高铁开通、政府补贴与僵尸企业出清:基于准自然实验的研究

High Speed Rail Opening,Government Subsidy and Zombie Enterprise Clearance:Based on Quasi Natural Experiment

经济新常态背景下,推陈出新尤为重要,然而僵尸企业的大量存在为供为侧结构性改革的推进带来巨大挑战,如何尽快出清僵尸企业是业界和学界普遍关心的问题。本文利用高铁开通这一准自然实验,运用双重差分方法,实证检验了高铁开通对僵尸企业的影响机制。研究结果发现,高铁开通会加速僵尸企业出清,并且政府补助对高铁开通-僵尸企业的关系具有正向调节作用。区分僵尸企业的产权性质和所在地区发现,政府补助对高铁开通-僵尸企业的正向调节作用在国有僵尸企业和东部地区僵尸企业更加明显。进一步研究表明,高铁开通会提升企业的创新投入和创新产出,从而加速了僵尸企业的出清速度。通过探索交通基础设施完善、政府补助和僵尸企业之间的互动机制,进一步丰富了对僵尸企业成因和出清的研究。

Under the background of the new normal economy,it is particularly important to bring forth the new.However,the existence of a large number of zombie enterprises has brought great challenges to the promotion of Supply-Side structural reform.How to eliminate zombie enterprises as soon as possible is an important task of the industry and academia.Using the quasi-natural experiment of high-speed rail opening,this paper empirically tested the impact of high-speed rail on zombie enterprises by using differences-in-differences(DID)method.Results show that the opening of high-speed rail will accelerate the clearance of zombie enterprises,and government subsidies have a positive effect on the relationship between high-speed rail opening and zombie enterprises clearance.It is found that the positive moderating effect of government subsidies on zombie enterprises is more obvious in state-owned zombie enterprises and zombie enterprises in the eastern region.Further research shows that the opening of high-speed rail will improve the innovation input and output of enterprises,thus accelerating the clearance speed of zombie enterprises.By exploring the interaction mechanism between transportation infrastructure improvement,government subsidies and zombie enterprises,the research has further enriched the causes and elimination of zombie enterprises.