地区金融机构与僵尸企业——基于城商行设立的准自然实验

Regional Financial Institutions and Zombie Firms——Based on Quasi-natural Experiments Established by City Commercial Banks

作为"去产能"的重要抓手,有效处置僵尸企业成为供给侧结构性改革的一大发力点。但现有关于僵尸企业的研究主要集中于僵尸企业的识别、成因及影响等方面,少有研究思考银行与僵尸企业间的关联。本文从银企关系的角度出发,在收集、整理城市商业银行设立时间的基础上,利用中国工业企业数据库并通过双重差分法实证检验了城商行设立与僵尸企业间的关系。研究结果表明:城商行设立显著抑制了僵尸企业的形成,降低了地区僵尸企业比重。替换我国上市公司数据、考虑平行趋势检验等问题后,相应研究结论依旧成立。进一步分析发现城商行能够加剧银行业竞争并提高企业资本生产率,由此对企业僵尸化产生抑制作用。以上结论可为政府处置僵尸企业、化解产能过剩提供政策建议。

As an important starting point for production capacity reduction,effective disposal of zombie firms has become a major measure for structural reform on the supply side.However,the existing research on zombie firms mainly focuses on the identification,causes and effects of zombie firms,with few studies on the connection between banks and zombie firms.Therefore,from the perspective of bank-enterprise relationship,on the basis of collecting and sorting the establishment time of city commercial banks,this paper empirically tests the relationship between the establishment of city commercial banks and zombie firms,using the Chinese Industrial Enterprise Database and differences-in-differences method.The results of the study show that the establishment of city commercial banks significantly inhibits the formation of zombie firms and reduces the proportion of regional zombie firms.After replacing the data of China’s listed companies and considering the parallel trend test,the corresponding conclusion is still robust.Further analysis reveals that city commercial banks can intensify competition in the banking industry and increase corporate capital productivity,thereby inhibiting zombie firms.The conclusion above provides corresponding policy suggestions for the government to deal with zombie firms and cut excess capacity.