發(fā)布時間：2018-05-25 13:57

  本文選題：僵尸企業(yè) + 識別方法　； 參考：《中國工業(yè)經濟》2017年03期

【摘要】：基于一種綜合方法,本文對中國工業(yè)企業(yè)和上市公司中存在的僵尸企業(yè)予以識別。結果表明,2001—2007年工業(yè)企業(yè)中僵尸企業(yè)數(shù)量占比為10.1%—19.7%,2000—2015年上市公司中僵尸企業(yè)數(shù)量占比為12.1%—26.0%。中國工業(yè)企業(yè)中的僵尸企業(yè)具有以下分布特征:總體上,數(shù)量和資產規(guī)模占比與經濟周期存在相關性;分地區(qū)看,東部地區(qū)數(shù)量和資產規(guī)模占比皆為最低,西部地區(qū)數(shù)量占比最高,東北地區(qū)資產規(guī)模占比最高;分行業(yè)看,政府壟斷定價和國有企業(yè)為主的行業(yè)數(shù)量占比較高;分所有制看,國有企業(yè)中僵尸企業(yè)數(shù)量和資產規(guī)模占比始終最高。進一步,本文根據資產負債率水平對僵尸企業(yè)加以分類,把那些應進入破產程序、將剩余控制權轉移給債權人的企業(yè),與股東可以繼續(xù)掌握剩余控制權的企業(yè)區(qū)別開來,這一分類有助于對僵尸企業(yè)進行差別化處置。本文認為,僵尸企業(yè)現(xiàn)象既是由于政府補貼的"滋潤效應",同樣不容忽視的可能還有破產成本過高導致的"阻礙效應"。處置僵尸企業(yè),除了改善公司治理、推動股東采取改組董事會或經理層以及資產重組等,本文還建議修改《企業(yè)破產法》以納入簡易破產程序,并且各級政府要嚴格財經紀律,防止僵尸企業(yè)繼續(xù)增加對生產要素的占用并惡化整體經濟生產率。
[Abstract]:Based on a comprehensive method, this paper identifies zombie enterprises in Chinese industrial enterprises and listed companies. The results show that the proportion of zombie enterprises in industrial enterprises from 2001 to 2007 is 10.1-19.70.The proportion of zombie enterprises in listed companies from 2000 to 2015 is 12.1-26.0. The zombie enterprises in Chinese industrial enterprises have the following distribution characteristics: overall, the proportion of quantity and asset size is correlated with the economic cycle, and the proportion of quantity and assets in the eastern region is the lowest in different regions. The proportion of assets in the western region is the highest, the proportion of assets in the Northeast is the highest; the number of industries dominated by government monopoly and pricing and state-owned enterprises is relatively high in terms of industry, and the proportion of sectors dominated by state-owned enterprises is relatively high. The number of zombie enterprises and the proportion of assets are always the highest in state-owned enterprises. Furthermore, according to the level of asset-liability ratio, this paper classifies zombie enterprises, and distinguishes those enterprises that should enter bankruptcy procedure and transfer residual control rights to creditors, and that shareholders can continue to grasp residual control rights. This classification is helpful for the differential disposal of zombie enterprises. This paper holds that the phenomenon of zombie enterprises is not only due to the "nourishing effect" of government subsidies, but also the "hindrance effect" caused by the high bankruptcy cost. In dealing with zombie enterprises, besides improving corporate governance, promoting shareholders to adopt reorganization of the board of directors or managers and reorganization of assets, the article also suggests that the Enterprise bankruptcy Law be amended to include simple bankruptcy procedures, and that governments at all levels should strictly enforce financial and financial discipline. To prevent zombie enterprises from continuing to increase the occupation of factors of production and to worsen the overall economic productivity.
【作者單位】： 上海交通大學安泰經濟與管理學院;
【基金】：國家社會科學基金重點項目“現(xiàn)代產業(yè)體系發(fā)展的理論與政策研究”(批準號11AZD080)
【分類號】：F279.2

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