Government procurement and zombie firms' productivity: Evidence from China

Xiaoyue Yu, Su Yu, Fulong Xiao, Zhuquan Wang
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Abstract

The growing number of zombie firms has severely hampered economic growth in most countries, especially after the COVID‐19 pandemic when zombie firms increased dramatically. Improving the productivity of zombie firms has become a major concern around the world. This paper, using Chinese government procurement contract data and listed firm data, empirically investigates the relationship between government procurement and zombie firms' productivity. The research findings indicate that government procurement can improve zombie firms' productivity and narrow the production efficiency gap with non‐zombie firms. This impact is more pronounced for local and low‐level government clients. Our research further investigates the channels through which government procurement improves zombie firms' productivity. The results demonstrate that government procurement promotes productivity by enhancing technological innovation, improving sales performance, and increasing market supervision. Additionally, this study identifies that government procurement exhibits a spillover effect, which enhances the productivity of non‐zombie firms within the same city. These findings contribute significantly to bridging the existing knowledge gap regarding the impact of government procurement on the productivity of zombie firms. Furthermore, the results offer innovative strategies for policy makers to address the challenges posed by zombie firms.
政府采购与僵尸企业的生产率:来自中国的证据
僵尸企业数量的不断增加严重阻碍了大多数国家的经济增长,尤其是在 COVID-19 大流行之后,僵尸企业数量急剧增加。提高僵尸企业的生产率已成为全球关注的焦点。本文利用中国政府采购合同数据和上市公司数据,实证研究了政府采购与僵尸企业生产率之间的关系。研究结果表明,政府采购可以提高僵尸企业的生产效率,缩小与非僵尸企业的生产效率差距。这种影响对地方和低级别政府客户更为明显。我们的研究进一步探讨了政府采购提高僵尸企业生产率的渠道。研究结果表明,政府采购通过加强技术创新、提高销售业绩和加强市场监管来提高生产率。此外,本研究还发现政府采购具有溢出效应,可提高同一城市非僵尸企业的生产率。这些研究结果极大地弥补了现有关于政府采购对僵尸企业生产率影响的知识空白。此外,研究结果还为政策制定者应对僵尸企业带来的挑战提供了创新策略。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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