僵尸企业债务支付拖欠与民营企业全要素生产率

Delayed Payments and TFP of Private Firms in China

被拖欠账款是民营企业发展的一大阻碍。本文以僵尸企业为切入点,探讨民营企业应收账款的形成及其对全要素生产率(TFP)的影响。结果发现:(1)僵尸企业的应付账款明显高于正常企业,具有债务支付拖欠的性质。(2)僵尸企业显著拖欠了上游民营企业的账款,并且其应付账款主要是拖欠民营企业的。国有僵尸企业更容易拖欠上游民营企业的账款,而民营企业自身的市场势力强和所在省份的产权保护有助于减少被拖欠。(3)僵尸企业通过商业信用渠道显著拉低了上游民营企业的TFP,债务支付拖欠通过融资约束机制产生效率损失。治理僵尸企业政策应既要在僵尸企业生成过程中防止拖欠民营企业的债务,也要在清理僵尸企业过程中切实保护民营企业的债权。

Numerous delayed payments constitutes a big obstacle to private firms.Taking zombie firms as an entry point,this paper discusses the formation of the accounts receivable of private firms and its impact on TFP.Empirical results indicate that:(1)the accounts payable of zombie firms are significantly higher than those of other firms,implying delayed payments by Zombie firms;(2)zombie firms significantly default on their payments with the accounts of upstream private firms,and their accounts payable are mainly in default with private firms.State-owned zombie firms are more likely to default on the accounts of upstream private firms.The market power of private firms and the property rights protection in the provinces where they reside can help to reduce defaults.(3)Zombie firms significantly reduce the TFP of upstream private firms through trade credit channels and delayed payments generate efficiency losses through financing constraint mechanisms.This paper implies that it is necessary to prevent delayed payments to private firms in formation of zombie firms and to protect the claims of private firms in cleaning up zombie firms.