Zombie Firms,Financing Constraints And Foreign Direct Investment

At present,China’s economy is undergoing a period of strategic transformation from quantity to quality.In the 20 th National Congress of the Communist Party of China,promoting high-level opening to the outside world and maintaining a solid and stable international economic structure and trade relations are the necessary ways to promote China’s high-quality development.However,zombie enterprises occupy a lot of market resources through their own "blood-sucking ability",resulting in resource mismatch.Therefore,from the perspective of zombie enterprises,this paper studies its influence on foreign direct investment of nonzombie enterprises.First of all,based on the financial data of listed companies from 2011 to 2021,combined with China’s current national conditions and market development trend,this paper adds government subsidies and uses the improved FN-CHK method to effectively identify zombie enterprises in listed companies.At the same time,calculate the proportion of zombie enterprises in different regions,industries and ownership enterprises,and summarize the distribution characteristics of differences.According to the resource-based theory and institutional theory,combined with the research of relevant scholars,this paper puts forward two research hypotheses.Secondly,the logit model is used to explore the influence of zombie enterprises on foreign direct investment of other enterprises.Finally,the robustness of benchmark regression is tested by tool variable method and index substitution method,and the results are still remarkable.In addition,this paper analyzes the heterogeneity of enterprises with different enterprise scales and different ownership.The research results of this paper are as follows: firstly,from the perspective of industry,zombie enterprises in the weak position and overcapacity account for more;From a regional perspective,zombie enterprises are mainly concentrated in the northwest and southwest regions,and the economic development level of these regions is relatively backward compared with the coastal areas;From the perspective of ownership distribution,the proportion of zombie enterprises in stateowned enterprises is generally higher than that in other ownership enterprises.Secondly,through empirical research,this paper finds that zombie enterprises have an inhibitory effect on foreign direct investment of other enterprises;Among enterprises with high financing constraints,zombie enterprises have a more significant inhibitory effect on their foreign direct investment.Finally,the crowdingout effect of zombie enterprises has differentiated characteristics for enterprises with different enterprise scales and ownership: the smaller the scale,the less affected by zombie enterprises;State-owned enterprises are more susceptible to zombie enterprises than other ownership enterprises.