摘要
妥善处理僵尸企业与各利益主体之间的关系是供给侧结构性改革的重中之重。以2010—2017年沪深A股上市公司为样本,基于商业信用的视角研究了僵尸企业占用银行信贷资金的负外部性。研究发现:僵尸企业占用金融市场的信贷资源越多,其占用产品市场的商业信用资金也越多;相对于下游客户,上述影响对僵尸企业的上游供应商更为明显。进一步分析发现:资产专用性越高和所处行业的行业集中度越高的僵尸企业,对商业信用资金占用越严重。机制检验发现:僵尸企业占用银行信贷资金对上下游企业产生的负外部性是由僵尸企业信息透明度低以及偿债能力不足引起的。
To duly handle the relationship between zombie companies and each interest subject is the top priority in the supply side structural reform.Taking the A-share listed companies from 2010 to 2017 as samples,this paper studies the negative externality of bank credit funds occupied by zom-bie companies from the perspective of commercial credit.The findings show that the more credit re-sources that zombie companies occupy in the financial market,the more commercial credit funds that they occupy in the product factor market.Compared to downstream customers,the above-mentioned impact is more significant for upstream suppliers of the zombie companics.The results of further analysis show that the higher the asset specificity that the zombie companies have and the higher the industry concentration of the industry that the zombie companies are in,the more serious the com-mercial credit occupied by them.The findings of the mechanism test indicate that the negative exter-nality of the zombie companies’oecupation of bank credit funds to upstream and downstream compa-nies are caused by the low transparency of the zombie companies’information and their insufficient solvency.
作者
张栋
赵文卓
ZHANG Dong;ZHAO Wen-zhuo(Zhengzhou University,Zhengzhou 450001;University of Intemational Business and Economics,Beijing 100029,China)
出处
《当代财经》
CSSCI
北大核心
2021年第3期124-135,共12页
Contemporary Finance and Economics
基金
国家社会科学基金青年项目“国有僵尸企业的银行借款及其对股东利益的影响研究”(17CGL060)
教育部人文社会科学基金青年项目“监管压力、客户压力与审计师行为:基于前景理论的研究”(16YJC790131)
河南省科技厅软科学研究项目“管理会计推动我省管理创新的方式、路径与机制研究”(批准号172400410639)
郑州大学人文社会科学优秀青年科研团队培育计划“国有企业混合所有制改革的微观治理机制及其优化研究”(2020-QNTD-01)。
关键词
僵尸企业
银行信贷
商业信用
负外部性
zombie companies
bank credit
commercial credit
negative extermality
