企业家精神、融资约束与企业僵尸化的关系研究

Research on the Relations Among Entrepreneurship, Financing Constraints and Enterprise Zombification

厘清中小民营僵尸企业并预防新的僵尸企业的形成是促进中小民营企业高质量发展的重要工作。本文基于2013～2017年456家中小板民营上市公司数据,检验企业家精神对中小民营企业僵尸化程度的影响,探讨企业家精神对融资约束与中小民营企业僵尸化关系的调节作用。研究发现:企业家精神可以降低企业僵尸化的程度、抑制新的僵尸企业形成;企业家的创新精神与责任意识在缓解融资约束与中小民营企业僵尸化的关系中起关键作用。因此,促进中小民营企业高质量发展,需要企业家充分发挥创新精神,积极履行对股东、供应商、客户的责任,合理筹划薪酬体系,进而缓解企业融资约束压力,降低企业僵尸化的程度。

To clarify the small and medium-sized private zombie enterprises and prevent the formation of new zombie enterprises is an important work to promote the high-quality development of small and medium-sized private enterprises.Based on the data of 456 small and medium-sized private listed companies from 2013 to 2017,this paper examines the impact of entrepreneurship on the degree of zombification of small and medium-sized private enterprises,and explores the regulatory role of entrepreneurship on the relationship between financing constraints and zombification of small and medium-sized private enterprises.It is found that entrepreneurship can reduce the degree of enterprise zombification and inhibit the formation of new zombie enterprises.Entrepreneurs’ innovative spirit and sense of responsibility play a key role in alleviating the relationship between financing constraints and the zombification of small and medium-sized private enterprises.Therefore,to promote the high-quality development of small and medium-sized private enterprises,entrepreneurs need to give full play to the spirit of innovation,actively fulfill their responsibilities to shareholders,suppliers and customers,and rationally plan the compensation system,so as to alleviate the pressure of financing constraints and reduce the degree of enterprise zombie.