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要真正实现新旧产业更替,必须使市场机制真正在资源配置中发挥决定性作用,加快出清僵尸企业,为新产业和新动能腾挪空间。所谓僵尸企业,其实就是人为干预、扭曲市场配置行为所造成的。僵尸企业存在会导致健康企业融资成本提高,投资率下降。具体而言,行业中僵尸企业比例提高1%,同行业中健康企业融资成本相对僵尸企业平均上升0.013%,投资率相对于僵尸企业下降0.07%以上。
To truly achieve the replacement of new and old industries, market mechanisms must really play a decisive role in the allocation of resources, speeding up the process of clearing up the zombie enterprises and allowing more room for new industries and new momentum. The so-called zombie business, in fact, is human intervention, distorting the market allocation behavior caused. The existence of zombie enterprises will result in higher financing costs for healthy enterprises and a drop in investment rates. Specifically, the proportion of zombie enterprises in the industry increased by 1%, while that of healthy enterprises in the same industry increased by 0.013% on average relative to the zombie enterprises, and the investment rate dropped by more than 0.07% compared with that of zombie enterprises.