公平竞争审查制度能否推动企业去僵尸化?  

Will the Fair Competition Review System Promote the De-zombification of Enterprises?

作　　者：李靖 毕茜[2] Li Jing;Bi Qian(School of Economics and Business Administration,Chongqing University,Chongqing 400044,China;College of Economics and Management,Southwest University,Chongqing 400715,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]西南大学经济管理学院,重庆400715

出　　处：《上海财经大学学报(哲学社会科学版)》2025年第1期18-30,46,共14页Journal of Shanghai University of Finance and Economics

基　　金：国家社会科学基金项目“高碳产业零碳转型的绿色溢价补偿机制及政策优化研究”(23BJY085);重庆市社会科学规划项目“筑牢长江上游重要生态屏障目标下重庆制造业数字化、智能化同绿色化深度融合研究”(2024NDYB084)。

摘　　要：政府滥用行政权力导致的要素资源错配和竞争机制缺乏是僵尸企业长期存续的根源之一,因此,规制政府行政垄断与维护市场公平竞争对于僵尸企业治理具有重要意义。文章借助公平竞争审查制度实施的准自然实验,以2011—2022年沪深A股工业上市公司为研究对象,通过构建双重差分模型实证检验了该制度对僵尸企业的治理效应及其内在机理,研究发现公平竞争审查制度能够有效推动企业去僵尸化,减少企业过度获得的政府补助、银行信贷以及强化市场竞争程度是其主要的实现路径。异质性检验表明,公平竞争审查制度主要促进了国有企业以及官员晋升压力较大地区企业的去僵尸化。动态效应检验表明,公平竞争审查制度实施能够有效抑制正常企业沦为僵尸企业。文章不仅从僵尸企业治理层面丰富了公平竞争审查制度经济后果的相关文献,而且为维护市场公平竞争秩序、优化资源配置以及推动经济高质量发展迈上新台阶提供了有益参考和经验证据。The misallocation of resources and the lack of competitive mechanisms resulting from government abuse of administrative power are among the root causes of the long-term existence of zombie enterprises.Therefore,regulating government administrative monopolies and maintaining fair market competition are crucial for the governance of zombie enterprises.Using the implementation of the Fair Competition Review System as a quasi-natural experiment,and taking industrial listed companies in Shanghai and Shenzhen A-share markets from 2011 to 2022as the research object,this paper constructs a DID model to empirically examine the governance effect of this system on zombie enterprises and its underlying mechanisms.The results indicate that the Fair Competition Review System effectively promotes the de-zombification of enterprises,primarily by reducing excessive government subsidies and bank credit,as well as enhancing market competition.Heterogeneity analysis reveals that this system particularly facilitates the dezombification of state-owned enterprises and those in regions with higher promotion pressure on officials.Dynamic effect testing shows that this system effectively prevents normal enterprises from deteriorating into zombie enterprises.This paper not only enriches the literature on the economic consequences of the Fair Competition Review System from the perspective of zombie enterprise governance,but also provides valuable references and empirical evidence for maintaining fair market competition,optimizing resource allocation,and advancing high-quality economic development.

关 键 词：公平竞争审查制度 僵尸企业 资源配置 市场竞争 

分 类 号：F272[经济管理—企业管理]