政府研发资助是否能拯救僵尸企业——基于上海市中小企业的实证研究

Can Government R&D Subsidies Save Zombie Firms? An Empirical Study Based on Small and Medium-Sized Enterprises in Shanghai

本文使用上海市中小企业统计数据,对政府研发资助能否拯救僵尸企业这一问题进行了实证研究,结果表明:从行业分布来看,具有劳动密集型特征的行业和部分知识密集型行业的僵尸企业占比较高,而与居民基本生活需求相关的行业僵尸企业占比较低;政府研发资助能够在短期内有效避免健康企业变成僵尸企业,但是却会促使僵尸企业在短期和长期都变得更加糟糕。因此,政府研发资助政策应当把是否为僵尸企业作为重要的参考指标,实际操作中应尽可能甄别并剔除僵尸企业,以实现公共资源的有效配置。

In this paper, data of SMEs in Shanghai are used to study whether the government R＆D subsidies can save the zombie firms, and the results show that： From the industry point of view, industries with labor-intensive characteristics and some knowledge-intensive industries accounts for a higher proportion of zombies, and industries which meet the basic living needs of residents account for a lower proportion of zombie firms; In the short run, government R＆D subsidies can effectively prevent healthy firms from becoming zombie firms, but it will promote the zombie firms in the short and long run to be much more serious. Therefore, the government R＆D subsidy policy should treat zombie firms as an important reference indicator, and the actual operation should identify and remove zombie firms as much as possible to achieve more effective allocation of publie resources.