市场机制是否有利于僵尸企业处置:以外资管制放松为例

Can Market Mechanism Help to Cure Zombie Firm? Evidence from FDI Liberation

更多运用市场机制实现优胜劣汰是深化供给侧结构性改革的重要发力点。本文以外资自由化为例考察市场机制是否有利于僵尸企业的妥善处置,基于1998-2007年中国工业企业数据,利用外资管制放松政策这一准自然实验构建双重差分模型考察外资自由化对行业僵尸企业占比的影响。研究表明,僵尸企业个数占比与僵尸企业资产占比分别为12.02%与19.07%;外资管制放松政策显著降低了行业僵尸企业占比;该政策效应通过提高僵尸企业复活率而非退出率来得以实现,并提高了行业全要素生产率与创新能力。政府应加快推进外资自由化进程,推动僵尸企业焕发活力,以促进中国经济平稳健康发展。

Achieving the survival of the fittest through greater use of market mechanisms is the focal point for deepening supply-side structural reform.Taking FDI liberalization as an example,this paper attempts to demonstrate whether market mechanisms are conducive to the proper disposal of zombie firms.Using Chinese firm-level panel data from the period between 1998 and 2007,this work adopts a DID model using the quasi-natural experiment of FDI deregulation policy to investigate the influence of FDI liberalization on the zombie firm proportion(ZFP)in the industries.The results reveal that:(i)the proportion of zombie firms and their assets are on average 12.02%and 19.07%respectively;(ii)FDI deregulation has significantly reduced the ZFP in the industries;and(iii)the policy effect is realized by increasing the revival rates rather than dropout rates of zombie firms and further improves the industrial total factor productivity and innovation ability.Government should accelerate the progress of FDI liberalization to revitalize zombie firms so as to promote the steady and healthy development of the Chinese economy.