金融市场化水平、资本错配与僵尸企业形成

The level of financial marketization,capital mismatch and the formation of zombie enterprises

通过提高金融市场化水平完善资本要素的配置,是建设高标准市场体系的内在要求,是通过经济运行出清僵尸企业的重要手段。基于中国规模以上工业企业数据和金融业市场化指数数据,实证分析金融市场化水平对僵尸企业形成的影响及其机制,结果发现:金融市场化水平低下是僵尸企业形成的重要诱因,更换变量测度和样本期间,以及使用工具变量后结果保持稳健。同时,金融市场化水平对僵尸企业形成的影响在不同所有制和规模企业之间存在异质性。机制检验发现,金融市场化水平低下通过加剧“资本错配”机制促进僵尸企业形成,并且这种影响机制在国有企业和小规模企业中表现得更为明显。这从金融市场化水平的视角解释了僵尸企业形成的缘由,所以政策上应从完善资本要素配置入手解决僵尸企业出清。

Improving the allocation of capital factors by increasing the level of financial marketization is the inherent requirement of building a high-standard market system and an important means of clearing out zombie enterprises through economic operation.Based on the data of industrial enterprises above the designated scale and the marketization index data of financial industry in China,this paper empirically analyzes the influence of financial marketization level on the formation of zombie enterprises and its mechanism.The result shows that the low level of financial marketization is an important inducement for the formation of zombie enterprises,which remains robust after variable measures and sample durations are changed,and instrumental variables are used.The influence of financial marketization level on the formation of zombie enterprise is heterogeneous among the enterprises with different ownerships and scales.The mechanism test shows that the low level of financial marketization leads to the formation of zombie enterprises by intensifying the"capital mismatch"mechanism.And this influence mechanism is more obvious in all state-owned and small-sized enterprises.While the root cause for the formation of zombie enterprises can be explained from the perspective of financial marketization level,it is suggested to clear out zombie enterprises through improving the allocation of capital factors.