企业“脱实向虚”的一种解释:基于僵尸企业负外部性的视角

An Explanation of Enterprises'“Departing from the Real to the Virtual”:From the Perspective of Negative Externalities of Zombie Enterprises

僵尸企业占用大量稀缺性社会资源并进行无效投资,扭曲了生产要素的市场配置,对正常企业发展造成了一系列的负外部效应。利用中国规模以上工业企业数据及A股上市公司数据的实证研究表明,地区僵尸企业显著提高了正常企业的资产金融化水平,且在采用工具变量法和不同测度指标情况下,结果依旧稳健。渠道分析表明,加剧正常企业的融资约束、增加正常企业的税收负担以及催生大量过剩产能,是僵尸企业诱发正常企业资产金融化的重要途径。扩展性分析显示,僵尸企业对正常企业的影响存在异质性。具体来看,僵尸企业对非国有企业、外部融资依赖较高的行业以及政府干预程度较强的地区影响较大,对国有企业、外部融资依赖较低的行业以及政府干预程度较弱的地区影响较小。

Zombie enterprises occupy a lot of scarce social resources and make ineffective investments, which distorts the market allocation of production factors and causes a series of negative external effects on the development of normal enterprises. By making use of the data of industrial enterprises above the designated size in China and the data of A-share listed companies, this paper conducts an empirical research. The findings show that regional zombie enterprises have significantly improved the level of asset financialization of normal enterprises, and the results are still robust when the instrumental variable method and different measurement indicators are adopted. The results of the channel analysis show that aggravating the financing constraints of normal enterprises, increasing the tax burden of normal enterprises, and creating a large amount of excess capacity are important ways for zombie enterprises to induce the asset financialization of normal enterprises. The results of the extensive analysis show that there is heterogeneity in the impact of zombie firms on the normal firms.Specifically, zombie enterprises have a greater impact on the non-state-owned enterprises, the industries with high dependence on external financing, and the regions with strong degrees of government intervention, while their impacts on the state-owned enterprises, the industries with lower external financing dependence, and the regions with weak government intervention are smaller.