Research On The Cause And Path Of Zombie Enterprises Based On The Perspective Of Policy Burden

From the rapid growth after the reformation and opening up,China's economy has gradually turned into high-quality growth,so how to combine the quantity,quality and macro-control measures of economic development well have become the key to the economic transformation period.There exist over-investment in some industries in China,and the production capacity is seriously over-capacity.If enterprises can not adjust in time,and actively solve the problem of overcapacity,then it will be difficult to return in the wave of the times,and eventually become rigid.In recent years,the problem of zombie enterprises in China has gradually emerged and has been widely concerned by the academic community.At present,solving the problem of zombie enterprises has become a crucial part of completing the supply-side structural reform in China.Therefore,it is necessary to identify the causes of our country's zombie enterprises,which has a positive theoretical and practical dual significance.Based on the sample of state-owned listed companies and private listed companies in China from 2008 to 2017,this paper analyzes the causes of zombie enterprises and their path of action.By constructing an econometric model,a combination of theoretical and empirical methods is used.From the perspective of policy burden,combined with the theory of budget soft constraint,principal-agent theory,incentive compatibility theory and information asymmetry theory,the causes and mechanisms of zombie enterprises are studied.This study finds that the policy burden will directly lead to the formation of zombie enterprises,and the policy burden imposed on enterprises will increase the probability of becoming a zombie enterprise.Further research finds that policy burden will have an indirect effect on the formation of zombie enterprises through soft budget constraints.For state-owned listed companies,the policy burden will have a mediating effect on the formation of zombie enterprises through soft budget constraints.The heavier the policy burden imposed on enterprises,the greater the degree of soft budget constraints imposed by enterprises,and the ultimate rigidity.For private listed companies,the policy burden will have a cover-up effect on the formation of zombie enterprises through soft budget constraints,which will reduce the possibility of enterprises becoming zombie enterprises.This paper can be used as a supplement to the literature on the cause of zombie enterprises,and can provide suggestions for policy making for the prevention of the formation of zombie enterprises,and provide reference for optimizing the allocation of enterprise resources in China.