僵尸企业对出口边际和出口附加值的影响--基于企业层面数据的实证检验

The Impact of Zombie Enterprises on Export Margin and Export Value Added--An Empirical Test Based on Enterprise-level Data

采用Heckman两阶段模型和系统广义矩估计法实证发现,僵尸企业较少受到融资约束,得到了更多政府补贴,有助于提高出口集约边际和拓展边际,相比较,其更多促进了出口集约边际的增长;僵尸企业不利于出口国内附加值和出口国外附加值的提高,相比较,其更不利于出口国外附加值的提高,该结果不因僵尸企业的所有制性质、规模大小和所属行业而改变。进一步研究发现,国有和集体僵尸企业、大型僵尸企业、资本密集型僵尸企业对出口集约边际和拓展边际的提高作用分别高于民营僵尸企业、中小僵尸企业、劳动密集型僵尸企业;民营僵尸企业、中小僵尸企业、劳动密集型僵尸企业对出口国内附加值和出口国外附加值的降低作用分别高于国有和集体僵尸企业、大型僵尸企业、资本密集型僵尸企业。据此,需积极稳妥处置民营僵尸企业、中小僵尸企业和劳动密集型僵尸企业。

Using the Heckman two-stage model and the System Generalized Method of Moments,an empirical analysis finds that zombie enterprises are less constrained by financing but get more government subsidies,which can help to improve the export intensive margin and extensive margin,and it is more conducive to the growth of export intensive margin.Zombie enterprises are unfavorable to the increase of export domestic value added and abroad value added,and comparatively they are more unfavorable to the increase of export abroad value added.This result does not change with the ownership,size and industry of zombie enterprises.Further research finds that the state-owned and collective zombie enterprises,the large zombie enterprises,and the capital-intensive zombie enterprises have a higher effect on the export intensive margin and extensive margin than the private zombie enterprises,the small and medium zombie enterprises,and the labor-intensive zombie enterprises have respectively;the private zombie enterprises,the small and medium zombie enterprises,and the labor-intensive zombie enterprises have a higher effect on the reduction of export domestic value added and export abroad value added than the state-owned and collective zombie enterprises,the large zombie enterprises,and the capital-intensive zombie enterprises have respectively.Accordingly,we should actively and safely deal with the private zombie enterprises,the small and medium zombie enterprises,and the labor-intensive zombie enterprises.