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Government Intervention And The Formation Of Zombie Enterprises In Strategic Emerging Industries

Posted on:2020-10-23Degree:MasterType:Thesis
Country:ChinaCandidate:C FengFull Text:PDF
GTID:2416330572966806Subject:Industrial Economics
Abstract/Summary:PDF Full Text Request
Strategic emerging industries are the pillar industries set up by the state in order to realize the transformation and upgrading of industrial enterprises in the new stage of industrialization and have a voice in the world industrial chain.Botnets are those that are on the verge of shutdown but are reluctant to withdraw from the market,relying on government banks to survive reluctantly.These two are unrelated,but there are a series of problems in the development of strategic emerging industries,such as overcapacity,declining profits,and some enterprises even become zombie enterprises.Therefore,according to the characteristics of strategic emerging industries,this paper amends the discriminant method of zombie enterprises,explores the mechanism of the emergence of zombie enterprises,It is of great practical significance to put forward countermeasures and suggestions for the sustainable development of strategic emerging industries.Firstly,this paper uses the revised FN-CHK method to measure the number of zombie enterprises in strategic emerging industries.Firstly,the characteristics of strategic emerging industries are analyzed from both strategic and uncertain aspects.According to these characteristics,the FN-CHK method is revised and a zombie enterprise measurement more in line with the characteristics of strategic emerging industries is proposed.Model.Secondly,from the perspective of government economic behavior,this paper analyses the reasons for the existence of zombie enterprises in strategic emerging industries,and establishes a theoretical framework for the analysis of zombie enterprises.That is to say,under the special socialist market economic system of China,it discusses the Relevance of Central Government,Local Government and Zombie Enterprises,local government and zombie enterprises,and intervenes in local governments.The motivation,ability and means of the economy are discussed in detail.It is concluded that the local government mainly intervenes in the investment decision-making of enterprises.On this basis,enterprise investment is added as an intermediary variable to analyze the relationship between local government intervention,enterprise overinvestment and the formation of zombie enterprises.Photovoltaic industry is a strategic emerging industry with excessive capacity and loss of profits.Some photovoltaic industries such as Shangde and Saiwei were zombie enterprises for a long time before the formal bankruptcy.Therefore,this paper uses the data of photovoltaic industry for empirical research.This paper introduces excessive investment of enterprises as an intermediary variable for empirical research.The results show that the motivation and means of government intervention in the economy have a significant impact on the formation of zombie enterprises in the photovoltaic industry.Fiscal decentralization and promotion system make the government have a strong willingness to intervene in the development of photovoltaic enterprises;the government mainly uses its own power.By giving subsidies to photovoltaic enterprises,lowering the price of land used by enterprises,and giving financial support to enterprises,enterprises are encouraged to invest beyond their capabilities,which ultimately leads to the emergence of zombie enterprises.From the conclusion of the empirical research in this paper,we should deal with the problem of zombie enterprises in the current strategic emerging industries,we should first restrain the government's power to intervene in enterprises and avoid the government's wrong intervention from the root cause,mainly by establishing a new fiscal and taxation system and reforming the existing promotion system.Secondly,we should improve the way of government intervention in enterprises and create a fair market environment for enterprises by utilizing factor resources and administrative resources.Finally,we should take innovation drive as the core,improve the innovation R&D capabilities of enterprises,and avoid falling into the low-end lock-in of the emerging industry chain.The main contribution of this paper is to select strategic emerging industries from the perspective of research.Most of the existing studies focus on the analysis of zombie enterprises in traditional industries,but there may be zombie enterprises in strategic emerging industries.Secondly,because the characteristics of strategic emerging industries are different from traditional industries,this paper amends the measurement method of zombie enterprises to make it more in line with the reality of strategic emerging industries.Finally,the intermediary effect method is used to study the emergence of zombie enterprises in strategic emerging industries caused by government intervention to induce enterprises to overinvest.
Keywords/Search Tags:Zombie Firms, Strategic emerging industries, FN-CHK method, mediator effect model
PDF Full Text Request
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