产业集聚有助于推动僵尸企业处置吗?  

Does Industrial Agglomeration Help Promote the Disposal of Zombie Enterprises?

作　　者：孙博文 李成明 张伟广 SUN Bowen;LI Chengming;ZHANG Weiguang(Chinese Academy of Social Sciences,Beijing 100732;Minzu University of China,Beijing 100081;Dongbei University of Finance and Economics,Dalian 116025)

机构地区：[1]中国社会科学院数量经济与技术经济研究所/中国社会科学院环境发展研究中心,北京100732 [2]中央民族大学经济学院/中国兴边富民战略研究院,北京100081 [3]东北财经大学经济学院,大连116025

出　　处：《经济与管理研究》2021年第7期108-125,共18页Research on Economics and Management

基　　金：中国社会科学院马克思主义理论学科建设与理论研究工程重大项目“加快构建新发展格局的重点任务和实施路径研究”(2021mgczd016);国家社会科学基金青年项目“环境规制对僵尸企业形成影响机制与异质性研究”(19CJY028);中国社会科学院青年科研启动基金项目“绿色全要素生产率视角下僵尸企业负外部性研究”(0201024100621018);辽宁省教育厅青年项目“辽宁省工业经济高质量发展研究--基于企业‘去僵尸化’的视角”(LN2020Q37)。

摘　　要：僵尸企业是经济社会发展的顽疾、国内大循环的梗阻,也是产能过剩的根源,如果处置不好,将对构建供给需求动态适配的新发展格局产生不利影响。有别于既有基于政府强制破产清算以及市场化改革推动僵尸企业处置的研究,本文从产业集聚视角切入,探讨产业集聚外部性对僵尸企业处置的影响作用以及中间机制。基于中国工业企业数据库和城市面板数据库的匹配数据,以城市平均坡度作为城市产业集聚的工具变量,系统探讨城市产业集聚对僵尸企业的形成、复活以及退出的影响作用以及中间机制。结果发现,城市产业集聚显著降低城市僵尸企业数量与资产占比,对僵尸企业处置表现出显著的促进作用;产业集聚的僵尸企业处置作用表现出显著的企业所有制、企业规模以及企业年龄异质性,对非国有僵尸企业、规模较大僵尸企业以及年老僵尸企业的处置效果更明显;机制检验发现,产业集聚对僵尸企业的处置是通过预防新僵尸企业形成、促进僵尸企业复活以及退出市场三条渠道实现的。此外,产业集聚通过金融外部性作用显著降低城市金融资源错配,这一机制在以上三条渠道中均显著;产业集聚通过技术外部性发挥提高城市创新能力,并且通过这一机制促进僵尸企业复活;产业集聚通过补贴效应的发挥不利于僵尸企业的退出。基于研究结论,本文的政策启示是,要进一步深化要素市场改革,促进要素流动与产业集聚;完善集聚区企业信息披露机制;减少集聚区政府补贴,营造公平的市场竞争环境,以市场化手段淘汰僵尸企业。Zombie enterprises, as the chronic disease of economic and social development and the obstruction of the domestic cycle, are the source of overcapacity and will bring about an adverse impact on the construction of a new development pattern that dynamically adapts to supply and demand if not handled properly. Different from the existing researches on the disposal of zombie companies is promoted by the government’s forced bankruptcy and liquidation and market-oriented reforms, this paper starts from the perspective of industrial agglomeration and explores its influence on the disposal of zombie enterprises and the intermediate mechanism. Based on the matching data of the Chinese industrial enterprise database and the urban panel database, using the indicator of the average urban slope as the instrumental variable of urban industrial agglomeration, this paper systematically discusses the influence of urban industrial agglomeration on the formation, revival and exit of zombie enterprises and its intermediate mechanism. It is found that, urban industrial agglomeration significantly reduces the proportion of urban zombie enterprises, and plays a significant role in promoting the disposal of zombie enterprises;the disposal shows significant heterogeneities in different ownerships, scales and ages of zombie enterprises, and the effects of non-state-owned, large-scale and old zombie enterprises are more obvious, of which the channels are preventing the formation, promoting the revival and exit of zombie enterprises respectively. Specifically, industrial agglomeration significantly reduces the urban financial resources misallocaiton through financial externalities and the mechanism are all significant in the above three channels;industrial agglomeration improves urban innovation capabilities through technological externalities, and promotes the revival of zombie enterprises;however, industrial agglomeration is not conducive to the withdrawal of zombie enterprises because of the subsidy effects. Finally, the policy enligh

关 键 词：产业集聚 金融外部性 技术外部性 补贴 僵尸企业处置 

分 类 号：F061.5[经济管理—政治经济学] F120