信贷失衡、企业效率异质性与僵尸企业的形成

Credit Imbalance, Business Efficiency Heterogeneity and Formation of Zombie Enterprises

僵尸企业的形成与信贷失衡、企业效率异质性密切相关。通过理论剖析僵尸企业形成的内在机理,利用中国工业企业数据库数据以及采用Logit模型对僵尸企业的形成与信贷失衡、企业效率异质性关系进行的实证分析,发现中国僵尸企业的形成概率与信贷失衡程度及企业效率异质性都成正相关关系。中国各级政府和相关决策者在经济、金融运行中,若能较早地从信贷失衡及企业效率异质性两个方面识别潜在或即将产生的僵尸企业,这将对中国有效降低僵尸企业的处置成本具有积极意义。与此同时,中国必须加快金融体制改革,减少金融摩擦,促进资金流向高效率企业;生产效率低的企业也应努力实践制度和科技创新,不断稳定地提高全要素生产率,减少与行业、地区平均全要素生产率的差异,努力提高核心竞争力,从而降低中国僵尸企业发生的概率。

The formation of zombie enterprises is closely related to credit imbalance and enter- prise efficiency heterogeneity. Through theoretically analyzing the internal mechanism of the formation of zombie enterprises and making use of the data of China Industrial Enterprise Database, this paper conducts an empirical analysis of the relationship between the formation of zombie enterprises, the credit imbalance and the heterogeneity of enterprise efficiency with a Logit model. The findings show that the probability of formation of Chinese zombie enterprises is positively related to the degree of credit imbalance and the heterogeneity of enterprise efficiency. If Chinese governments at all levels and the relevant policymakers can identify the potential or forthcoming zombie enterprises earlier from the two aspects of the credit imbalances and the heterogeneity of enterprise efficiency during the eco- nomic and financial operation, it will be of positive significance for China to effectively reduce the disposal cost on the zombie enterprises. At the same time, China must speed up the reform of the fi- nancial system, reduce the financial friction and promote the flow of funds into the high efficiency enterprises. The enterprises with lower production efficiency should also try to practice the system and technological innovation, constantly improve the total factor productivity, reduce the differences in the average total productivity among the industries and regions, and strive to improve the core competi- tiveness, so as to generally reduce the probability of the occurrence of zombie enterprises in China.