The Impact Of Government Subsidy And Bank Credit On "Zombie Enterprises" And Countermeasures

Under the background of China's economy entering the "new normal",the central government began to implement a series of supply-side structural reforms.The rational and proper disposal of "zombie enterprises" is the top priority for resolving excess capacity.In order to better accomplish this urgent economic task,we must first understand and analyze the "zombie enterprise" in all aspects:clear the identification of "zombie enterprise" and identify the influencing factors of "zombie enterprise",and further aim at it.Due to China's non-market economy characteristics,local governments will intervene in overcapacity enterprises for their own development.Banks will choose to help these types of enterprises in order to avoid bad debts and influence by government behavior.Based on the data analysis of the distribution status of "zombie enterprises" in China,this paper explores the causes of "zombie enterprises" by using Logit probability model.The research results show that government subsidies are the main factors leading to the formation of "zombie enterprises".Looking at the non-linear "positive U-shaped" relationship;at the same time,the government-oriented has a positive signal transmission effect on bank credit,causing bank credit to be improperly tilted,and the interaction between the two interacts to promote the creation of "zombie enterprises"..Based on the above empirical analysis results,this paper proposes the following solutions:The government should set up a professional management and industrial regeneration agency to develop a planning and processing framework,establish a government subsidy enterprise audit standard,pay attention to the appropriate scale of the subsidy amount and a reasonable period,reduce the government to the bank,the government For the behavioral intervention of enterprises,the government should "early","quasi"and "squat" when dealing with problems;banks should establish enterprise files from a professional perspective,regularly conduct strict qualification examinations for credit-preferential enterprises,and establish credit high-pressure warning lines and points.The level of warning records,actively encourage the development of local benign small and micro enterprises.