“生存”还是“毁灭”:房价上涨对企业僵尸化的影响  

“To Be”or“Not To Be”:On the Impact of Rising House Prices on the Formation of Zombie Enterprises

作　　者：王先柱 乔贝 WANG Xian-zhu;QIAO Bei

机构地区：[1]安徽工业大学商学院,马鞍山243200

出　　处：《华东师范大学学报（哲学社会科学版）》2021年第6期152-164,181,共14页Journal of East China Normal University（Humanities and Social Sciences）

基　　金：国家自然科学基金面上项目“货币政策、住房供给与房地产市场长效机制研究”(项目编号:71974003)。

摘　　要：房价上涨对企业生产经营的影响是学术界争议的热点问题。基于2004—2013年中国工业企业微观数据与70个大中城市宏观经济数据的匹配样本,深入探讨房价上涨对企业僵尸化的影响及相关机制,其结果显示:在房价上涨的外部冲击下,企业的融资约束发生显著改变,进而对僵尸企业的形成产生显著的抑制效果。从企业性质差异来看,房价上涨对负债程度不同和是否涉房企业僵尸化的影响具有明显的异质性,房价上涨能够更显著地降低涉房企业和负债率较低的企业僵尸化概率。进一步来看,房价上涨会刺激僵尸企业表现出“由僵复活”的生存特征,这主要是通过缓解僵尸企业融资约束的渠道来实现的。以上研究为房价上涨背景下僵尸企业的形成特征及其“由僵复活”提供了可能的解释;同时也表明,从长远来看,企业仍需通过提升自身竞争力来获取可持续发展的能力。The impact of rising housing prices on enterprise production and operation is a hot issue in academic circles.Based on the micro data of Chinese industrial enterprises and the macro-economic data of 70 large and medium-sized cities from 2004 to 2013,this paper deeply discusses the impact of housing price rise on zombie enterprises and its mechanism.The results show that:under the external impact of rising housing prices,the financing constraints of enterprises have changed significantly,and then have a significant inhibitory effect on the formation of zombie enterprises.From the perspective of the difference in enterprise nature,the rise of housing price has an obvious heterogeneity on the formation of different debt degrees.It also influences whether a zombie enterprise is housing-related.In effect,the rise of housing prices can more significantly reduce the probability of zombie of housing-related enterprises and enterprises with low debt ratio.Further,rising housing prices will stimulate zombie enterprises to“revive”,which is mainly realized by alleviating the financing constraints of zombie enterprises.This paper provides a possible explanation for the formation of zombie enterprises and their“revival”in the background of rising housing prices.However,in the long term,an enterprise still needs to enhance its own competitiveness to obtain the ability of sustainable development.

关 键 词：房价上涨 僵尸企业 企业资产价值 融资约束 存货投资 

分 类 号：F299.23[经济管理—国民经济] F425