政府补助与企业僵尸化关系:探讨市场化进程的调节效应

The Relationship between Government Subsidies and Corporate Zombies:Based on the Regulatory Effect of Marketization Process

为探究政府补助对企业僵尸化的影响,选取2014—2018年我国沪深A股非金融类上市公司,构建回归模型进行实证分析,同时考虑到政府与市场在资源配置中的不同功能角色,将市场环境纳入研究框架,探究市场化进程对政府补助与企业僵尸化之间关系的调节效应。实证结果表明:在一定范围内,政府补助的增加能够降低企业僵尸化的风险,但当政府补助超过一定水平后,企业僵尸化的概率会随着政府补助的增加而增大;市场化进程对政府补助与企业僵尸化之间的“U型”关系具有负向调节作用。

To explore the impact of government subsidies on corporate zombification,A-share non-financial listed companies in Shanghai and Shenzhen from 2014 to 2018 were selected to construct a regression model for empirical analysis.Considering the different functional roles of the government and the market in resource allocation,it adds the market environment into the research framework to explore whether the marketization process has a moderating effect on the relationship between government subsidies and corporate zombification.The empirical results show that within a certain range,the increase in government subsidies can reduce the risk of corporate zombies,but when the government subsidies exceed a certain level,the probability of corporate zombies will increase with the increase of government subsidies.The marketization process has a negative regulating effect on the"U type"relationship between government subsidies and corporate zombification.