Do Zombie Companies Inhibit The Upgrading Of The Industrial Structure?

The significance of the existence of an enterprise is to create a higher value product or service through the consumption of certain resources.Zombie companies are different.The products or services they produce are not only less valuable than the resources they consume,but also mostly of low quality.The contribution of society is even negative.If the resources consumed by them are used by other normal enterprises to create products and services of better quality and higher value,this will not only be beneficial to the rational allocation of resources,but may also promote the upgrading of the regional industrial structure.Therefore,this paper selects 30 provinces in China from 2000 to 2014 as the research object,and studies the impact of zombie enterprises on the industrial structure upgrade from the perspective of factor allocation.First,the domestic and foreign related researches on zombie enterprises,industrial structure upgrades,and factor allocation are sorted out,and their concepts are defined as the theoretical basis of this article.Secondly,this paper analyzes the action mechanism between zombie enterprises and industrial structure upgrade from two aspects of intermediary effect and spatial effect,and propose relevant research hypotheses.Then,the comprehensive method is used to identify zombies,with regional financial capital allocation efficiency and human capital allocation efficiency as intermediate variables,and regional zombie enterprise asset ratio as explanatory variables,to study the mediation effect of zombie enterprises on industrial structure upgrade,and The Bootstrap method and the deleted control variable method were used to test the robustness of the empirical results.After that,based on the heterogeneity of zombie enterprises in eastern,central and western China,the main explanatory variables were tested by Moran index and spatial correlation network.By establishing a spatial Dubin model,we explored the space spillover of zombie enterprises to upgrade the industrial structure.Effect,and the role of feature allocation in it,and perform explanatory variable substitution and spatial weight matrix substitution tests.Finally,according to the results obtained by the empirical research,specific countermeasures are proposed for the retreat of zombie enterprises,the upgrading of the industrial structure,and the optimization of the allocation of factors in China.The empirical results show that:(1)The number and proportion of zombie companies nationwide showed a downward trend from 2000 to 2011,and an upward trend from 2011 to 2014.From a regional perspective,from 2000 to 2014,the proportion of assets of zombies in the eastern region and the proportion of zombies in the central region and southeast coastal provinces and cities all showed a clear upward trend.(2)Empirical analysis of the intermediary effect shows that the proportion of assets of zombies has a significant inhibitory effect on the upgrading of regional industrial structure.The higher the proportion of assets of regional zombies,the lower the level of industrial structure upgrade,and the lower the level of factor allocation,and Financial capital allocation efficiency and human capital allocation efficiency both play a part of the intermediary role.The mediating role of financial capital allocation efficiency is 9.3%,while the human capital allocation efficiency is 4.1%.(3)The empirical analysis of spatial effects shows that when the national zombie company is taken as the research object,the proportion of the zombie company's assets and its cross-terms with the factor allocation efficiency both show a significant negative spillover effect on the upgrading of the regional industrial structure.Allocation efficiency alone has a significant positive spillover effect on the upgrading of the industrial structure.From the perspective of China's east,middle,and west distribution,the role of zombie enterprises in upgrading the industrial structure is not consistent.In the eastern region,the proportion of zombie company assets has a significant negative spillover effect on the upgrading of the industrial structure,and the factor allocation efficiency has a significant amplification effect on this spillover effect,but the spillover effect in the central and western regions is not obvious..The marginal contributions of this paper are mainly as follows:(1)Micro-enterprise behavior and macro-industrial structure are included in the same research framework for the first time,and zombies are identified through a comprehensive method,which enriches the related research on zombies identification and provides management and industry Structural optimization provides a new basis.(2)Selecting a more detailed perspective,starting from the regional factor allocation efficiency,introducing a mediation effect model,and using financial capital allocation efficiency and human capital allocation efficiency-related indicators as mediation variables to analyze the role of zombie companies on industrial structure upgrade;Starting from spatial heterogeneity,the spatial Dubin model was introduced,and the eastern,central and western regions were taken as the research objects to analyze the spatial spillover effect of zombie enterprises on the upgrading of industrial structure.(3)The research methods are more diversified,and a variety of empirical analysis methods and robustness testing methods are used to ensure the rigor of the research process and the reliability of the empirical results.