僵尸企业的生成、危害及处置——文献综述和未来研究方向

The Formation,Hazard and Handling of Zombie Firms:Literature Review and Future Research Topics

僵尸企业是阻碍全球经济健康发展的“隐疾”,也是中国经济高质量发展道路上的“绊脚石”之一。厘清僵尸企业是“怎么来的”和“怎么没的”对于科学且有效地处置僵尸企业、增强市场效率具有理论和政策上的指导意义。在综述现有文献的基础上,梳理了僵尸企业的识别方法及其演进,比较了中、日、欧等国家(地区)僵尸企业的不同特征及成因,分析了政府和银行的不同作用机制,归纳了僵尸企业的主要危害,并从加强市场机制、推进制度建设、营造适当宏观经济环境、充分发挥政府职能等角度总结了预防和处置僵尸企业的方法。最后指出了关于僵尸企业需要进一步着重研究的问题:民营僵尸企业的特征及成因;银行对于僵尸企业生成和处置的作用,特别是政府与银行的互动;僵尸企业通过产业链对上下游企业造成的危害;僵尸企业与宏观经济及政策的互动;清理僵尸企业可能造成的风险;等等。

Zombie firms not only hinder the healthy development of global economy but also are one of the“stumbling blocks”on the way to high-quality development of China's economy.For the scientific and effective handling of zombie firms and the improvement of market efficiency,it is of theoretical and policy significance to figure out how zombie firms come to existence and how they die out.Based on the current literature review,this paper summarizes the identification methods for zombie firms and their evolution,compares the different features and causes of zombie firms in different countries and regions such as China,Japan and Europe,analyzes the different function mechanism of government and bank,and indicates the major hazards of zombie firms.Then,this paper summarizes the methods of prevention and handling of zombie firms from the perspectives including strengthening market mechanism,promoting the institutional construction,building appropriate macroeconomic environment,giving full play to the functions of the government,etc.Finally,it points out the issues zombie firms need be further studied,including the features and causes of private zombie firms,the role of banks in the formation and handling of zombie firms,especially the interaction between government and banks,the harm caused by zombie firms to upstream and downstream firms through the industrial chain,the interaction between zombie firms and macro economy and policies,the potential risks of zombie firms handling,etc.