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

摘要： 稳妥处置僵尸企业是深化供给侧结构性改革的“牛鼻子”。以2001—2007年中国工业企业数据为样本，本文实证检验了中央和地方产业政策对我国僵尸企业形成的影响。研究发现，中央产业政策显著降低了企业沦为僵尸企业的可能性，而地方产业政策则会加剧僵尸企业的形成；这一效应在非国有企业上体现得尤为明显。机制检验结果表明，中央和地方产业政策影响了资源配置和创新能力，进而影响了企业成为僵尸企业的可能性。进一步地，市场分割、市场竞争以及去产能政策会调节产业政策对僵尸企业形成的影响。上述结论从宏观产业政策的角度提供了我国僵尸企业成因的理论解释和经验证据，为协调央地关系、僵尸企业出清以及企业高质量发展提供了一定的参考。

关键词: 产业政策, 僵尸企业, 央地关系, 资源配置