Absolutely.  This is exactly what the Japanese government did and their economy has be in a stagnating slump since.  You have to let poorly managed businesses no matter how big, fail.  You have to let the parts be carved up and sold.  And the economy to pick itself back up.  Until then the government can support, inflate, regulate every "winner" business until there is nothing left for them give away.  Most of the productive will have withdrawn their labor before then.