僵尸企业的产业链效应与民间投资挤出  

The industrial chain effect of zombie firms and private investment crowding out

作　　者：李旭超 赵婧 张璇[2] LI Xu-chao;ZHAO Jing;ZHANG Xuan(School of Economics and Management,Wuhan University,Wuhan 430000,China;School of Statistics and Mathematics,Zhongnan University of Economics and Law,Wuhan 430000,China)

机构地区：[1]武汉大学经济与管理学院,武汉430000 [2]中南财经政法大学统计与数学学院,武汉430000

出　　处：《管理科学学报》2024年第7期142-158,共17页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(71903146,72372161)。

摘　　要：在货币政策和财政政策的实施空间和效果都有限的条件下,如何激发民间投资活力是当前经济形势下的重要政策议题.本研究以僵尸企业的产业链效应为切入点,探讨商业信用和产品定价如何影响民营企业的投资决策,力求为稳定民间投资提供新的理论和政策视角.实证结果表明,下游僵尸企业会显著降低上游民营企业的投资规模.就商业信用渠道而言,下游僵尸企业拖欠上游企业的应收账款,降低其“内源融资”,从而强化其融资约束.就产品定价渠道而言,下游僵尸企业降低上游企业的成本加成,从而挤压其投资的边际收益和利润空间.解决僵尸企业对民营企业的债务支付拖欠和定价压低问题是刺激民间投资的有效工具.Given the limited scope and effectiveness of monetary policy and fiscal policy,how to stimulate the vitality of private investment is an important policy issue.This paper takes the industrial chain effect of zombie firms as the starting point to discuss how trade credit and product pricing affect the investment decisions of pri-vate firms,striving to provide new theoretical and policy perspectives for stabilizing private investment.The empirical results show that downstream zombie firms will significantly reduce the investment scale of upstream private firms.In terms of trade credit channel,when upstream firms suffer accounts receivable defaults from downstream zombie firms,their“endogenous financing”will be reduced and their financing constraints will be strengthened.In terms of product pricing channel,downstream zombie firms reduce the markup of upstream firms,thereby squeezing the marginal income of their investment and profit margins.Solving the debt payment default and downward pressure on pricing by zombie firms to private firms is an effective tool to stimulate pri-vate investment.

关 键 词：僵尸企业 产业链 商业信用 成本加成 投资 

分 类 号：F275[经济管理—企业管理]