作　　者： ; ;

机构地区： 广东工业大学管理学院

出　　处： 《会计研究》 2018年第3期3-11,共9页

摘　　要： 僵尸企业是当前社会各界广泛关注的重要问题,探明僵尸企业形成的影响因素具有重要理论与现实意义。本文实证研究了不同强度政府补助对僵尸企业形成的异质性影响,发现适度的政府补助有助于降低企业陷入僵尸困境的风险,但高额的政府补助则会明显加大该风险;产权性质、公司治理质量和地区市场化环境因素对适度政府补助的正面效应及高额政府补助的负面效应具有明显的调节作用。进一步研究发现,相对于高科技型公司,高额政府补助加大僵尸企业形成风险的作用在非高科技型公司中表现得更为明显。本文在一定程度上丰富了僵尸企业及政府补助研究成果,并可为解决僵尸企业问题及政府补助政策设计提供一定政策参考。 ＇ Zombie firm＇ has become a question cared about by the whole society,and finding out the factors influencing the formation of zombie firms has great theoretical and practical significance.This paper empirically investigates the heterogenic effects of government subsidy on the formation of zombies.It suggests that moderate government subsidy can lower the risk of becoming zombies,but too high subsidy will increase that risk.It also sug-gests that factors such as characters of property rights,quality of corporate governance and regional market environment have moderate effects on the nega-tive effects of high subsidy and the positive effects of moderate subsidy.Furthermore,compared to high technology firms,the negative effect of high sub-sidy enlarging the risk of becoming zombies is more obvious in non-high technology firms.This paper can enrich the literature of zombies and subsidy,and put forward some suggestions about solving the problem of zombies and policy design of subsidy.

关 键 词： 政府补助 异质性 僵尸企业 产权性质 公司治理

领　　域： [经济管理—企业管理] [经济管理—国民经济]