僵尸企业对经济演化效率的影响--基于中国工业企业数据的实证分析

The Impact of Zombie Companies on the Efficiency of Economic Evolution——Empirical Analysis Based on Chinese Industrial Enterprise Data

基于动态演化和经济效率分解理论,使用中国工业企业数据,探究僵尸企业如何影响动态演化进而影响宏观经济增长。从微观层面分析僵尸化对企业进入、退出等核心演进要素的影响;利用DOP框架将经济效率分解为企业进入、退出等四个环节的贡献,探究僵尸企业通过各演化环节对宏观经济效率的影响。僵尸化会降低企业进入概率和生产效率,提高企业退出概率和市场份额变化幅度;僵尸企业通过减少低效企业进入市场概率,提高了进入效应,更主要的还是通过抑制企业生产效率的增长降低了成长效应,从而拖累宏观经济绩效增长。

Based on the theory of dynamic evolution and economic efficiency decomposition,using data from Chinese industrial enterprises this paper explores how zombies affect dynamic evolution and macroeconomic growth,analyzes the impact of zombies on core evolution factors such as enterprise entry and exit from the micro level,then uses the DOP framework to decompose the economic efficiency into the contributions of the four links,such as enterprise entry and exit,and finally explores the zombie enterprises’contribution to the macro impact of economic efficiency.Zombies will reduce the probability of enterprise entry and production efficiency,and increase the probability of enterprise exit and market share changes;Zombie companies increase the entry effect by reducing the probability of inefficient enterprises entering the market,and more importantly,reduces the growth effect by inhibiting production efficiency of enterprises,thereby dragging down the growth of macroeconomic performance.