The Impact Of Zombie Companies On The Growth Of TFP In Normal Enterprises

Zombie companies are those that have lost their vitality and should withdraw from the market,but barely survive because of the support of the government and banks.Zombie companies themselves lack profitability,but they can obtain loans at preferential interest rates and rely on the blood transfusion of the government and banks to survive.This makes the real outstanding enterprises lack the support of credit resources in their development.This has seriously affected the healthy development of China's economy and hindered the optimization and upgrading of the industrial structure.Therefore,the government and academic circles have begun to pay close attention to the issue of zombie enterprises.In December 2015,Premier Li Keqiang proposed to deepen the reform of state-owned enterprises and clean up zombie enterprises.This is the first time that the government has proposed a new concept of zombie enterprises,which has gradually become known.Due to the great harm of zombie enterprises,the government's emphasis on zombie companies has also increased.On August 8,2018,the National Development and Reform Commission,the People's Bank of China,the Ministry of Finance,the Banking Regulatory Commission,and the State-owned Assets Supervision and Administration Commission jointly issued the "Working Points for Reducing Enterprise Leverage in 2018",emphasizing the need to accelerate the disposal of debts of zombie enterprises.And the merger and reorganization work,to the task of cleaning up zombie enterprises to a new level.However,the prerequisite for effectively solving the problem of zombie enterprises is to define the definition of zombie enterprises.Although the problem of zombie enterprises has become a topic of great concern to all sectors of society,there is no uniform standard for the definition of zombie enterprises.Most scholars have defined zombie enterprises as "enterprise that loses profitability,occupies valuable resources,relies on government and bank blood transfusions,survives continuously losses for more than three years,and is incompatible with China's industrial restructuring." This paper chooses to use an integrated method to define and identify zombie enterprises,and minimize the occurrence of missing and misjudging.In the past,research on zombie enterprises mainly focused on the identification and formation mechanism,and there were few studies involving the impact on total factor productivity.Relevant scholars have found that China's current TFP has a lot of room for improvement,which can well drive economic development.Therefore,taking a large number of micro-enterprise data in China as a research sample,it is very important to use a rigorous analysis method to accurately identify zombie enterprises and to study the impact of zombie enterprises on the total factor productivity of non-zombie enterprises.This is conducive to the theoretical research community and the government practice community to clarify the crowding out effect of zombie enterprises and speed up the process of cleaning up zombie enterprises.Based on the above research background,and based on the analysis of the theory of government intervention,creative destruction and other theories,put forward their own research hypotheses and conduct empirical tests.The research in this paper is mainly divided into three parts: First,using the data of listed companies in China's related industries from 2008 to 2016,measuring mining,manufacturing,power coal and water production and supply,construction,transportation and warehousing,information technology,wholesale and retail The distribution of zombie enterprises in trade,real estate,social services,and comprehensive ten industries,portrays the basic characteristics of Chinese zombie enterprises,and thus has a clear understanding of the distribution characteristics of Chinese zombie enterprises at the present stage.Secondly,the listed companies in manufacturing are selected.A sample of empirical analysis measures the total factor productivity of manufacturing firms.Taking the growth rate of the total factor productivity of normal enterprises as the dependent variable,the proportion of zombie enterprises in the province as the independent variable,the control variables at the enterprise and provincial levels are included in the model to test the crowding effect of the zombie enterprises on the normal enterprise TFP;finally,according to the Malmquist index The law decomposes the total factor productivity of normal enterprises into technological progress,pure technical efficiency and scale efficiency,and explores the mechanism by which zombie enterprises influence the growth of total factor productivity of normal enterprises.Based on the above empirical analysis results,we propose policy recommendations that are conducive to the clearing of zombie enterprises from the perspective of total factor productivity.The empirical results show that zombie companies have significant industry,regional and ownership distribution characteristics.In the industry scope,zombie enterprises are mainly concentrated in labor-intensive enterprises such as oil mining,coal processing and other heavy chemical enterprises and textile industry.From the perspective of regional distribution,the proportion of zombie enterprises in the eastern region is significantly lower than that in the central and western regions.In terms of the ownership characteristics of zombie enterprises,the phenomenon of zombie enterprises in state-owned enterprises is more serious.In terms of the impact of zombie companies on the growth of total factor productivity in normal manufacturing,the proportion of zombie companies in the province increased by 1%,and the growth of total factor productivity in non-zombie companies in manufacturing fell by 0.077%.Further decomposing total factor productivity,we can find that zombie companies mainly hinder the growth of total factor productivity of normal enterprises through technological advancement and technical efficiency.The research in this paper shows that zombie enterprises have a significant crowding out effect on the growth of total factor productivity of non-zombie enterprises.It is an important reason for the slow growth of all industries.This conclusion is still valid after the relevant robustness test.In summary,the main contributions of this paper are:(1)Different from the previous single identification method,this paper combines the actual profit method with the continuous loss method,and adopts an integrated method to identify zombie enterprises,which can improve the identification of zombie enterprises.The accuracy rate and the description of its basic characteristics are more in line with the actual development;(2)This paper takes the manufacturing industry as the research object,empirically analyzes the crowding effect of zombie enterprises on the growth of total factor productivity of normal enterprises,and enriches the research on the harm theory of zombie enterprises.(3)Analyze the negative impact of zombie enterprises on the growth of total factor productivity of non-zombie enterprises from the theoretical and empirical aspects.On this basis,put forward policy recommendations that are conducive to the efficient clearing of zombie enterprises,in order to achieve supply-side reform goals.Provide a useful reference.