僵尸企业如何影响企业加成率——来自中国工业企业的证据

How Zombie Firms Affect Markups ——Evidence from Chinese Industrial Firms

本文通过扩展的MO模型,首次理论分析了僵尸企业对非僵尸企业加成率的影响,揭示了“成本增加效应”和“创新挤出效应”这两个重要的影响渠道。在此基础上,基于1998—2013年中国工业企业数据,运用修正的CHK法对僵尸企业进行了识别,检验了僵尸企业对非僵尸企业加成率的影响,经验证据表明:(1)僵尸企业比例每提升100%(翻一番),总体会引致非僵尸企业加成率显著降低3.43%;(2)对影响渠道检验发现,僵尸企业的存在会降低非僵尸企业的生产率水平、创新投入和产出,进而导致加成率恶化;(3)分样本回归发现,僵尸企业的负向加成率效应在西部地区、国有企业和资本密集型行业中最高。本文深化了对僵尸企业负向影响的经济学解释,为供给侧结构性改革提供了理论支撑。

This paper,for the first time,integrates the negative externalities of zombie firms on non-zombie firms into a unified theoretical framework by extending the Melitz and Ottaviano(2008)model.It proposes two crucial channels,the“cost increasing effect”and the“innovation crowding-out effect”from the perspective of markups.On that basis,with the Annual Survey Data of Chinese Industrial Firms(ASIF)from 1998-2013,it uses modified CHK method to identify the zombie firms,and test their negative externalities.The empirical evidence shows that:(1)every 100%increase in zombie firms ratio will lead to non-zombie firms markups significantly decreasing by 3.43%;(2)research of the impact channel finds that the existence of zombie firms will reduce the non-zombie firms productivity,innovation input and output,which deteriorates their markups;(3)sub-sample regression shows that the negative externalities of zombie firms are larger in the western region,SOEs and capital-intensive industries.This paper deepens the economic explanation of the negative impact of zombie firms and provides theoretical support for the supply-side structural reform.