僵尸企业的投资挤出效应:基于中国工业企业的证据

发布时间：2018-05-15 20:12

本文选题：僵尸企业 + 私有企业　；参考：《经济研究》2017年05期

【摘要】：本文采用1998—2013年中国规模以上工业企业数据,研究了僵尸企业对非僵尸企业投资行为的影响。实证结果表明,一省的僵尸企业比例越高,当地非僵尸企业的投资规模越小,且这一挤出效应对私有企业尤为明显,而对国有企业并不显著。上述结果在不同固定效应设定、不同数据样本以及工具变量回归中均保持稳健。另外,僵尸企业对私有非僵尸企业投资的挤出在国家干预程度更强的地区和外部融资依赖程度更高的行业表现得更为明显。本文的研究显示,僵尸企业可能是造成近年民间投资疲软的重要原因之一,它减弱了金融对实体经济的支持。因此,一方面,政府应该积极推进国有企业和金融体系的市场化改革,消除僵尸企业形成的政策环境。另一方面,也要采取果断的市场化措施处置僵尸企业。
[Abstract]:In this paper, the influence of zombie enterprises on the investment behavior of non-zombie enterprises is studied by using the data of industrial enterprises above scale in China from 1998 to 2013. The empirical results show that the higher the proportion of zombie enterprises in a province, the smaller the investment scale of local non-zombie enterprises, and this crowding out effect is especially obvious to private enterprises, but not to state-owned enterprises. The above results are robust in different fixed effect settings, different data samples and tool variable regression. In addition, the crowding out of private non-zombie firms by zombie firms is more pronounced in regions where state intervention is more intensive and in sectors that are more dependent on external financing. The research in this paper shows that zombie enterprises may be one of the main reasons for the weakness of private investment in recent years, which weakens the financial support to the real economy. Therefore, on the one hand, the government should actively promote the market-oriented reform of state-owned enterprises and financial system and eliminate the policy environment formed by zombie enterprises. On the other hand, it is necessary to take decisive market measures to deal with zombie enterprises.
【作者单位】：北京大学国家发展研究院;复旦大学经济学院;中国社会科学院人口与劳动经济学研究所;
【基金】：国家自然科学基金青年科学基金项目“促进企业创新的金融市场特征研究:基于金融结构与互联网金融发展的视角”(71603057) 上海市社科规划青年课题“资本流入与企业信贷增长:经验证据、传导机理与政策启示”(2015ECK001) 复旦大学理论经济学I类高峰计划学术前沿系列“贸易冲击与企业创新研究”的资助
【分类号】：F406.7;F425

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