外商直接投资与僵尸企业——来自中国工业企业的微观证据

Foreign Direct Investment and Zombie Firms:Micro Evidences From China’s Industrial Firms

文章首次考察外商直接投资在僵尸企业处置过程中的作用,旨在为我国供给侧结构性改革提供新的有益思路。基于1998~2013年中国工业企业数据库微观数据,在严谨识别僵尸企业的基础上,实证考察了外商直接投资对地区行业僵尸企业占比的影响及其具体作用机制。研究发现,外商直接投资显著减少地区行业僵尸企业占比。在考虑经济波动、市场竞争、地区、行业差异后,这一结论依然稳健。进一步发现,外商直接投资通过技术溢出、加剧竞争这两个途径完善市场机制,降低地区行业僵尸企业占比。研究结论为科学有效引进外资,推动僵尸企业处置和完善市场体制机制提供有益的理论支持。

This paper investigates the role of foreign direct investment(FDI)in the disposal of zombie firms for the first time,aiming to provide new and beneficial ideas for China’s supply-side structural reform.Based on the micro data of Chinese industrial enterprise database from 1998 to 2013,the paper empirically explores the impact of FDI on the proportion of zombie firms in the regional industries and its specific mechanism by identifying zombie firms rigorously.The research reveals that FDI significantly reduces the proportion of zombie firms in the regional industries.This conclusion is still robust after considering economic fluctuation,market competition as well as regional and industry differences.It is further found that FDI improves market mechanism and reduces the proportion of zombie firms in the regional industries through technology spillover and intensifying competition.The conclusion of the research provides useful theoretical support for the scientific and effective introduction of foreign capital,the promotion of the disposal of zombie firms and the improvement of market system and mechanism.