摘要：Using the data from the Financial Statements Statistics of Corporations by Industry(FSSCI), we examine whether the decrease of corporate debt subsequent to the banking crisisin the late 1990s improved the e.ciency of factor allocation at the microeconomic level. Whilethe cross-sectoral movement of capital seems to have increased in the 2000s, negative profitisassociated with the increase of corporate debt during the period of mild recovery in the mid-2000s. Thus even after the banking panic and the subsequent policy measures cleaned up majornonperforming loans, some nonnegligible number of "zombie firms" must have remained
