The Influence And Mechanism Analysis Of Enterprise University Density On Zombie Enterprises

With the development of Chinese higher education,the level of human capital for all laborers in China has improved a lot.On the one hand,this phenomenon for Chinese economic construction activities has supplied a steady stream of high-quality labor,one the other hand,this phenomenon for technological innovation activities has provided a large number of talent support.However,duo to the historical reasons,the factor-driven development model has worked for many years together with the advantage of low-cost level.As a result,with time going by the overcapacity at the low end has become more and more serious,making the mismatch between supply in low-end and demand in high-end.In order to solve this real economic problem and make the economy full of energy,the government has put forward some practical policies such as the supply-side structural reform after making a comprehensive analysis.This top-level design is to solve the mismatch in the form of carrying out a reform between supply and demand,and the government has a determination to work out overcapacity completely.Zombie companies are the outstanding representative of Chinese ineffective and low-end supply,which occupy large number of resources but can not generate enough benefits.The existence of zombie companies is a major obstacle to improving the quality of Chinese manufacturing level.To this end,this article tries to start with the perspective of ordinary colleges and universities,and then use economic mind to study the impact of the number of ordinary colleges and universities in the vicinity of the company’s geographic location on manufacturing zombie companies.In order to finish this hard work,this article carries the academic research according to the lists of universities and colleges from the Ministry of Education of China which are published in its website,together with the listed companies in the manufacturing industry in Shanghai and Shenzhen stock market involved the year of 2011 to 2017.After getting the raw data,this paper manually collect the latitude and longitude of each university over the years through Baidu map,and then use the MATLAB application software to calculate the number of ordinary universities and colleges as the following several steps:firstly,we need to set the place of each listed manufacturing company as the center of the circle,secondly,we set a certain distance(the benchmark regression is 200 kilometers,and the robustness tests are 100 kilometers and 300 kilometers respectively)as the radius,finally,we get the total number of ordinary colleges and universities in the circle we got above.In other words,the number of ordinary universities and colleges in circle we get from the above the three steps is defined as the density of universities for the listed manufacturing company.After finishing all those preparations,it is high time to investigate the impact of the density of universities on manufacturing zombie companies through econometric regression model.The research results show that the density of universities has an important role in inhibiting the formation of zombie companies,and the heterogeneity effects are existing.Specifically:the inhibitory effect on zombie companies in world-class universities is stronger than world-class disciplines universities;the Project 985 universities have stronger restraining effects on zombie companies than Project 211 universities;and the undergraduate universities have stronger restraints on zombie enterprises than junior universities,this gap become more obviously if only concerning the government-owned undergraduate universities.What’s more,if we care about the types of colleges and universities,we will find that the comprehensive universities have the greater restraining effects than the science and engineering ones,and if we care about the shortest line distance between one listed manufacturing companies and first-class universities,we will find the closest the distance is,the greater the restraining effect is.In order to get further explore about the mechanism behind this research,this paper attempts to explore it by step-by-step test.The first one is cooperation effect which makes cooperation easy,and the second is management effect which makes the company get more profits.Those two mechanisms are carried by the step-by-step test method to ensure that the inhibiting formation of zombie companies are worked by the above two mechanism.In addition,this article also conducted a number of robustness tests by using different methods and the endogenous problem.Much to our satisfaction all of the robustness tests have passed statistically significant.In a word,the research in this paper has make effective supplement to the existing research on zombie companies,enriched the relevant research in Chinese colleges and universities to some extent,and also made some contributions to the relevant industry-university-research theory.