| Innovation is a key driving force for China to achieve stable development under the new economic normal.In recent years,the state has introduced a number of support policies to encourage enterprise innovation and achieved remarkable results.However,the problems of Chinese enterprise's weak core technology innovation and lack of innovation motivation exposed in the process of intellectual property disputes between China and the United States are still very prominent,which has become the main bottleneck restricting the high-quality development of China's economy.Enterprises that are the mainstay of innovation should have withdrawn from the market once they have operational difficulties,are insolvent,and lose their viability,but some of them have survived by the government and banks,become so-called zombie enterprise which development ability is almost lost,and the most important performance is the low innovation ability.Zombie companies can't improve their survival and development ability through innovative channels,they can only rely on the continuous blood transfusion of the government and banks.This directly squeezes the credit resources of some enterprises with strong innovation ability and weakens the motivation of enterprises to carry out innovation activities.Since 2015,China has continued to promote supplyside structural reforms,and zombie enterprises with low innovation capacity have become the focus of reforms due to their backward and excess capacity.In recent years,the state has attached great importance to the harm and governance of zombie enterprises.On July 30,2019,at the Political Bureau meeting of the CPC Central Committee,it was the first time that it was clearly stated that “accelerating the ‘zombie enterprises' clearing Out”,and it is imperative to dispose of zombie enterprises.To clarify the harm of zombie enterprises and effectively solve this problem,it must be based on a reasonable method of identifying zombie enterprises.The existing research does not form a unified opinion on the identification criteria of zombie enterprises,but most scholars start from the reasons and characteristics of the formation of zombie enterprises,consider the conditions of government,bank continuous blood transfusion and low profitability of zombie enterprises,and propose corresponding identification methods.In order to reduce the occurrence of misunderstanding and missed judgment,this paper comprehensively identifies and defines zombie enterprises on the basis of improving the two types of methods that meet the above conditions.The problem of zombie enterprises is the focus of scholars in recent years.However,the research on zombie enterprises in China mainly focuses on identification and genesis,while the research on the impact of zombie enterprise on the micro level is still lacking.At present,the innovation ability of Chinese enterprises is generally low.Most enterprises lacking core technology innovation and innovation motivation are still in the middle and low-end links of the industrial value chain.The realization of China's industrial structure optimization and upgrading still has long way to go.Therefore,it is of great theoretical and practical significance to explore the impact of zombie enterprises on normal enterprises,especially from the perspective of innovation capability.This will help to clarify the possible reasons for the impediment to China's industrial transformation and the lack of innovation capacity of enterprises at this stage,and then to manage from the source,and accelerate the effective clearing of zombie enterprises.Combined with the above research background,through the analysis of theories of government intervention,resource mismatch,and adverse selection,this paper proposes relevant research hypotheses and tests them by empirical methods.The specific research content includes three parts: Firstly,the data of listed companies in non-financial and noncultural industries with high demand for innovation in 2008-2018 are selected,and the zombie enterprises in related industries are identified and distribution characteristics are analyzed.Secondly,Combined with the relevant indicators of innovation input and innovation output,comprehensively evaluation of the innovation ability of listed companies in China at this stage.Taking relevant innovation measures as the dependent variable,the proportion of industry zombie enterprises as independent Variables,and including relevant control variables at the level of enterprises,industries and prefecturelevel cities in the model,analyzing the impact of zombie enterprises on the innovation ability of normal enterprises;The way to construct interactive items,explore the mechanism of zombie enterprises' influence on the innovation ability of normal enterprises,and propose targeted policy recommendations for the clearing work of zombie enterprises form the perspective of innovation ability.The empirical research of this paper has the following conclusions: The operating indicators of zombie enterprises are obviously behind the normal enterprises,which is basically consistent with the previous studies on the low profitability of zombie enterprises and the dependence on external blood transfusion;in terms of distribution characteristics,the problem of zombie enterprises in resource-based and overcapacity industries has been significantly improved,but the problem of zombie enterprises in other industries has rapidly increased.In terms of ownership,the proportion of state-owned zombie companies has declined significantly in recent years.According to the regional distribution,compared with the eastern region,the problem of zombie enterprises in the central,western and northeastern regions is even more serious.In terms of innovation capability,observing the sample of listed companies,it can be found that the zombie enterprises are significantly lower than normal enterprises in innovation input and output,this also reasonably explains why zombie enterprises are inefficient,and the problems of backward and excess capacity are serious.On the perspective of the impact of zombie enterprises on the innovation ability of normal enterprises,the proportion of industrial zombie enterprises increased by 1%,and the invention patents and the total number of patent applications of normal enterprises in the same industry will decreased by 0.3041% and 0.5882% respectively.At the same time,the R&D intensity of enterprises decreased by 2.8144%.The changes in liabilities and volume ratios also reached similar conclusions.And by constructing the interaction term,we find that the existence of resource crowding effect is an important reason for zombie enterprises to influence the innovation ability of normal enterprises.The research results of this paper show that zombie enterprises in listed companies have obvious inhibitory effects on the innovation input and output of the normal enterprises in the same industry and region.This is an important factor that causes insufficient innovation ability in an industry or region and slow industrial upgrading.In summary,the main contributions of this paper are:(1)Considering the factors of the government and the bank,combining two mainstream identification methods to identify the zombie enterprises of listed companies,thereby reducing the risk of misjudgment;(2)Combining the indicators of innovation input and innovation output to measure the innovation ability of enterprises,which can reflect the innovation of listed companies in China more objectively and truthfully.(3)Analyze the inhibition effect of zombie enterprises on the innovation ability of normal enterprises from both theoretical and empirical aspects,and propose targeted policy recommendations for the clearing word of zombie enterprises,in order to provide a useful reference for removing the obstacles in the process of industrial transformation and upgrading,and promoting the realization of supply-side reform goals. |
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