僵尸企业如何阻碍产业发展:基于异质性视角的机理分析

How Do Zombie Firms Hinder Industrial Development?Mechanism Analysis Based on the Perspective of Heterogeneity

本文构建一个包含企业异质性的产业动态模型,考察僵尸企业对产业发展的影响。研究发现,僵尸企业不仅破坏产业动态发展过程中优胜劣汰的市场选择机制,而且抑制企业成长机制作用的发挥。不同情形下的影响效应存在异质性:在银行僵尸借贷情形下,僵尸企业会放大和延长负向冲击对产业发展的影响;在政府兜底式救助情形下,僵尸企业会导致产业发展更快地收敛到低效率水平和低技术水平的稳态均衡;在政府普惠式政策支持情形下,僵尸企业对政策效应的影响使得政策支持能够扩大产业规模,而能否提高产业效率水平和促进产业技术进步取决于政策支持所导致的僵尸企业数量多少。本文的研究为妥善处置僵尸企业,从而助推产业发展迈向中高端水平提供了理论参考。

This paper develops an industrial dynamic model that includes firms’heterogeneity and investigates the impact of zombie firms on industrial development.The model shows that zombie firms not only undermine the market selection mechanism of survival of the fittest during the industrial dynamic development process,but they also suppress the role of the firm growth mechanism.In different situations,the effects are heterogeneous.Firstly,zombie firms amplify and prolong the impact of negative shocks on industrial development when it comes to zombie lending.Secondly,zombie firms cause industry development to converge faster towards a steady-state equilibrium with lower efficiency and lower technical level in the case of government bailout.Finally,the impact of zombie firms on policy effects leads to policy support that can expand the size of the industry,in the case of government-inclusive political support,whether they can improve the industrial efficiency level and promote industrial technological progress depends on the number of zombie firms created by the support of these policies.The study provides theoretical support and serves as a reference for the Chinese government in adequately dealing with zombie firms and promoting industrial development to the middle and high level.