The level of financial marketization,capital mismatch and the formation of zombie enterprises
Improving the allocation of capital factors by increasing the level of financial marketization is the inherent requirement of building a high-standard market system and an important means of clearing out zombie enterprises through economic operation.Based on the data of industrial enterprises above the designated scale and the marketization index data of financial industry in China,this paper empirically analyzes the influence of financial marketization level on the formation of zombie enterprises and its mechanism.The result shows that the low level of financial marketization is an important inducement for the formation of zombie enterprises,which remains robust after variable measures and sample durations are changed,and instrumental variables are used.The influence of financial marketization level on the formation of zombie enterprise is heteroge-neous among the enterprises with different ownerships and scales.The mechanism test shows that the low level of financial marketization leads to the formation of zombie enterprises by intensifying the"capital mismatch"mechanism.And this influence mechanism is more obvious in all state-owned and small-sized enterprises.While the root cause for the formation of zombie enterprises can be explained from the perspective of financial marketization level,it is suggested to clear out zombie enterprises through improving the allocation of capital factors.
financial marketization levelformation of zombie enterprisecapital mismatch
NETL
NSTL
万方数据
