中国僵尸企业的数量测度及特征分析

Quantity and Characteristics of Zombie Firms in China

中文关键词:  僵尸企业  上市公司  产业结构  国有企业  产能过剩  劳动密集型行业

英文关键词:zombie firm  listed company  industrial structure  state-owned enterprise (SOE)  overcapacity  labour-intensive industry

中文摘要:

      文章利用2007—2015年中国上市公司的财务数据,分别应用7种识别方法对中国僵尸企业的规模进行了全面的测度。在此基础上,基于地域、行业分布和所有制性质三个维度,对识别出的僵尸企业进行了特征分析。研究结论表明,2007—2015年间中国僵尸企业的数量变化基本呈现出先下降后上升的趋势；产业结构单一、国有经济成分较高的省份僵尸企业占比较高；产能过剩行业和劳动密集型行业的僵尸企业占比较高；国有企业更容易成为僵尸企业。此外,为厘清僵尸企业出现的根源,对僵尸企业和产能过剩的关系进行了理论和实践上的辨析,并结合实证结论提出了处置僵尸企业的三点建议。 

英文摘要:

      Using the financial data of China's listed companies during the years from 2007 to 2015, this paper measures an overall quantity of zombie firms in China with 7 identification methods respectively. On that basis, from three dimensions such as regional distribution, industrial distribution and ownership, the zombie firms are identified and characterized analytically. The research conclusions show that:during the years from 2007 to 2015, the quantity of China's zombie firms increased after an initial decrease; in the provinces with single industrial structure and more stated-owned enterprises (SOEs), they were more likely to experience a high ratio of zombie firms; there was a higher proportion of zombie firms in labour-intensive and overcapacity industries; and the SOEs were more inclined to become zombie firms. In addition, in order to make clear the root of zombie firms, this paper makes both theoretical and practical analyses on the relationship between zombie firms and overcapacity. Moreover, combined with the empirical conclusion, it puts forward three suggestions to deal with the zombie firms. 