地方政府债务对企业僵尸化的空间溢出效应与化解机制  

The Spatial Spillover Effect and Resolution Mechanism of Local Government Debt on Corporate Zombification

作　　者：王垒 崔慧霖 赵忠超 Wang Lei;Cui Huilin;Zhao Zhongchao(School of Economics,Ocean University of China,Qingdao 266100,China)

机构地区：[1]中国海洋大学经济学院,山东青岛266100

出　　处：《金融理论探索》2025年第1期3-16,共14页Exploration of Financial Theory

基　　金：国家社会科学基金一般项目“机构共同持股下的上市公司ESG‘漂绿’治理效应及机制研究”(23BGL108);山东省自然科学基金面上项目“ESG评级分歧与公司债券市场反应:信息效应、影响机制与功能治理”(ZR2023MG013);山东省社会科学规划研究专项项目“山东省产业链与创新链深度融合的效果评价、实现机制与实践路径研究”(22CCXJ14);泰山学者工程专项经费资助(tsqn202306089)。

摘　　要：僵尸企业的扩散和蔓延已成为制约我国构建新发展格局和经济高质量发展的重要因素之一。本文考察地方政府债务规模与地区企业僵尸化程度之间的空间溢出效应及其作用机理,进而探究地方政府债务对企业僵尸化产生不利影响的化解机制。研究发现,地方政府债务不仅加剧了本地区的企业僵尸化程度,对周边地区也表现出同样的作用。这一结论在使用空间工具变量法、替换变量、更换空间权重矩阵等方法进行内生性和稳健性检验后依然成立。地方政府债务通过加剧地价扭曲和信贷错配加剧了本地区和周边地区的企业僵尸化程度,而提升产业链内部关联以及深化城市间分工协同可以在一定程度上化解地方政府债务对企业僵尸化的不利影响。因此,应重视地方政府债务对于宏观经济环境和微观经济主体所造成的影响,深入推进资本要素市场化,推动单城市治理发展模式向城市间协同治理发展模式转变,以此协同治理地方政府债务和僵尸企业。The proliferation and spread of zombie enterprises have become one of the important factors restricting the construction of new development pattern and high-quality economic development.This paper examines the spatial spillover effect between the scale of local government debt and the degree of zombification of regional enterprises and its mechanism,and then explores the mitigation mechanism of the adverse impact of local government debt on the zombification of enterprises.The study finds that local government debt not only exacerbates the zombification of enterprises in the region,but also exacerbates the surrounding areas.This conclusion is still valid after endogeneity and robustness tests using spatial instrumental variables,replacement variables and replacement spatial weight matrix.Local government debt exacerbates distortions in land prices and credit mismatches,thereby increasing the zombification of enterprises in the region and surrounding areas.Improving the internal correlation of the industrial chain,and deepening the division of labor and coordination between cities can resolve the adverse impact of local government debt on the zombification of enterprises to a certain extent.Therefore,we should pay attention to the impact of local government debt on macroeconomic environment and micro-economic entities,further promote the marketization of capital factors,and promote the transformation of single-city governance development model to inter-city collaborative governance development model,so as to coordinate the governance of local government debt and zombie enterprises.

关 键 词：地方政府债务 企业僵尸化 信贷错配 资本要素市场化 空间溢出 

分 类 号：F832[经济管理—金融学]