文献类型：期刊文献

中文题名：资源产业依赖对僵尸企业的诱发效应

英文题名：Induced Effect of Resource-based Industry Dependence on Zombie Firms

作者：邵帅[1];尹俊雅[2];王海[3];杨莉莉[4]

机构：[1]华东理工大学商学院,200237;[2]上海财经大学城市与区域科学学院/财经研究所,200433;[3]浙江工商大学经济学院,310012;[4]上海立信会计金融学院国际经贸学院,201209

年份：2021

卷号：56

期号：11

起止页码：138

中文期刊名：经济研究

外文期刊名：Economic Research Journal

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：国家社会科学基金重大项目(21ZDA084);国家自然科学基金项目(71922015、72074150、71803176);上海财经大学研究生创新基金项目(CXJJ-2020-303)的资助。

语种：中文

中文关键词：资源产业依赖;僵尸企业;政府干预;资源诅咒

外文关键词：Resource-based Industry Dependence;Zombie Firm;Government Intervention;Resource Curse

摘要：产能过剩和短缺并存引发学界对僵尸企业广泛关注,但现有研究对其诱因尚未形成共识。本文在采用中国工业企业数据和FN-CHK方法对僵尸企业进行准确识别的基础上,就资源产业依赖对地区僵尸化程度的影响进行了实证考察,并从宏观(城市)和微观(企业)双重维度对资源产业依赖的僵尸企业诱发效应的异质性和作用机制进行系统的经验识别。研究发现,资源产业依赖显著提高了地区僵尸化程度,即资源产业依赖对僵尸企业的诱发效应显著存在,且该效应在中西部地区、资源型地区和远离港口地区,以及在劳动密集型企业、非资本密集型企业和市场规模较小企业中表现得更为明显。机制分析表明,在宏观层面,资源产业依赖在挤出技术创新和弱化市场竞争的同时,还会促增地区财政补贴和信贷供给,从而诱发僵尸企业形成;在微观层面,资源产业依赖会通过拉低投资水平、增加负债压力、降低生产效率和盈利能力而产生企业经营绩效恶化效应,从而削弱企业的自生能力,增加正常企业沦为僵尸企业的风险。
During the critical period of China’s economic transformation and development,the three-phase superposition(the shifting period of economic growth,the painful period of structural adjustment,and the digestion period of early stimulus policies)has made China face the pressure of economic development.The coexistence of overcapacity and shortage has caused the widespread concern of the academic community on zombie firms.However,existing studies have not reached a consensus on the incentives of zombie firms in China.Overall,the proportion of Chinese zombie firms in heavy industry,labor-intensive industries,and energy-intensive provinces is relatively high.In the metal mining and steel industry,which is highly dependent on natural resource endowments,the proportion of zombie firms is on the rise.For example,zombie firms in the ferrous metal smelting and processing industry and the petroleum processing industry account for nearly 30%in all industrial enterprises,while the proportion of zombie firms in the steel industry in all industrial enterprises is as high as 51.43%.Hence zombie firms in the resource-based regions are often more prominent.In this regard,in 2019,the National Development and Reform Commission of China issued the Notice on Addressing Overcapacity in Key Fields in 2019,to clarify the need for conscientiously implementing the requirements of the zombie firm work plan for steel and coal industries and speed up the classification and disposal of zombie firms.In order to explore the common connection between resource-based industry dependence and zombie firms,and to reveal the potential influencing mechanism of resource-based industry dependence on zombie firms,this paper uses the FN-CHK method to identify zombie firms,and then conducts an empirical investigation on the impacts of resource-based industry dependence on zombie firms by using the panel data of Chinese industrial enterprises from 1998 to 2013.In particular,we empirically identify the heterogeneity and mechanism of the effects of resource-based industry dependence on zombie firms from the dual perspectives of regions and firms.The results show that resource-based industry dependence significantly increases the proportion of zombie firms.That is to say,there is a significant induced effect of resource-based industry dependence on zombie firms.The results of a series of robustness tests,including the instrumental variable method,further reinforce this conclusion.At the same time,the results of the heterogeneity analysis indicate that the induced effect is more pronounced in central China and western China,resource-based regions,and far-from-the-port regions,and the effect is also more pronounced in labor-intensive firms,non-capital-intensive firms,and firms with smaller market scales.Moreover,the results of the mechanism analysis show that at the macro level,resource-based industry dependence can crowd out technological innovation,weaken market competition,and promote regional financial subsidies and credit supply,to create an institutional and economic environment for the appearance of zombie firms.At the micro level,resource-based industry dependence can weaken the viability of firms and increase the risk that healthy firms become zombie firms by lowering the investment levels,increasing debt burdens,and reducing the productivity and profitability of firms.On the basis of clarifying the adverse effects of zombie firms on regional economic development,this paper introduces the problem of zombie firms into the analysis framework of resource curse theory,proposes and verifies the induced effect and mechanism of resource industry dependence on zombie firms.While providing a new explanation for the resource curse effect from the perspective of sustained,healthy,and high-quality development,it also deepens the understanding of the causes of zombie firms from the perspective of regional industrial development models.It is clear that while providing new literature and empirical evidence for the incentives of zombie firms,this paper also proposes some new insights for effectively managing zombie firms,handling the resource curse problem,and advancing the supply-side structural reform in China.