要素市场整合与中国企业去僵尸化

Factor Market Integration and Chinese Enterprise De-zombification

不断完善要素市场化配置体制机制是全面建设社会主义现代化国家的核心动力,精准有效处置僵尸企业构成我国微观主体高质量发展的关键环节。本文研究区域要素市场整合对当地企业僵尸化倾向的影响作用及内在机理。研究发现:更高程度的要素市场整合能够促进外地优质资本流入、挤出企业所获非正常资源支持,以及改善本地企业跨区域运用生产要素,从而对当地企业的僵尸化倾向产生抑制作用,并且前述效果在国有企业中更为明显;进一步研究发现,要素市场整合能够提升区域内企业的盈利能力并降低软约束信贷水平,进而实现僵尸企业正常化的动态治理成效,最终对相应企业的生产能力和经营绩效具有积极影响。本文不仅对决策高层统筹运用“看得见的手”和“看不见的手”处置僵尸企业提供政策参考,而且对要素市场整合和僵尸企业治理的学术研究做出重要拓展。

In recent years,in the context of the new era of economic structural transformation and prevention of major risks,how to effectively and accurately dispose of zombie firms and prevent normal companies from being zombified has become a topic of common concern among senior decision-makers,social practice,and academic research.Theoretically,zombie firms refer to firms that have suffered losses for a long time,are unable to make profits,and have stagnant production,but can continue to barely survive by relying on high government subsidies and low-interest bank credit,which will hinder the improvement of the overall production efficiency and technological progress of the market,and ultimately have a serious adverse impact on economic and social development.However,the existing research ignores the inhibitory effect of the regional market integration on the formation of zombie firms,and does not pay enough attention to the practical effect of continuously improving the market-oriented allocation system and mechanism of factors in recent years.In this context,how to effectively manage the zombification phenomenon of Chinese enterprises and promote their normal operation and development has become a topic of great importance at the level of national governance and academic research.On this basis,this paper studies the influence and internal mechanism of regional factor market integration on the zombification tendency of local enterprises.It finds that a higher degree of factor market integration can promote the inflow of high-quality capital from other places,crowd out the abnormal resource support obtained by enterprises,and improve the effectiveness of the latter in using production factors across regions,thereby inhibiting the zombification tendency of local enterprises.And the aforementioned effect is more obvious in state-owned enterprises.Further research shows that the regional factor market integration can improve the profitability and reduce the level of soft-constrained credit of enterprises in the region,thereby realizing the dynamic governance effect of normalization of zombie enterprises,which ultimately has a positive impact on the production capacity and business performance of corresponding enterprises.In addition,the conclusion remains unchanged after many robustness tests.This paper shows that to let the market decide the allocation of resources has positive reform results,which not only provides policy reference value for national leader to use the"visible hand"and"invisible hand"to deal with zombie firms,but also makes important expansions in academic research on regional factor market integrationandgovernance of zombiefirms.Moreover,the contributions of this paper are reflected in the following three aspects.First,based on the institutional situation of constantly improving the market-oriented allocation of factors,this paper studies how the integration of factor markets affects the zombification tendency of local enterprises,thereby making important expansions in the academic field of zombie firm governance mechanisms.Second,on the basis of scientifically measuring the level of factor market integration in various regions,this paper studies its impact on the governance of zombie firms for the first time,thus making an innovative expansion of the academic literature on the micro-consequences of factor market integration.Third,this paper shows that"promoting the smooth flow of commodity factor resources on a larger scale and accelerating the construction of a unified national market"can"better play the role of the government"and eliminate zombie firms,thus effectively supporting important assertions about the relationship between government and market from Xi Jinping Thought on Socialism with ChineseCharacteristics foraNewEra.Finally,this paper has the following three research implications.First,in terms of governance of zombie firms,national leaders should pay more attention to the positive role of factor market integration,and take improving the market-based allocation system and mechanism of various factors as an important starting point.Second,in terms of promoting the integration of factor markets,national leaders should speed up the construction of a unified national market,and continuously improve the market-based allocation system and mechanism for factors.Third,in terms of the scientific development of micro-subjects,Chinese enterprises should pay attention to the market integration level of various local factors in the process of operation and development.