Study On The Impact Of Chinese Zombie Enterprises On Resource Allocation

Along with the slowdown in economic growth,overcapacity has become more serious due to over-investment in some industries.In order to solve the problem of overcapacity in the economy,in December 2016,"de-capacity" was listed as the first task at the Central Economic Work Conference,and the focus of "de-capacity" was "stable disposal of zombie enterprises"Zombie enterprises have taken up a lot of resources such as private capital,credit funds and government subsidies,which have eroded the limited resource space in the market and become a cancer that hinders economic growth and enterprise development.Therefore,under the background that "zombie enterprises" have become a hot spot in domestic public opinion,it will be of great practical significance to study the impact of Chinese zombie enterprises on resource allocation.Based on the integration of many scholars'zombie enterprise identification methods,this paper proposes an identification method suitable for China's actual situation,and selects 61,760 sample enterprises that have been continuously operated by China Industrial Enterprise Database from 2010 to 2013 for identification and conduct.Identification results analysis Considering the lack of data on some key indicators and the abnormal data in the "China Industrial Enterprise Database",in the empirical analysis,8639 sample enterprises that have been in operation for 10 years from 1998 to 2007 were selected.Since the influence of the heterogeneity of the enterprise is taken into account,the total factor productivity calculated by the LP method is introduced to further demonstrate the relationship between the zombie enterprise and the resource allocation.In addition,this paper also selects state-owned holding companies and privately-held enterprises from the sample enterprises to study their relationship with resource allocation.Finally,the results of this paper show that:(1)zombie enterprises cause resource mismatch in the industry;(2)the existence of zombie enterprises causes state-owned holding companies to occupy too much resources;(3)the existence of zombie enterprises makes it difficult for private holding companies to obtain resources..At the end of the paper,the corresponding policy recommendations are put forward in combination with theoretical research and empirical results.The main innovations of this paper are as follows:Firstly,the existing domestic literature on the impact of zombie enterprises on resource allocation is qualitative research.Few domestic scholars have done quantitative research according to the actual situation of China,and the basis of policy discussion is mainly based on empirical evidence from other countries In order to make up for this deficiency,this study uses huge data of Chinese enterprises to empirically study the impact of zombie enterprises on resource allocation,and to provide empirical evidence for national policy discussions in China.Secondly,this study analyzed the main problems of current botnet identification methods,and made some improvements,and proposed different botnet identification methods from other literature.