僵尸企业占用银行信贷的负外部性——基于商业信用的视角

当代财经 ›› 2021, Vol. 0 ›› Issue (3): 124-135.

僵尸企业占用银行信贷的负外部性——基于商业信用的视角

张栋¹, 赵文卓²

1.郑州大学商学院,河南郑州 450001;
2.对外经济贸易大学国际商学院,北京 100029

收稿日期:2020-10-11 修回日期:2020-12-28 出版日期:2021-03-15 发布日期:2021-03-16
通讯作者: 赵文卓,对外经济贸易大学博士研究生,主要从事审计与公司治理研究,联系方式zwzkjx@163.com。
作者简介:张栋,郑州大学副教授,博士,主要从事财务会计与公司治理研究。
基金资助:
国家社会科学基金青年项目“国有僵尸企业的银行借款及其对股东利益的影响研究”（17CGL060）; 教育部人文社会科学基金青年项目“监管压力、客户压力与审计师行为：基于前景理论的研究”（16YJC790131）; 河南省科技厅软科学研究项目“管理会计推动我省管理创新的方式、路径与机制研究”（批准号172400410639）; 郑州大学人文社会科学优秀青年科研团队培育计划“国有企业混合所有制改革的微观治理机制及其优化研究”（2020-QNTD-01）

The Negative Externality of Zombie Companies’ Occupation of Bank Credit: From the Perspective of Commercial Credit

ZHANG Dong¹, ZHAO Wen-zhuo²

1. Zhengzhou University, Zhengzhou 450001;
2. University of International Business and Economics, Beijing 100029, China

Received:2020-10-11 Revised:2020-12-28 Online:2021-03-15 Published:2021-03-16

摘要/Abstract

摘要： 妥善处理僵尸企业与各利益主体之间的关系是供给侧结构性改革的重中之重。以2010—2017年沪深A股上市公司为样本,基于商业信用的视角研究了僵尸企业占用银行信贷资金的负外部性。研究发现：僵尸企业占用金融市场的信贷资源越多,其占用产品市场的商业信用资金也越多;相对于下游客户,上述影响对僵尸企业的上游供应商更为明显。进一步分析发现：资产专用性越高和所处行业的行业集中度越高的僵尸企业,对商业信用资金占用越严重。机制检验发现：僵尸企业占用银行信贷资金对上下游企业产生的负外部性是由僵尸企业信息透明度低以及偿债能力不足引起的。

关键词: 僵尸企业, 银行信贷, 商业信用, 负外部性

Abstract: To duly handle the relationship between zombie companies and each interest subject is the top priority in the supply side structural reform. Taking the A-share listed companies from 2010 to 2017 as samples, this paper studies the negative externality of bank credit funds occupied by zombie companies from the perspective of commercial credit. The findings show that the more credit resources that zombie companies occupy in the financial market, the more commercial credit funds that they occupy in the product factor market. Compared to downstream customers, the above-mentioned impact is more significant for upstream suppliers of the zombie companies. The results of further analysis show that the higher the asset specificity that the zombie companies have and the higher the industry concentration of the industry that the zombie companies are in, the more serious the commercial credit occupied by them. The findings of the mechanism test indicate that the negative externality of the zombie companies’ occupation of bank credit funds to upstream and downstream companies are caused by the low transparency of the zombie companies’ information and their insufficient solvency.

Key words: zombie companies, bank credit, commercial credit, negative externality

中图分类号:

F275.1

张栋, 赵文卓. 僵尸企业占用银行信贷的负外部性——基于商业信用的视角[J]. 当代财经, 2021, 0(3): 124-135.

ZHANG Dong, ZHAO Wen-zhuo. The Negative Externality of Zombie Companies’ Occupation of Bank Credit: From the Perspective of Commercial Credit[J]. Contemporary Finance & Economics, 2021, 0(3): 124-135.

参考文献

[1] 龚雯,许志峰,王珂.供给侧结构性改革引领新常态[N].人民日报,2016-1-4(24).
[2] Hoshi T.Economics of the Living Dead[J].Japanese Economic Review,2006,57(1): 30-49.
[3] Ahearne A.G.,Shinada N.Zombie Firms and Economic Stagnation in Japan[J].International Economics and Economic Policy,2005,2(4): 363-381.
[4] Caballero R.J.,Hoshi T.,Kashyap A.K.Zombie Lending and Depressed Restructuring in Japan[J].The American Economic Review,2008,98(5): 1943-1977.
[5] 程俊杰,刘志彪.产能过剩要素扭曲与经济波动来自制造业的经验证据[J].经济学家,2015,(11): 59-69.
[6] 王立国,高越青.建立和完善市场退出机制有效化解产能过剩[J].宏观经济研究,2014,(10): 8-21.
[7] 董敏杰,梁泳梅,张其仔.中国工业产能利用率:行业比较、地区差距及影响因素[J].经济研究,2015,(1): 84-98.
[8] 戴泽伟,潘松剑.僵尸企业的“病毒”会传染吗?——基于财务信息透明度的证据[J].财经研究,2018,(12): 138-150.
[9] 程虹,胡德状.“僵尸企业”存在之谜:基于企业微观因素的实证解释——来自2015年“中国企业-员工匹配调查”(CEES)的经验证据[J].宏观质量研究,2016,(1): 7-25.
[10] 何帆,朱鹤.僵尸企业的识别与应对[J].中国金融,2016,(5): 20-22.
[11] 谭语嫣,谭之博,黄益平,胡永泰.僵尸企业的投资挤出效应:基于中国工业企业的证据[J].经济研究,2017,(5): 175-188.
[12] 张璇,王凯丽,司海涛.僵尸企业、资源错配与企业全要素生产率——来自中国工业企业的经验证据[J].财经问题研究,2019,(7): 57-66.
[13] Petersen M.A.,Rajan R.G.Trade Credit: Theories and Evidence[J].Review of Financial Studies,1997,10(3): 661-691.
[14] Atanasova C.V.,Wilson N.Bank Borrowing Constraints and the Demand for Trade Credit: Evidence from Panel Data[J].Managerial and Decision Economics,2003,24(6-7): 503-514.
[15] Danielson M.G.,Scott J.A.Bank Loan Availability &Trade Credit Demand[J].Financial Review,2004,39(4): 579-600.
[16] 石晓军,李杰.商业信用与银行借款的替代关系及其反周期性:1998—2006年[J].财经研究,2009,(3):4-15.
[17] 陆正飞,杨德明.商业信用:替代性融资,还是买方市场?[J].管理世界,2011,(4): 6-14+45.
[18] Giannetti M.,Burkart M.,Ellingsen T.What You Sell Is What You Lend? Explaining Trade Credit Contracts[J].Review of Financial Studies,2011,24(4): 1261-1298.
[19] 张栋,谢志华,王靖雯.中国僵尸企业及其认定——基于钢铁业上市公司的探索性研究[J].中国工业经济,2016,(11):90-107.
[20] Meltzer A.H.Mercantile Credit,Monetary Policy,and Size of Firms[J].Review of Economics and Statistics,1960,42(4): 429-437.
[21] Schwartz R.A.An Economic Model of Trade Credit[J].Journal of Financial and Quantitative Analysis,1974,9(4): 643-657.
[22] Biais B.,Gollier C.Trade Credit and Credit Rationing[J].Review of Financial Studies,1997,10(4): 903-937.
[23] Ono M.Determinants of Trade Credit in the Japanese Manufacturing Sector[J].Journal of the Japanese and International Economies,2001,15(2): 160-177.
[24] Huyghebaert N.On the Determinants and Dynamics of Trade Credit Use: Empirical Evidence from Business Start-Ups[J].Journal of Business Finance and Accounting,2006,33(1-2): 305-328.
[25] 张新民,王珏,祝继高.市场地位、商业信用与企业经营性融资[J].会计研究,2012,(8): 58-65+97.
[26] 曹云祥,宫旭红.商业信用能否缓解企业信贷约束——基于企业产权异质性的实证分析[J].现代财经,2015,(6):82-92.
[27] Willam D.Zombie Banks and Forbearance Lending: Causes,Effects,and Policy Measures[D].Leipzig,German: University of Leipzig,2015.
[28] 余明桂,潘红波.金融发展、商业信用与产品市场竞争[J].管理世界,2010,(8): 117-129.
[29] 马黎珺,张敏,伊志宏.供应商—客户关系会影响企业的商业信用吗——基于中国上市公司的实证检验[J].经济理论与经济管理,2016,(2):98-112.
[30] 聂辉华,江艇,张雨潇,方明月.我国僵尸企业的现状、原因与对策[J].宏观经济管理,2016,(9): 63-68+88.
[31] 黄少卿,陈彦.中国僵尸企业的分布特征与分类处置[J].中国工业经济,2017,(3): 24-43.
[32] Fukuda S.I.,Nakamura J.I.Why Did“Zombie”Firms Recover in Japan?[J].The World Economy,2011,34(7): 1124-1137.
[33] 刘欢,邓路,廖明情.公司的市场地位会影响商业信用规模吗?[J].系统工程理论与实践,2015,(12):3119-3134.
[34] 孙晓华,郑辉.买方势力、资产专用性与技术创新——基于中国汽车工业的实证检验[J].管理评论,2011,(10):162-170.
[35] Williamson O.Comparative Economic Organization: The Analysis of Discrete Structural Alternatives[J].Administrative Science Quarterly,1991,36(2): 269-296.
[36] 周煜皓,张盛勇.金融错配、资产专用性与资本结构[J].会计研究,2014,(8): 75-80+97.
[37] 王竹泉,段丙蕾,王苑琢,陈冠霖.资本错配、资产专用性与公司价值——基于营业活动重新分类的视角[J].中国工业经济,2017,(3): 120-138.
[38] 王永钦,李蔚,戴芸.僵尸企业如何影响了企业创新?——来自中国工业企业的证据[J].经济研究,2018,(11):99-114.
[39] 周中胜,陈汉文.会计信息透明度与资源配置效率[J].会计研究,2008,(12): 56-62+94.
[40] 孔东民,刘莎莎,王亚男.市场竞争、产权与政府补贴[J].经济研究,2013,(2): 55-67.
[41] 温忠麟,叶宝娟.中介效应分析:方法和模型发展[J].心理科学进展,2014,(5): 731-745.