中国僵尸企业的分布特征与分类处置

发布时间：2018-05-25 13:57

本文选题：僵尸企业 + 识别方法　；参考：《中国工业经济》2017年03期

【摘要】：基于一种综合方法,本文对中国工业企业和上市公司中存在的僵尸企业予以识别。结果表明,2001—2007年工业企业中僵尸企业数量占比为10.1%—19.7%,2000—2015年上市公司中僵尸企业数量占比为12.1%—26.0%。中国工业企业中的僵尸企业具有以下分布特征:总体上,数量和资产规模占比与经济周期存在相关性;分地区看,东部地区数量和资产规模占比皆为最低,西部地区数量占比最高,东北地区资产规模占比最高;分行业看,政府垄断定价和国有企业为主的行业数量占比较高;分所有制看,国有企业中僵尸企业数量和资产规模占比始终最高。进一步,本文根据资产负债率水平对僵尸企业加以分类,把那些应进入破产程序、将剩余控制权转移给债权人的企业,与股东可以继续掌握剩余控制权的企业区别开来,这一分类有助于对僵尸企业进行差别化处置。本文认为,僵尸企业现象既是由于政府补贴的"滋润效应",同样不容忽视的可能还有破产成本过高导致的"阻碍效应"。处置僵尸企业,除了改善公司治理、推动股东采取改组董事会或经理层以及资产重组等,本文还建议修改《企业破产法》以纳入简易破产程序,并且各级政府要严格财经纪律,防止僵尸企业继续增加对生产要素的占用并恶化整体经济生产率。
[Abstract]:Based on a comprehensive method, this paper identifies zombie enterprises in Chinese industrial enterprises and listed companies. The results show that the proportion of zombie enterprises in industrial enterprises from 2001 to 2007 is 10.1-19.70.The proportion of zombie enterprises in listed companies from 2000 to 2015 is 12.1-26.0. The zombie enterprises in Chinese industrial enterprises have the following distribution characteristics: overall, the proportion of quantity and asset size is correlated with the economic cycle, and the proportion of quantity and assets in the eastern region is the lowest in different regions. The proportion of assets in the western region is the highest, the proportion of assets in the Northeast is the highest; the number of industries dominated by government monopoly and pricing and state-owned enterprises is relatively high in terms of industry, and the proportion of sectors dominated by state-owned enterprises is relatively high. The number of zombie enterprises and the proportion of assets are always the highest in state-owned enterprises. Furthermore, according to the level of asset-liability ratio, this paper classifies zombie enterprises, and distinguishes those enterprises that should enter bankruptcy procedure and transfer residual control rights to creditors, and that shareholders can continue to grasp residual control rights. This classification is helpful for the differential disposal of zombie enterprises. This paper holds that the phenomenon of zombie enterprises is not only due to the "nourishing effect" of government subsidies, but also the "hindrance effect" caused by the high bankruptcy cost. In dealing with zombie enterprises, besides improving corporate governance, promoting shareholders to adopt reorganization of the board of directors or managers and reorganization of assets, the article also suggests that the Enterprise bankruptcy Law be amended to include simple bankruptcy procedures, and that governments at all levels should strictly enforce financial and financial discipline. To prevent zombie enterprises from continuing to increase the occupation of factors of production and to worsen the overall economic productivity.
【作者单位】：上海交通大学安泰经济与管理学院;
【基金】：国家社会科学基金重点项目“现代产业体系发展的理论与政策研究”(批准号11AZD080)
【分类号】：F279.2

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