金融市场扭曲对僵尸企业形成的影响——基于微观企业数据的实证研究

The Effect of Financial Distortion on the Formation of Zombie Enterprises——An Empirical Study Based on Micro-Enterprise Data

解决僵尸企业问题是中国供给侧结构性改革的关键切入点。本文基于中国规模以上工业企业数据和地区层面宏观数据,实证检验了金融市场扭曲对僵尸企业形成的影响。实证结果发现,金融市场扭曲会显著促进僵尸企业的形成;区分企业所有制后发现,金融市场扭曲显著促进了国有企业中僵尸企业的形成;区分资本密集度后发现,金融市场扭曲显著促进了高资本密集度企业中僵尸企业的形成;机制检验结果发现,金融市场扭曲会使得金融资源和政府补贴向国有企业倾斜,并且降低企业的生产效率和利润率。基于上述分析,本文认为,要解决僵尸企业问题,必须加快金融市场的市场化进程,并提出了相关政策建议。

Solving the problem of zombie enterprises is a key entry point to China's Supply-side Structural Reform.Based on Chinese Industrial Enterprise Database and regional macro data,this paper empirically examines the impact of financial distortion on the formation of zombie enterprises.The empirical results show that financial distortion significantly promote the formation of zombie enterprises.Distinguishing by the ownership of enterprises,this paper finds that financial distortions significantly promote the formation of zombie enterprises in state-owned enterprises.Distinguishing by the capital intensity,this paper finds that financial distortions significantly promote the formation of zombie enterprises in high capital intensity enterprises.Mechanism analysis finds that financial distortions mak e financial resources and government subsidies inclined to state-owned enterprises,and reduce enterprises"total factor productivity and profit.Based on the above analysis,it is believed that to resolve the problem of zombie enterprises,efforts must be made to speed up the marketization process of financial markets.Finally,the paper concludes with relevant policy recommendations.