Zombie firms rather than corporate bankruptcies?

All OECD countries have implemented massive policies to support companies: tax cuts, sectoral subsidies, financing of short-time working, state-guaranteed loans, bond purchases by the central bank. Compared to what happened at the time of the subprime crisis, these policies should normally lead to: A smaller increase in corporate defaults; A greater increase in the number of zombie firms ( that are highly indebted and inefficient). Economic research shows that: Zombie firms have excess capacity and low productivity, resulting in low profit margins and inability to raise prices due to the excess capacity; An increase in the proportion of zombie firms is bad for other companies and therefore for productivity overall, because these companies keep factors of production (capital and labour) that should be reallocated to other companies, because they deprive other companies of financing, and because they create competition distortions. So there is now a need to consider how to avoid an increase in the number of zombie firms.