【摘要】 非正常经营企业的存续，在导致企业间要素生产率分化的同时，会改变市场退出与进入条件，并抑制市场结构调整，引致集约边际与广延边际的资源错配，使行业加总全要素生产率增长受损。以2012—2021年上市公司数据进行实证检验，发现非正常经营企业发生率越高，广延边际与集约边际资源错配越明显，净进入效应与企业间效应的加总全要素生产率增长受损越严重，且这种关系在稳健性检验和内生性检验后仍然存在。异质性分析发现，管制性行业与高污染行业、第二产业与对外开放依赖程度高的地区，受非正常经营企业影响更大。因此，新时代推进高质量发展，应畅通市场退出机制，充分发挥市场在资源配置中的决定性作用。更多还原

【Abstract】 The existence of enterprises with abnormal business operations, while leading to the differentiation of factor productivity among enterprises, can also change market exit and entry conditions, and inhibit the adjustment of market structure, resulting in the misallocation of resources between the intensive margin and the extensive margin, which will damage the aggregate total factor productivity growth of the industry. Using the data of listed companies from 2012 to 2021 for empirical test, it is found that the higher the incidence of enterprises with abnormal business operations, the more obvious the misallocation of extensive margin and intensive margin resources, and the growth of aggregate total factor productivity summed up by net entry effect and the inter-enterprise effect is more severely damaged. Moreover, this relationship still exists after robustness tests and endogeneity tests. Heterogeneity analysis finds that regulated industries and high-polluting industries, secondary industries and regions with high dependence on opening-up are more affected by enterprises with abnormal business operations. Therefore, to promote high-quality development in the new era, we should smooth market exit mechanism and give full play to the decisive role of the market in resource allocation.更多还原