摘要
科学处置僵尸企业的前提是"精准识别"。本文系统梳理与比较了僵尸企业识别的部委标准、CHK标准、FN-CHK标准及相关修正标准的适用性特征。进一步,采用中国工业企业数据库1998-2013年数据,基于PSM方法检验了企业产品创新能力对企业僵尸化的抑制作用及影响机制,证实了将企业产品创新指标纳入僵尸企业识别标准中的适用性,基于此提出了FN-CHK(新)标准,比较探讨了不同识别标准下僵尸企业的数量及财务特征,对FN-CHK(新)标准下僵尸企业的异质性特征进行了分析。研究发现,FN-CHK(新)标准剔除了2285家具有产品创新能力但是被误判为僵尸企业的企业,各类识别标准下僵尸企业数量和比例均呈波动中下降的趋势;僵尸企业资产负债率高于非僵尸企业,虽然利润率、资本生产率和劳动生产率都比非僵尸企业低,但面临着更低的融资成本。FN-CHK(新)标准下,僵尸企业比例存在西北、中部、西南、东北、环渤海以及东南逐渐降低的地域分布特征,僵尸企业集中在中西部欠发达地区;公共事业行业僵尸企业比例最高,而且位于产业上游以及劳动密集型行业的僵尸企业比例高于其他行业;国有和集体企业僵尸企业比例高于私企、港澳台和外商企业;金融危机前后出口与内销企业僵尸企业比例表现出不同的特征。未来僵尸企业识别与处置要求:将反映企业成长性与产品创新能力的指标纳入僵尸企业识别标准;分类指导以及针对性地处置僵尸企业;完善政府指导下的僵尸企业市场化退出机制等。
The premise of scientifically disposing of zombie enterprises is "precise identification." This paper systematically combed and compared the characteristics of ministry standards, CHK standards, FN-CHK standards and related amendment standards for zombie enterprise identification. Further, using the data of China Industrial Enterprise Database from 1998 to 2013, the inhibition effect and mechanism of enterprise product innovation ability on enterprise zombification were tested based on the PSM method, and the applicability of incorporating enterprise product innovation indicators into the identification conditions of zombie enterprises was confirmed. The FN-CHK(new) standard and the heterogeneity characteristics of zombie companies under different identification criteria were analyzed. The study found that the FN-CHK(new) standard eliminates 2,285 companies that have product innovation capabilities but have been mistakenly identified as zombie companies, in addition,the number and proportion of zombie companies under various identification standards showed a downward trend. The zombie enterprise's asset-liability ratio was higher than that of non-zombie enterprises. Although the profit rate, capital productivity and labor productivity were lower than those of non-zombie enterprises, at the same time, but it faced lower financing costs. Under the FN-CHK(new) standard, the proportion of zombie enterprises has gradually declined from the northwest, central, southwest, northeast, Bohai Rim to the southeast. Zombie enterprises are concentrated in underdeveloped areas in the central and western regions;The proportion of zombie enterprises in the public sector was the highest, and the proportion of zombie enterprises in the upstream and labor-intensive industries was higher than other industries;the proportion of state-owned and collective enterprises zombies was higher than that of private enterprises, Hong Kong, Macao and Taiwan, foreign companies;There was little difference in the proportion between the export enterp
作者
孙博文
柳明
张伟广
Sun Bowen;Liu Ming;Zhang Weiguang(Guanghua School of Managements Peking University,Beijing,100871;School of Finance,Nankai University,Tianjin,300071;Research Center for Industrial Organization and Enterprise Organization,Dongbei University of Finance and Economics,Dalian,116025)
出处
《宏观质量研究》
CSSCI
2019年第3期79-98,共20页
Journal of Macro-quality Research
基金
国家社科基金青年项目(项目编号:19CJY028)
中国博士后科学基金面上项目(项目编号:2018M630004)资助
关键词
僵尸企业
识别
企业新产品
异质性
zombie enterprise
identification
enterprise new product
heterogeneity
