资本要素市场化与制造业企业僵尸化

Marketization of Capital Factors and Zombification of Manufacturing Enterprises

使用中国制造业企业的微观数据,探讨资本要素市场化配置对企业僵尸化的影响效应。研究发现:资本要素市场化显著降低了制造业企业僵尸化的发生概率,且该结论在经过一系列稳健性测试和内生性检验后依然成立。作用机制检验结果表明,资本要素市场化通过降低企业杠杆率、增加企业资产收益率、提升企业全要素生产率以及减少企业政府补贴渠道抑制了制造业企业僵尸化风险。异质性分析结果显示:资本要素市场化对东部地区制造业企业僵尸化的抑制作用最大,西部次之,中部最低;相比于国有企业、外资及港澳台企业,提高资本要素市场化配置水平可以更加明显地降低民营企业僵尸化的发生概率。

Using the micro data of China's manufacturing enterprises,this paper discusses the impact of market-oriented allocation of capital factors on zombification of enterprises.It finds out that marketization of capital factors significantly reduces probability of manufacturing enterprises'zombification,and this conclusion is still valid after a series of robustness tests and endogenous tests.Reducing enterprise leverage,improving asset return,promoting total factor productivity,and reducing government subsidies are main mechanisms for capital factors marketization to curb the zombification of manufacturing enterprises.Heterogeneity analysis indicates that the marketization of capital factors has the largest inhibitory effect on the zombification of manufacturing enterprises in the eastern region,followed by the western region,and the central region is the lowest.Compared with state-owned enterprises,foreign capital and Hong Kong,Macao and Taiwan enterprises,the reduction effect of the improvement of capital factors marketization allocation level on the zombification of private enterprises is more obvious.