供给侧结构性改革下中国僵尸企业的识别研究
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摘要
在CHK、FN以及HK三类传统僵尸企业识别方法的基础上,本文引入中国国务院和中国人民大学国家发展研究院识别标准,并加入企业研发投入等新的量化指标来构建符合中国国情的僵尸企业识别模型。研究结果表明,在传统模型与所构建中国僵尸企业识别模型下,中国僵尸企业比例均呈现出先升后降再均趋于稳定的趋势,所构建中国僵尸企业识别方法能够更加有效地识别出中国僵尸企业。
On the basis of CHK, FN and HK model, this paper introduces the identification criteria of the State Council of China and the National Development Research Institute of Renmin University of China, and adds some new quantitative indicators(such as R&D investment of enterprises, government subsidies, etc.) to construct a zombie enterprises identification model suitable for China's national conditions. The results show that under the traditional model and the Chinese zombie enterprises recognition model, the proportion of Chinese zombie enterprises shows a trend of rising first, then declining and then tending to be stable, which proves that the method can recognize Chinese zombie enterprises more effectively.
On the basis of CHK, FN and HK model, this paper introduces the identification criteria of the State Council of China and the National Development Research Institute of Renmin University of China, and adds some new quantitative indicators(such as R&D investment of enterprises, government subsidies, etc.) to construct a zombie enterprises identification model suitable for China's national conditions. The results show that under the traditional model and the Chinese zombie enterprises recognition model, the proportion of Chinese zombie enterprises shows a trend of rising first, then declining and then tending to be stable, which proves that the method can recognize Chinese zombie enterprises more effectively.
引文
[1]李霄阳,瞿强.“中国僵尸企业:识别与分类”[J].国际金融研究,2017,(08):3-13.
[2]黄群慧.论中国工业的供给侧结构性改革[J].中国工业经济,2016,(09):5-23.
[3]Caballero R.J.,Hoshi T.,Kashyap A.K.Zombie Lending and Depressed Restructuring in Japan[J].American Economic Review,2008,98(05):1943-1977.
[4]Fitzpatrick P.J.A Comparison of Ratios of Successful Industrial Enterprises with Those of Failed Firms[J].Certified Public Accountant,1932,(02):598-605.
[5]Fukuda S.L.,Nakamura J.I.Why Did Zombie Firms Recover in Japan[J].The World Economy,2011,34(07):1124-1137.
[6]Hoshi T,Kim Y.Macroprudential Policy and Zombie Lending in Korea[R].Working Paper,2012.
[7]朱舜楠,陈琛.“僵尸企业”诱因与处置方略[J].改革,2016,(03):110-119.
[8]程晋.中国情境下的“僵尸企业”:产生机制、影响效应与政策选择[J].金融发展研究,2017,(05):70-76.
[9]何帆,朱鹤.僵尸企业的识别与应对[J].中国金融,2016,(05):20-22.
[10][17]聂辉华,江艇,张雨潇,等.我国僵尸企业的现状、原因和对策[J].宏观经济管理,2016,(09):63-68.
[11]刘奎甫,茅宁.“僵尸企业”国外研究述评[J].外国经济与管理,2016,(10):3-19.
[12]谭语嫣,谭之博,黄益平,等.僵尸企业的投资挤出效应:基于中国工业企业的证据[J].经济研究,2017,(05):175-188.
[13]张栋,谢志华,王靖雯.中国僵尸企业及其认定——基于钢铁业上市公司的探究性研究[J].中国工业经济,2016,(11):90-107.
[14]朱鹤,何帆.中国僵尸企业的数量测度及特征分析[J].北京工商大学学报(社会科学版),2016,(04):116-126.
[15]Giannetti M,Simonov A.On the Real Effects of Bank Bailouts:Micro Evidence from Japan[J].American Economic Journal:Macroeconomics,2013,5(01):135-167.
[16]Shen G J,Chen B K.Zombie Firms and Over-Capacity in Chinese Manufacturing[J].China Economic Review,2017,44(05):327-342.
(1)僵尸性企业,指需进一步识别的疑似僵尸企业,参见张栋、谢志华、王靖雯“中国僵尸企业及其认定——基于钢铁业上市公司的探究性研究”,载《中国工业经济》2016年第11期。
[2]黄群慧.论中国工业的供给侧结构性改革[J].中国工业经济,2016,(09):5-23.
[3]Caballero R.J.,Hoshi T.,Kashyap A.K.Zombie Lending and Depressed Restructuring in Japan[J].American Economic Review,2008,98(05):1943-1977.
[4]Fitzpatrick P.J.A Comparison of Ratios of Successful Industrial Enterprises with Those of Failed Firms[J].Certified Public Accountant,1932,(02):598-605.
[5]Fukuda S.L.,Nakamura J.I.Why Did Zombie Firms Recover in Japan[J].The World Economy,2011,34(07):1124-1137.
[6]Hoshi T,Kim Y.Macroprudential Policy and Zombie Lending in Korea[R].Working Paper,2012.
[7]朱舜楠,陈琛.“僵尸企业”诱因与处置方略[J].改革,2016,(03):110-119.
[8]程晋.中国情境下的“僵尸企业”:产生机制、影响效应与政策选择[J].金融发展研究,2017,(05):70-76.
[9]何帆,朱鹤.僵尸企业的识别与应对[J].中国金融,2016,(05):20-22.
[10][17]聂辉华,江艇,张雨潇,等.我国僵尸企业的现状、原因和对策[J].宏观经济管理,2016,(09):63-68.
[11]刘奎甫,茅宁.“僵尸企业”国外研究述评[J].外国经济与管理,2016,(10):3-19.
[12]谭语嫣,谭之博,黄益平,等.僵尸企业的投资挤出效应:基于中国工业企业的证据[J].经济研究,2017,(05):175-188.
[13]张栋,谢志华,王靖雯.中国僵尸企业及其认定——基于钢铁业上市公司的探究性研究[J].中国工业经济,2016,(11):90-107.
[14]朱鹤,何帆.中国僵尸企业的数量测度及特征分析[J].北京工商大学学报(社会科学版),2016,(04):116-126.
[15]Giannetti M,Simonov A.On the Real Effects of Bank Bailouts:Micro Evidence from Japan[J].American Economic Journal:Macroeconomics,2013,5(01):135-167.
[16]Shen G J,Chen B K.Zombie Firms and Over-Capacity in Chinese Manufacturing[J].China Economic Review,2017,44(05):327-342.
(1)僵尸性企业,指需进一步识别的疑似僵尸企业,参见张栋、谢志华、王靖雯“中国僵尸企业及其认定——基于钢铁业上市公司的探究性研究”,载《中国工业经济》2016年第11期。