The Impact of Industrial Robots on the Sustainable Development of Zombie Firms in China

摘要

Utilizing panel data from listed Chinese manufacturing companies spanning the period from 2011 to 2018, this paper investigates the impact of industrial-robot applications on the resurgence of zombie firms. The fixed-effects-estimation results reveal that a 1% increase in industrial-robot utilization corresponds to a 0.49% rise in the revival rate of financially distressed entities. The paper underscores the instrumental role of industrial robots in fostering the sustainable development of zombie firms, emphasizing improvements in capital returns, labor productivity, and overall factor productivity. Heterogeneity analysis further highlights the varied influences of geographical location, capital intensity, and pollution emissions on this relationship. This paper contributes to a comprehensive understanding of the crucial role played by industrial automation in revitalizing struggling enterprises within the Chinese manufacturing landscape.