Abstract：This paper constructs a dual fixed effect model by using the 2010—2016 manufacturing listed company data,and studies the contagious effect of zombie companies joining the guarantee network on other normal enterprises in the guarantee network.The empirical results show that the zombie companies that join the guarantee network do have an infectious effect,and this effect will lead to a decline in the performance of normal enterprises.Further analysis also shows that the contagious effects of zombie companies will ultimately increase the probability that normal enterprises will become zombie companies.The results of this study illustrate the problem of overcapacity in the industry and allow zombie companies to clear the market.They should not only study the problem of zombie enterprises clearing out the problem,but also pay attention to the contagious effects brought by zombie enterprises.
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