僵尸企业与市场资源配置效率--基于全要素生产率分布的视角

Zombie Enterprises and Efficiency of Market Resource Allocation: From the Perspective of Total Factor Productivity Distribution

优化市场配置资源的效率不仅是提升经济发展质量的重要渠道,同时也是建设更高标准市场体系的题中之义。基于企业全要素生产率分布视角的研究发现:市场内僵尸企业所占比重越大,经济资源在正常企业之间配置的效率越低。进一步分析显示,在国有企业资产占比更高、属于劳动密集型行业的市场内,僵尸企业导致市场中经济资源错配的程度更大;而在市场化程度和市场一体化程度更高的地区,市场能够有效抵御僵尸企业引发资源错配的负面冲击。机制分析显示,僵尸企业挤占经济资源的行为更有可能打击高生产率企业,主要表现为生产率增速的大幅下滑和退出市场概率的显著增加。上述结论意味着,深化供给侧结构性改革应将祛除落后产能与优化市场资源配置有机结合,全面激发市场活力,促进经济高质量发展迈上新台阶。

Optimizing the efficiency of market allocation of resources is not only an important channel to improve the quality of economic development,but also the underlying meaning of building a market system with higher standards.From the perspective of the total factor productivity distribution of enterprises,it is found that the higher the proportion of zombie enterprises in the market,the lower the efficiency of economic resources allocation among the normal enterprises.Further analysis shows that in the markets with higher proportion of assets of state-owned enterprises and belonging to the labor-intensive industries,zombie enterprises would lead to a greater degree of economic resource mismatch in these markets,while in the regions with higher degree of marketization and market integration,the markets can effectively resist the negative impact of resource mismatch caused by zombie enterprises.The result of a mechanism analysis shows that zombie enterprises’behavior of occupying economic resources is more likely to hit high productivity enterprises,which is mainly manifested in the sharp decline of productivity growth and the significant increase of market exit probability.The above conclusions indicate that deepening the supply side structural reform should organically combine eliminating backward production capacity with optimizing the allocation of market resources,so as to comprehensively stimulate market vitality and promote the high-quality economic development to a new level.