世界经济 ›› 2019, Vol. 42 ›› Issue (7): 120-144.

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转移支付的公共池效应、补贴与僵尸企业

范子英, 王倩   

  1. 上海财经大学公共经济与管理学院 上海市杨浦区武川路111号凤凰楼523室 200433
  • 出版日期:2019-07-10 发布日期:2019-07-25
  • 通讯作者: 范子英(通讯作者),电子信箱:ivannj@163.com E-mail:ivannj@163.com
  • 作者简介:王倩,电子信箱:wangqian2783@163.com
  • 基金资助:
    国家自然科学基金资助项目(71573165)、上海财经大学创新团队支持计划以及上海市教育发展基金会"曙光计划"的资助。

Common Pool Effect of Transfer Payments, Subsidies and Zombie Firms

Fan Ziying, Wang Qian   

  • Online:2019-07-10 Published:2019-07-25

摘要: 地方政府的无效财政补贴是僵尸企业的重要成因,这种财政资金的低效使用又与财政收入来源结构紧密相关。本文基于中国工业企业和县级层面转移支付数据,研究转移支付的公共池效应对僵尸企业的影响。我们发现:财政补贴会导致僵尸企业,来自上级政府的转移支付会加剧补贴的低效率,转移支付占财政收入的比例提高1单位,企业僵尸化的概率就增加10.9%;不同类别转移支付产生的公共池效应存在差异,一般性转移支付较专项补助作用更强,前者的成本转嫁和信息不对称问题更严重;进一步的机制分析发现,投资扭曲和费用化率增加是企业僵尸化的原因。

关键词: 公共池效应, 补贴, 支出效率, 僵尸企业

Abstract: The ineffective financial subsidies provided by local governments is one of the main reasons for the existence of zombie firms. This inefficient use of fiscal funds is intimately related to the structure of fiscal revenue sources. Based on data collected from Chinese industrial firms and county-level transfer payments, this paper examines the impact that the common pool effect of transfer payments exerts on zombie firms. At first glance, we find that financial subsidies can lead to the formation of zombie firms, and that transfer payments made from higher levels of government exacerbate the inefficiency of subsidies. For each transfer payment unit, the risk of a firm becoming a zombie increases by 10.92%. There are differences in the common pool effect caused by different types of transfer payments, and general transfer payments are more effective than special subsidies, indicating that the transfer of costs and the information asymmetry of the former is even more serious. Further mechanism analysis finds that investment distortion and increased expenses are the causes of corporate zombiesation.

Key words: common pool effect, subsidies, expenditure efficiency, zombie firms

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