摘要
防范僵尸企业形成和处置现有僵尸企业对全面深化供给侧结构性改革具有重要意义。本文采用2007—2018年中国制造业上市公司数据,利用我国部分城市颁布的房产限购政策作为准自然实验构建双重差分模型,研究其对僵尸企业形成的影响。研究表明:房产限购政策有效地抑制了僵尸企业形成,在实施严格限购的城市这一效应更加显著。进一步研究发现,房产限购政策通过改善制造业企业投资结构、提高投资效率、增强技术创新能力,进而抑制了僵尸企业形成;房产限购政策加速了僵尸企业退出市场,有利于对现有僵尸企业的妥善处置。该结论为引导企业“脱虚入实”,抑制僵尸企业形成,推动制造业高质量发展提供决策参考。
Preventing the formation of zombie enterprises and disposing of existing zombie enterprises are of great sig⁃nificance to the comprehensive deepening of supply-side structural reforms.This paper uses the data of listed enterprises in China's manufacturing industry from 2007 to 2018.It uses the real estate purchase restriction policies promulgated by some Chinese cities as a quasi-natural experiment to construct a double differential model to study its impact on the formation of zombie enterprises.Research shows that the real estate purchase restriction policy effectively inhibits the formation of zombie enterprises,and the effect is more significant in cities with strict purchase restrictions.Further research found that the real estate purchase restriction policy has inhibited the formation of zombie enterprises by improving the investment structure of manufacturing enterprises,increasing investment efficiency,and enhancing technological innovation capabilities.The real estate purchase restriction policy has accelerated the exit of zombie enterprises from the market,which is conducive to the proper disposal of existing zombie enterprises.This conclusion provides a decision-making reference for guiding enterprises to“break away from the virtual and into reality,”inhibit the formation of zombie enterprises and promote the high-quality development of manufacturing.
作者
陈赤平
孔莉霞
苗龙
Chen Chiping;Kong Lixia;Miao Long(School of Economics,Hunan Institute of Engineering,Xiangtan 411104;School of Business,Xiangtan University,Xiangtan 411105;School of Economic,Hunan University of Finance and Economics,Changsha 410205)
出处
《中国经济问题》
CSSCI
北大核心
2022年第1期138-152,共15页
China Economic Studies
基金
湖南省教育厅重点项目(21A0448)
湖南省社科成果评审委员会重大项目(XSP21ZDA004)。
关键词
房地产
限购政策
僵尸企业
双重差分
real estate
purchase restriction policy
zombie enterprises
difference-in-difference
