摘要
文章将我国企业微观数据与地级市宏观数据相匹配,利用面板数据双向固定效应模型,实证分析了"僵尸企业"对辖区金融发展的影响。进一步地,我们引入企业融资约束作为中介变量,考察了"僵尸企业"对金融发展的作用机制。实证研究结果表明,"僵尸企业"显著抑制了金融发展规模扩大和金融发展效率提高,企业融资约束在"僵尸企业"占比和金融发展程度之间起着部分中介效应,且工具变量回归结果证实了这一研究结论稳健可靠。"僵尸企业"通过加剧融资约束等损害企业间公平竞争的方式,影响正常企业融资能力,从而抑制辖区金融发展。
This paper matches the micro data of Chinese enterprises with the macro data of prefecture level cities,and analyzes the influence of zombie enterprises on the financial development of the jurisdiction by using the two-way fixed effect model of panel data.Furthermore,we introduce corporate financing constraints as an intermediary variable to examine the mechanism of zombie enterprises on financial development.The empirical results show that zombie enterprises significantly inhibit the expansion of financial development scale and the improvement of financial development efficiency,and corporate financing constraints play a partial intermediary effect between the proportion of zombie enterprises and the degree of financial development,and the regression results of instrumental variables confirm that this research conclusion is robust and reliable.Zombie enterprises damage fair competition among enterprises by aggravating financing constraints,which affects the normal financing ability of enterprises,so as to inhibit the financial development of the jurisdiction.
作者
孔繁成
韩育萌
Fancheng Kong;Yumeng Han
出处
《产业经济评论（山东）》
2021年第2期129-150,共22页
Review of Industrial Economics
基金
天津市教委人文社会科学项目“数字经济驱动天津市制造业企业高质量发展的机理及实现路径研究”(2020SK024)资助
关键词
“僵尸企业”
融资约束
金融发展
Zombie Enterprises
Financing Constraints
Financial Development
作者简介
孔繁成,天津师范大学经济学院、南开大学金融学院博士后流动站,地址:天津市西青区宾水西道393号,邮编:300387,E-mail:fancheng@ruc.edu.cn;韩育萌,天津师范大学经济学院,地址:天津市西青区宾水西道393号,邮编:300387,E-mail:yumenghan821@163.com。
