金融市场扭曲对僵尸企业形成的影响*——基于微观企业数据的实证研究

Studies of International Finance ›› 2019, Vol. 382 ›› Issue (9) : 87-96.

Studies of International Finance ›› 2019, Vol. 382 ›› Issue (9) : 87-96.

Author information +
History +

Abstract

Solving the problem of zombie enterprises is a key entry point to China's Supply-side Structural Reform. Based on Chinese Industrial Enterprise Database and regional macro data, this paper empirically examines the impact of financial distortion on the formation of zombie enterprises. The empirical results show that financial distortion significantly promote the formation of zombie enterprises. Distinguishing by the ownership of enterprises, this paper finds that financial distortions significantly promote the formation of zombie enterprises in state-owned enterprises. Distinguishing by the capital intensity, this paper finds that financial distortions significantly promote the formation of zombie enterprises in high capital intensity enterprises. Mechanism analysis finds that financial distortions make financial resources and government subsidies inclined to state-owned enterprises, and reduce enterprises' total factor productivity and profit. Based on the above analysis, it is believed that to resolve the problem of zombie enterprises, efforts must be made to speed up the marketization process of financial markets. Finally, the paper concludes with relevant policy recommendations.

Key words

Financial Market Distortion / Supply-Side Structural Reform / Zombie Enterprises

Cite this article

Download Citations

References

[1] 陈斌开,林毅夫. 金融抑制、产业结构与收入分配[J]. 世界经济,2012(1):3-23
[2] 樊纲,王小鲁,朱恒鹏. 中国市场化指数——各省区市场化相对进程2011年度报告[M]. 北京:经济科学出版社,2011
[3] 蒋灵多,陆毅. 最低工资标准能否抑制新僵尸企业的形成[J]. 中国工业经济,2017(11):118-136
[4] 李晓龙,冉光和,郑威. 金融要素扭曲如何影响企业创新投资——基于融资约束的视角[J]. 国际金融研究,2017(12):25-35
[5] 李霄阳,瞿强. 中国僵尸企业:识别与分类[J]. 国际金融研究,2017(8):3-13
[6] 刘冲,郭峰. 官员任期、中央金融监管与地方银行信贷风险[J]. 财贸经济,2017(4):86-100
[7] 刘冲,郭峰,傅家范. 政治激励、资本监管与地方银行信贷投放[J]. 管理世界,2017(10):36-50
[8] 吕冰洋,毛捷. 金融抑制和政府投资依赖的形成[J]. 世界经济,2013(7):48-67
[9] 聂辉华,方明月,李涛. 增值税转型对企业行为和绩效的影响——以东北地区为例[J]. 管理世界,2009(5):17-24+35
[10] 聂辉华,江艇,杨汝岱. 中国工业企业数据库的使用现状和潜在问题[J]. 世界经济,2012(5):142-158
[11] 聂辉华,江艇,张雨潇. 我国僵尸企业的现状,原因与对策[J]. 宏观经济管理,2016(9):63-68
[12] 任曙明,吕镯. 融资约束、政府补贴与全要素生产率——来自中国装备制造企业的实证研究[J]. 管理世界,2014(11):10-23
[13] 谭语嫣,谭之博,黄益平. 僵尸企业的投资挤出效应:基于中国工业企业的证据[J]. 经济研究,2017(5)
[14] 汪伟,潘孝挺. 金融要素扭曲与企业创新活动[J]. 统计研究,2015(5):26-31
[15] 王小鲁,樊纲,余静文. 中国分省份市场化指数报告(2016)[M]. 北京:社会科学文献出版社,2017
[16] 王勋,Anders Johansson.金融抑制与经济结构转型[J]. 经济研究,2013(1):54-67
[17] 王永钦,李蔚,戴芸. 僵尸企业如何影响了企业创新?——来自中国工业企业的证据[J]. 经济研究,2018(11):99-114
[18] 杨汝岱. 中国制造业企业全要素生产率研究[J]. 经济研究,2015(2):61-74
[19] 周业安,赵坚毅. 我国金融市场化的测度、市场化过程和经济增长[J]. 金融研究,2005(4):68-78
[20] 朱彤,漆鑫,张亮. 金融扭曲导致FDI大量流入我国吗?——来自我国省级面板数据的证据[J]. 南开经济研究,2010(4):33-47
[21] Beck T,Levine R,Loayza N.Finance and the Sources of Growth[J]. Journal of Financial Economics,2000,58(1-2):261-300
[22] Brandt L,Van Biesebroeck J,Wang L,et al.WTO Accession and Performance of Chinese Manufacturing Firms[J]. American Economic Review,2017,107(9):2784-2820
[23] Brandt L,Van Biesebroeck J,Zhang Y.Creative Accounting or Creative Destruction?Firm-Level Productivity Growth in Chinese Manufacturing[J]. Journal of Development Economics,2012,97(2):339-351
[24] Brandt L,Van Biesebroeck J,Zhang Y.Challenges of Working with the Chinese NBS Firm-Level Data[J]. China Economic Review,2014,30:339-352
[25] Caballero R J,Hoshi T,Kashyap A K.Zombie Lending and Depressed Restructuring in Japan[J]. American Economic Review,2008,98(5):1943-77
[26] Fukuda S,Nakamura J.Why Did‘Zombie’Firms Recover in Japan?[J]. The World Economy,2011,34(7):1124-1137
[27] Jaskowski M.Should Zombie Lending Always Be Prevented?[J]. International Review of Economics & Finance,2015,40:191-203
[28] King R G,Levine R.Finance and Growth:Schumpeter Might Be Right[J]. The Quarterly Journal of Economics,1993,108(3):717-737
[29] Lewbel A.Constructing Instruments for Regressions with Measurement Error When no Additional Data Are Available,with An Application to Patents and R&D[J]. Econometrica,1997,65(5):1201-1213
[30] McKinnon R I. Money and Capital in Economic Development[M]. Brookings Institution Press,2010
[31] Restuccia D,Rogerson R.Policy Distortions and Aggregate Productivity with Heterogeneous Establishments[J]. Review of Economic Dynamics,2008,11(4):707-720

63

Accesses

0

Citation

Detail

Sections
Recommended

/