The The Impact Of Zombie Firms On The Quality Of Normal Firms’ Export Product

At present,due to the countercurrent of economic globalization and the global impact of the epidemic,China’s opening to the outside world is facing greater uncertainty.From the perspective of long-term development trends,only by unblocking the domestic economic cycle can a higher level of opening up be promoted.In view of the prominent structural problems in the country,and adhere to the supply-side structural reforms,it is necessary to complete the economic task of reducing overcapacity and deleveraging.Proper handling of zombie firms is a key factor in achieving “decapacity”.The quality of export products of enterprises is an important indicator reflecting the export competitiveness of Chinese enterprises and the development level of trade quality.Therefore,in-depth research on the impact of zombie firms on the quality of export products of enterprises,and clarifying the internal mechanism of zombie firms affecting the quality of normal enterprises’ export products,provides new ideas and experience for China to accelerate the effective governance of zombie enterprises and how to improve the quality of export products of enterprises.Based on the above background,this article cuts into the perspective of export product quality,and examines the theoretical mechanism of zombie firms affecting the quality of normal firms’ export products and the transmission channels through which normal firms are "zombified" based on theoretical and empirical levels.Specifically,firstly this article analyzes the theoretical mechanism of zombie firms affecting the quality of normal firms’ export products;then,based on the matching data of Chinese industrial companies from2000 to 2013 and China’s customs company data,respectively,using the FN-CHK method and the aftermath The reverse deduction method scientifically identified zombie firms and measured the quality of their export products,and used standardized measurement methods to identify the causal relationship between zombie firms and normal firms’ export product quality and test the impact mechanism;further,the zombie firms passed Industrial relevance affects the quality of export products of downstream enterprises to carry out extended research.The study found that zombie firms have a significant negative impact on the quality of normal firms’ export products,that is,in the same industry,the higher the proportion of zombie firms’ assets,the less conducive to the improvement of the quality of normal firms’ export products.This conclusion still shows good robustness after replacing the index of the proportion of zombie firms,considering the endogenity,and extending the sample interval.Then,the mediation effect model is used to test the transmission channels.The result of the empirical test shows: The negative impact on the quality of normal firms’ export products in the industry is realized through the channel of reducing the innovation level of normal firms.Further research in this article found that zombie firms will not only reduce the quality of export products of normal firms in the industry,but also reduce the quality of normal firms in downstream industries through industrial vertical correlation effects.Based on the above conclusions,this article proposes the following suggestions on how to accelerate the effective governance of zombie firms: Firstly,establish a dynamic identification and early warning and disposal mechanism for zombie firms.Secondly,strengthen the supervision of the financial system to ensure the efficiency and accuracy of the allocation of credit funds.Finally,improve the market resource allocation mechanism and cut off the formation and role of zombie firms.