僵尸企业与中国全要素生产率的动态演化
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| Title | Impact of Zombie Firms on China’s Aggregate TFP Dynamics
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| 作者 | 李旭超 申广军 |
| Author | Li Xuchao and Shen Guangjun |
| 作者单位 | 浙江大学经济学院；中央财经大学 |
| Organization | Zhejiang University；Central University of Finance and Economics |
| 作者Email | henanlixuchao@163.com；hnshgj@126.com |
| 中文关键词 | 僵尸企业；TFP；技术进步；资源配置；进入退出 |
| Key Words | Zombie firms; TFP; Reallocation; Entry and Exit |
| 内容提要 | 本文分析了中国制造业领域僵尸企业的基本特征，并实证检验了僵尸企业影响加总TFP动态演化的机制。与2008-2009年相比，2011-2013年中国制造业僵尸企业的数量占比稍有下降，但是其资产占比和负债占比都显著提高，且负债占比增长更快，资产负债状况的恶化提高了处理僵尸企业的必要性和紧迫性。虽然国有部门僵尸企业问题仍然突出，但2005年之后大部分僵尸企业是非国有企业；僵尸企业分布的行业特征明显，局部恶化严重。僵尸企业不利于中国经济转向TFP驱动型，僵尸企业资产占比每提高1个百分点，省份#行业层面的加总TFP增长率降低0.162个百分点。根据Melitz & Polanec（2015）提出的动态OP分解法，本文将加总TFP增长分解为纯技术进步、资源再配置、企业进入和退出四个效应之和。僵尸企业对纯技术进步效应和资源再配置效应都有显著的负作用，对企业进入效应的作用为正，对企业退出效应的作用不显著。 |
| Abstract | Characteristics of Zombie firms in China and their impact on aggregate TFP are studied in this paper. China has more zombie firms weighted by assets and liabilities in 2011-2013 than in 2008-2009, while almost the same zombie firms when evenly weighted. Most zombie firms are non-state-owned since 2005, and are distributed in over-capacity industries. Such zombie firms hinder China’s TFP growth. A 1% increase in zombie asset results in a 0.162% decrease in TFP growth rate. According to the dynamic OP TFP decomposition method proposed by Melitz & Polanec (2015), Zombie firms impose negative effect on technology progress and resource reallocation, while positive effect on firm entry and no significant effect on firm exit. |
| 文章编号 | WP1187 |
| 登载时间 | 2017-05-02 |
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