僵尸企业、劳动力资源错配及宏观效率损失——基于企业间劳动力资源流动视角

Zombie firms,labor resource misallocation,and macro-efficiency losses:based on the perspective of labor resource flow among firms

伴随着人口红利的逐渐消失,提升劳动力资源配置效率对于中国经济高质量发展至关重要。基于企业间劳动力资源流动视角,通过理论和实证分析检验了僵尸企业对劳动力资源配置的影响效应及其带来的效率损失。实证结果表明:一方面,僵尸企业扭曲了在位企业间、僵尸企业与正常企业间的劳动力资源配置,从而导致劳动力资源的静态配置扭曲;另一方面,僵尸企业扭曲了企业进入退出机制,从而导致劳动力资源的动态配置扭曲。异质性分析结果表明,僵尸企业对劳动密集型行业和中西部地区劳动力资源配置的危害更大。作用机制分析结果显示,僵尸企业通过信贷资源挤出效应降低了正常企业的就业创造,进而扭曲了劳动力资源配置。进一步地,通过构建反事实框架测度了僵尸企业的清理退出所能带来的宏观效率提升。测度结果显示,僵尸企业的清理退出可以有效提升加总劳动生产率,尤其是对于劳动密集型行业、中西部地区,以及东北部地区,僵尸企业退出所带来的加总劳动生产率的提升效果更明显。

With the gradual disappearance of the demographic dividend,improving the efficiency of labor resource allocation is crucial to the high-quality development of China’s economy.From the perspective of the labor resource flow among firms,this paper theoretically and empirically examines the impact of zombie firms on the allocation of labor resources and the loss of efficiency.The empirical results show that zombie firms distort the labor resource allocation among incumbent firms,between zombie firms and normal firms,which leads to distortions in the static allocation of labor resources,and they also distort firm entry and exit mechanism,leading to distortions in the dynamic allocation of labor resources.The heterogeneity analysis shows that zombie firms are more harmful to labor resource allocation in labor-intensive industries and in the central and western regions.The mechanism analysis shows that zombie firms reduce the employment creation of normal firms through crowding out credit resources and then distorting the allocation of labor resources.Furthermore,we construct a counterfactual framework to measure the macro-efficiency gains that can be brought about by the disposal of zombie firms.The measurement results reveal that the removal of zombie firms can effectively increase total labor productivity,especially for labor-intensive industries and in the central,western,and northeastern regions of China.