中国制造业僵尸企业的劳动力资源错配效应研究

On the Chinese Manufacturing Zombie Firms’ Role in the Misallocation of Labor Resources

基于中国制造业企业数据,本文在对僵尸企业进行识别的基础上,从企业与行业层面,研究了僵尸企业的劳动力资源错配效应。实证结果发现,僵尸企业的存在导致了严重的劳动力资源错配。在企业层面,僵尸企业挤出了正常企业的劳动力就业,降低了正常企业的劳动生产率;在行业层面,僵尸企业降低了同行业内企业之间的劳动力资源配置效率。异质性分析发现,僵尸企业对正常企业中非国有企业、劳动密集型行业的劳动力资源错配效应更显著。进一步检验结果表明,僵尸企业扭曲了市场退出机制,使高效率企业被迫退出市场,同时阻碍了劳动力资源的优化配置,影响在位企业间的劳动力资源再配置。本文的研究结论有助于理解僵尸企业对劳动力资源错配的影响,把握处置僵尸企业带来的预期收益,为中国处置僵尸企业提供决策参考。

Based on the data of Chinese manufacturing firms,this paper identifies zombie firms,and then investigates their role in labor resources misallocation at the firm level and the industry level.Empirical results show that the prevalence of zombie firms has caused serious misallocation of labor resources:at the firm level,the zombie firms squeeze out the employment of healthy firms,and reduce the latter s labor productivity;at the industry level,the zombie firms reduce the efficiency of labor resources allocation in the same industry.Heterogeneity analysis finds that there are stronger effects of zombie firms on labor resources misallocation in the non-state-owned healthy firms and labor-intensive industries.Further analysis demonstrates that zombie firms distort the exit mechanism,which forces high-efficiency firms to exit from the market.At the same time,they hinder the optimal allocation of labor resources and affect the re-allocation of labor resources among incumbents.The conclusions of this paper contribute to a better understanding of the impact of zombie firms on labor resources misallocation and the expected benefits of resolving them,and provide some policy recommendations for tackling zombie firms in China.