Imbalance In The Allocation Of Credit Resources And The Formation Of Zombie Enterprises

Solving the problem of zombie enterprises is a key step in deepening China’s supply-side structural reform.The existence of bank credit discrimination and government intervention has led to inefficient zombie enterprises obtaining a large amount of credit resources at extremely low financing costs,resulting in serious distortions of credit resources,and at the same time making zombie enterprises that should have withdrawn from the market "stiff and not dead".Based on relevant theories and literature,this paper analyzes the mechanism between the imbalance of credit resource allocation and the formation of zombie enterprises,discusses the influence of enterprise ownership and enterprise scale on the mechanism,and further studies the regulating effect of financial marketization.On this basis,a Logit fixed-effect model was established,and the data of A-share listed companies from 2011～2021 were empirically tested.The results show that there is a significant positive correlation between credit imbalance and the formation of zombie enterprises,that is,credit imbalance is an important cause for the formation of zombie enterprises,and the results remain stable after changing the core variable measurement method and considering the endogenous influence.At the same time,the formation of zombie enterprises caused by credit imbalance also has heterogeneity in the nature and scale of enterprise property rights,and state-owned enterprises and large-scale enterprises are more susceptible to the impact of credit imbalance and become zombie enterprises.The adjustment effect test found that the level of financial marketization played a negative regulating role in the influence of credit imbalance on the formation of zombie enterprises,that is,a higher level of financial marketization would inhibit the impact of credit imbalance on the formation of zombie enterprises,and the conclusion was still valid after the robustness treatment.Through the analysis of the research conclusions,this paper puts forward the following four policy recommendations.First,reshape the market-oriented mechanism and accelerate the reform of the financial system;Second,deepen the reform of financial institutions themselves and reduce the excessive concentration of capital factors in state-owned enterprises and large-scale enterprises;Third,the government should reduce the intervention in the allocation of credit funds and guide bank credit behavior to be more market-oriented;Fourth,deepen the reform of state-owned enterprises,persist in promoting mixed ownership,and strengthen the endogenous financing function of enterprises.