统计研究

现有大量文献考察了僵尸企业的识别方法及其存在原因,而其中采用规范的计量方法考察僵尸企业对于经济运行产生的负面影响的则相对较少。在我国越来越重视环境治理的背景下,本文从工业污染排放强度角度考察了僵尸企业的负面影响。基于我国工业企业数据库识别出的僵尸企业资产规模比例变量以及各省区面板数据,本文发现僵尸企业资产规模比例越高则工业污染排放强度也越高。该结论在对多类工业污染物因变量采用主成分分析法进行降维处理,以及采用基于两类权重矩阵的广义空间计量模型回归后均成立。本文对工业污染治理投资额、市场化进程指数以及私营企业利润率的提升可以显著降低工业污染排放强度的实证分析发现,较高的僵尸企业资产规模比例降低了地区工业污染治理投资额,不利于市场化进程的推进,同时也抑制了私营企业利润率。政府部门应继续积极推进放权性改革以及金融体系深化改革,消除僵尸企业赖以存在的政策环境,同时采取果断的市场化和社会化辅助措施处置僵尸企业,逐步形成经济发展与环境治理之间的良性循环。

The majority of the literature about zombie firms pay more attention to how to identify them and why they exist. However,it is still relatively rare to investigate the negative effects of the zombie firms using empirical methods. Under the context of China's increasing environmental management pressure,this paper examines the negative effect of zombie firms from the perspective of industrial pollution intensity. Based on Chinese industrial enterprise database as well as the provincial panel data,this paper finds that the higher the assets ratio of the zombie firms in one province is,the higher the intensity of industrial pollution emissions will be. This conclusion is robust to several test,such as applying the principle component analysis to diversity industrial pollutants,and taking the spatial interaction among Chinese provinces into the basic econometric model. This paper also explores the channels through which those zombie firms can enhance the industrial pollution intensity. We confirm that,a high level of assets ratio of zombie firms' act as a harmful factor to theindustrial pollution reduction investment,marketization progress index and profit rate of the private enterprises.Unfortunately,these three aspects are conducive to decrease provincial pollution intensity. Therefore,Chinese governments should continue to promote the financial system reform actively,and this will be helpful to eliminate the zombie firms drastically. At the same time,they need to take some decisive measures to dispose those zombie firms appropriately.