Solving the problem of zombie enterprises is a key entry point to China's Supply-side Structural Reform. Based on Chinese Industrial Enterprise Database and regional macro data, this paper empirically examines the impact of financial distortion on the formation of zombie enterprises. The empirical results show that financial distortion significantly promote the formation of zombie enterprises. Distinguishing by the ownership of enterprises, this paper finds that financial distortions significantly promote the formation of zombie enterprises in state-owned enterprises. Distinguishing by the capital intensity, this paper finds that financial distortions significantly promote the formation of zombie enterprises in high capital intensity enterprises. Mechanism analysis finds that financial distortions make financial resources and government subsidies inclined to state-owned enterprises, and reduce enterprises' total factor productivity and profit. Based on the above analysis, it is believed that to resolve the problem of zombie enterprises, efforts must be made to speed up the marketization process of financial markets. Finally, the paper concludes with relevant policy recommendations.
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