摘要
本文基于僵尸企业的定义及本质特征,修正和优化了僵尸企业的界定标准,以沪深A股2009—2016年数据为样本,构建了符合中国国情的僵尸企业僵尸指数,确定了僵尸企业的特征变量及相关权重,使得识别僵尸企业的准确率达到了90.94%,大大提高了僵尸企业的识别效率。此外,本文将僵尸企业的僵尸指数用于衡量僵尸企业的僵尸化程度,实证分析验证了僵尸企业特征变量的相关性,实现了识别僵尸企业、衡量僵尸企业的僵尸化程度以及企业僵尸化预警的统一,为僵尸企业的有效清理提供了可资借鉴的参考。
Based on the definition and intrinsic characteristics of zombie enterprises,this paper revised and optimized the identification of zombie enterprises. Taking the data of Shanghai and Shenzhen stocks from 2009 to 2016 as a sample,this paper also identified the characteristic variables of zombie enterprises and their associated weights,and constructs the zombie index of zombie enterprises in line with China＇s national conditions,so that the identification rate of zombie enterprises reached 90. 94%,improving the recognition efficiency of zombie enterprises greatly. Besides,the zombie index of zombie enterprises is used to measure the zombie degree. The empirical analysis verifies the relevance of feature variables of zombie enterprises. The zombie index realizes the unification of three functions,including identifying zombie enterprises,measuring the zombie degree of the zombie enterprises,and warnings of zombie enterprises,and providing a basis for effective cleanup of zombie enterprises.
作者
栾甫贵
刘梅
LUAN Fugui;LIU Mei(Capital University of Economics and Business,Beijing 100070)
出处
《经济与管理研究》
CSSCI
北大核心
2018年第6期135-144,共10页
Research on Economics and Management
基金
国家社会科学基金项目"僵尸企业的僵化指数与市场退出机制研究"(16BGL069)
关键词
政府补助
僵尸指数
僵尸界定
僵尸化程度
government subsidies
zombie index
zombie identification
zombie degree
