基于政银企三方视角的僵尸企业识别体系.docVIP

基于政银企三方视角的僵尸企业识别体系 叶志锋 李琦 肖庆飞 广西科技大学财经学院 广西科技大学管理学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 有效处置僵尸企业并化解过剩产能必须对僵尸企业有更实质的了解。本文以企业、银行、政府三方基于利益最大化的博弈视角分析僵尸企业的成因, 在国内外有关僵尸企业识别方法的基础上, 结合中国特有的制度环境, 构建同时满足企业陷入财务困境、银行给予信贷支持和依赖政府生存三个条件的识别指标体系, 尝试弥补已有识别方法的欠缺。并以钢铁行业僵尸企业进行验证及后果分析, 发现僵尸企业由非僵尸阶段向僵尸阶段演变, 获得的信贷资源更多。 关键词： 僵尸企业; 自生能力; 经营困境; 政府补助; 银行信贷; 作者简介：叶志锋 (1972-) , 男, 江西萍乡人, 广西科技大学财经学院教授, 泰国兰实大学客座教授, 博士, 硕导, 学术带头人, 中国注册会计师, 研究方向为财务信息与投融资行为; 作者简介：李琦 (1992-) , 女, 湖北随州人, 广西科技大学管理学院2016级研究生; 作者简介：肖庆飞 (1991-) , 女, 山东日照人, 广西科技大学管理学院2015级研究生。 基金：国家自然科学基金项目“会计信息质量在信贷资源配置中的识别意愿、识别技术及经济后果研究” 的资助 The Zombie Enterprise Identification System Based on the Three-party Perspective of Government, Bank and Enterprise YE Zhi-feng LI Qi XIAO Qing-fei School of Finance and Economics, Guangxi University of Science and Technology; School of Management, Guangxi University of Science and Technology; Abstract： Effective disposal of zombie enterprises and solution of excess capacity must have a more substantial understanding of zombie enterprises. This paper analyzes the causes of zombie enterprises from the game perspective based on the maximization of interests of business, bank and government. On the basis of the zombie enterprise identification methods at home and abroad, combined with Chinas unique institutional environment, this paper constructs the identification index system, which can meet the three conditions: the enterprises are in financial distress, banks give credit support and the survival is relied on government, to make up for the lack of existing identification methods. And the zombie enterprises in steel industry are verified and the consequences is analyzed, and it finds that when the zombie enterprises is evolving from the non-zombie stage to the zombie stage, they can get more credit resources. Keyword： zombie enterprises; viability; business difficulties; government subsidies; bank credit; 1 问题提出 在化解过剩产能的道路上, 僵尸企业俨然已成为