risk in real economy could be improved at the same time by taking proper measures，such as strengthening property rights protection and managing delayed payment to improve upstream and downstream relationship in the industry chain

Key words: zombie firm, industry chain, trade credit, firm leverage

摘要： 本文以僵尸企业为切入点，探究产业链上下游关系与实体经济的债务风险传导问题。基于1998—2007年中国制造业企业数据并结合投入产出表计量分析发现：第一，僵尸企业自身债务风险高，而且会推高产业链上游正常企业的杠杆率，传导债务风险；第二，债务拖欠等扭曲性商业信用是风险传导的主要渠道；第三，加强产权保护能弱化债务风险传导。实证结果在使用多重固定效应、工具变量回归、变换解释变量指标等稳健性检验中均保持一致。本文研究说明，国内大循环的畅通与实体经济中企业债务风险的有效控制具有内在统一性，可以通过加强产权保护和治理债务拖欠来打造健康的产业链上下游关系，一举两得。

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