产业集聚与僵尸企业“脱困”——基于集聚外部性的中介效应检验  

DoesIndustrial Agglomeration Inhibit the Formation of Zombie Firms?——Mediation Effect Test Based on Agglomeration Externality

作　　者：南晓莉[1] 王铭 NAN Xiao-li;WANG Ming(School of Economics and Management,Dalian University of Technology,Dalian 116024,China)

机构地区：[1]大连理工大学经济管理学院,辽宁大连116024

出　　处：《系统工程》2022年第1期25-42,共18页Systems Engineering

基　　金：教育部人文社科规划项目(21YJC790090);辽宁省社科规划一般项目(L19BJY007);辽宁省社科联一般项目(2021lslqnkt-003);中央高校基本科研业务项目(DUT21RW114)。

摘　　要：本文基于沪深两市2010-2019年A股制造业上市企业,首先,针对国内僵尸企业核心特征提出本文的判别标准,构建企业僵尸化程度指标与空间集聚指数。在此基础上,分别从企业内部融资约束、外部融资约束和生产效率视角实证检验产业集聚外部性的中介效应。研究发现,产业集聚能够帮助僵尸企业脱困。具体而言,集聚外部性通过缓解企业内部融资约束、减轻企业外部融资约束、提升企业生产效率帮助僵尸企业脱困,其中生产效率的中介效应占主导。进一步在异质性研究中发现,固定资产依赖程度高、地区金融发展水平高及非国有企业样本中,产业集聚对僵尸企业脱困的影响更显著。为妥善处置僵尸企业问题,政府应有效发挥产业集聚外部性,适度减少对地区市场经济发展的过度干预。Based on the listed companies of A-share manufacturing industry in Shanghai and Shenzhen stock markets from 2010 to 2019, firstly, this paper puts forward itscriterion according to the core characteristics of domestic Zombie enterprises, and constructs the index of enterprise zombification degree and the index of spatial agglomeration. On this basis, this paper empirically tests the intermediary effects of industrial agglomeration externalities from the perspectives of internal financing constraints, external financing constraints and production efficiency. The results show that industrial agglomeration can help Zombie enterprises out of trouble. To be specific, the externality of agglomeration helps Zombie enterprises to extricate themselves by easing the internal financing constraints, reducing the external financing constraints and improving the production efficiency, in which the intermediary effect of production efficiency is dominant. Further research on heterogeneity shows that industrial agglomeration has a more significant impact on extrication of Zombie firms in high dependence on fixed assets, high level of regional financial development and non-state-owned enterprises. In order to solve the problem of Zombie enterprises properly, the government should give full play to the externality of industrial agglomeration and reduce the excessive interference to the development of regional market economy.

关 键 词：僵尸企业 产业集聚 外部性 中介效应 

分 类 号：F832[经济管理—金融学] F279