关键词: 产业政策, 僵尸企业, 央地关系, 资源配置

Abstract: Disposing zombie firms properly is the “bulls nose” of deepening supplyside structural reform Taking the sample of industrial enterprises from 2001 to 2007，this paper empirically investigates the impacts of central and local industrial policies on the formation of zombie firms in China The results suggest that central industrial policy significantly reduces the formation of zombie firms，while local industrial policy aggravates the formation of zombie firms，especially for nonstateowned firms Mechanism tests indicate that central and local industrial policies influence the formation of zombie firms through resource allocation and innovation ability Moreover，market segmentation，market competition and the policy of cutting overcapacity influence the effects of industrial policy on the formation of zombie firms The conclusions provide theoretical explanation and empirical evidence for the causes of zombie firms in China from the perspective of industrial policy，and some references for centrallocal relation coordination，elimination of zombie firms and firms highquality development

Key words: industrial policy, zombie firms, central-local relations, resource allocation