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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2019年01月第25卷第1期
   
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文章编号:1672-3104(2019)01-0121-11
 
金融生态环境、信贷资源配置对我国僵尸企业影响的研究——基于空间计量模型实证
 
孙志红1,2,吕婷婷1
 
(1. 石河子大学经济与管理学院,新疆石河子,832000;
2. 兵团金融发展研究中心,新疆石河子,832000)
 
摘  要: 以我国30个省、自治区、直辖市2003—2016年僵尸企业为样本,探究金融生态环境、信贷资源配置对僵尸企业的影响。研究结果显示:僵尸企业存在显著正向空间溢出效应;贷款规模与僵尸企业的数量正相关,中长期贷款相较于短期贷款对僵尸企业数量的影响更显著;金融生态环境对僵尸企业增长的直接抑制作用不显著,但其可通过降低贷款总额与僵尸企业数量的正相关关系间接抑制僵尸企业的形成;金融市场发展能减弱不同期限贷款和僵尸企业的正相关关系,制度和诚信文化建设则加剧了贷款与僵尸企业正相关关系,而政府治理、经济发展作用并不显著。基于上述实证结果,对“僵尸企业”出清提出相应的对策和建议。
 
关键词: 僵尸企业;金融生态环境;信贷资源配置;SEM;SLM
 
 
Research on the influence of financial ecological environment and allocation of credit resources on zombie enterprises in China: Empirical study based on spatial econometric model
 
SUN Zhihong1,2, LV Tingting1
 
(1. School of Economics and Management, Shihezi University, Xinjiang, Shihezi 832000;
2. Research Center of Corps Financial Development, Shihezi University, Xinjiang, Shihezi 832000)
 
Abstract: Taking data from 2003 to 2016 of zombie enterprises in 30 provinces in China (except Tibet) as samples, this paper studies the influence of financial ecological environment and credit resource allocation on zombie enterprises. The results show the following. Firstly, there is a significant positive spatial spillover effect among zombie enterprises in China. Secondly, the loan scale is positively correlated with the increasing of zombie enterprises, and the impact between the medium-and long-term loans and the number of zombie enterprises is more significant than that of short-term loans. Thirdly, the direct inhibitory effect of financial ecological environment on the growth of zombie enterprises is not significant, but it reduces the positive correlation between the total loan amount and the increasing of zombie enterprises. Forthly, the development of financial market can weaken the positive correlation between loans of different maturities and zombie enterprises, while the construction of system and credit culture intensifies the positive correlation between loans and zombie enterprises. The role of government governance and economic development is not significant. Based on the above empirical results, this paper puts forward corresponding countermeasures and suggestions for dealing with "zombie enterprises".
 
Key words: zombie enterprises; financial ecological environment; credit resources allocation; SEM; SLM
 
 
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