Research On The Influence Of Zombie Firms On The Efficiency Of Technological Innovation

Taking innovation as the first driving force for development is a major national development strategy established by our country at a new stage of development.It is a fundamental strategy to lead the new normal of economic development and an inevitable choice to improve the country's core competitiveness.The fundamental task of the current supply-side structural reform is through structural adjustment,releasing new demand,creating new supply,and providing sufficient incentives for independent research and development and innovation to improve the technological level and total factor productivity of the economy and society,and actively and properly resolve " "Zombie Firms" issue,releasing valuable resource elements from industries with severe overcapacity and limited growth space and "Zombie Firms",streamlining the supply side,improving effective supply,and creating new productivity are the current supplyside structural reforms Priority.Based on the above background,this article focuses on the "Zombie Firms" in the supply-side structural reform,and studies the impact of "Zombie Firms" on the technological innovation efficiency of normal enterprises.First of all,the premise of scientific research of "Zombie Firms" is accurate identification.Based on the reasons for the formation of "Zombie Firms" in China,this article combines the research results of current scholars,from bank credit subsidies,government subsidies,evergreen loans and "Zombie Firms".Considering the sustainability and dynamics of the company,the identification method of "Zombie Firms" was improved,and the data of listed companies from 2014 to 2018 were used to analyze the distribution characteristics of "Zombie Firms" in the current industrial enterprises.It was found that during the sample period,the proportion of "Zombie Firms" showed a downward trend,which indicates that the national level has promoted the governance of "Zombie Firms" and has achieved initial results.However,the distribution of "Zombie Firms" still shows inherent characteristics.In terms of ownership,the proportion of state-owned "Zombie Firms" is still high;in terms of regions,the proportion of "Zombie Firms" in northeast and western regions is higher;In terms of industry,the traditional processing and manufacturing industry is still the hardest hit area for "Zombie Firms".Secondly,this paper uses the DEA-BCC model and the Malmquist index model to measure the technological innovation efficiency of listed companies from 2014 to 2018 from static and dynamic perspectives.Based on the measurement results,the overall comprehensive technical efficiency and pure technical efficiency of listed companies in China are measured.And scale efficiency,and then grouped to compare and analyze the comprehensive technical efficiency,pure technical efficiency,and scale efficiency of two types of enterprises: "Zombie Firms" and normal enterprises.From the results of static analysis,the overall technical efficiency,pure technical efficiency,and scale efficiency of the "Zombie Firms" were lower than those of normal enterprises during the study period.From the results of the dynamic analysis,The average growth rate of factor growth rate is also lower than that of normal enterprises,which indicates that "Zombie Firms" are inefficient enterprises in the industry.Then,based on the two-step method of DEA-Tobit,this paper constructs a Tobit regression model and empirically tests the impact of "Zombie Firms" on the technological innovation efficiency of normal enterprises.The research finds that: First,the proportion of the debt scale of "Zombie Firms" in the industry The greater the inhibition effect on the technological innovation efficiency of normal enterprises,the more obvious;second,the larger the proportion of the labor force of "Zombie Firms" in the industry,the more significant the inhibition effect on the technological innovation efficiency of normal enterprises;third,the adoption of The group regression study found that the influence of the proportion of "Zombie Firms" in the industry measured on the scale of liabilities on the technological innovation efficiency of normal enterprises in the same industry is more concentrated on the impact on non-state-owned enterprises in the same industry,and The impact of state-owned enterprises is not significant.This shows that "Zombie Firms" occupy too many resources of production factors,resulting in insufficient innovation factors of normal enterprises,thereby inhibiting the efficiency of technological innovation of normal enterprises,especially non-state-owned enterprises in normal enterprises.Finally,the research in this article shows the importance of promoting the governance of "Zombie Firms" and optimizing the allocation of resources.Based on the above research conclusions,this article puts forward the following suggestions for promoting the governance of "Zombie Firms" in China: First,reduce government intervention and allow the market to Play a decisive role in resource allocation.Second,speed up the reform of the classification of state-owned enterprises and clarify the marketization and socialization functions of state-owned enterprises.Third,pay attention to the issue of "Zombie Firms" in key industries and regions,and establish a long-term disposal mechanism.