产能过剩：微观动因与经济后果研究

发布时间：2018-06-01 13:02

  本文选题：企业产能过剩 + 社会资本　； 参考：《对外经济贸易大学》2017年博士论文

【摘要】：产能过剩的形成和化解主体均是企业,因此,应当重视行业性产能过剩的微观基础——企业产能过剩的研究。只有提升微观主体的经营效率,才能汇聚为宏观层面的结构性改善。资产负债表作为企业经营财务后果的主要体现方式,产能过剩问题也会反映其中。本文从理论上分析了产能过剩在企业资产周转效率方面的典型表现,结合案例分析,并在相关文献的基础上对企业产能过剩的微观形成机制和经济后果进行实证研究。本文研究目的是力图揭开债务资本配置和企业社会资本影响产能过剩的“暗箱”,以及产能过剩影响企业创新的机理,从而为政府制定产能过剩化解对策提供决策依据。首先,本文以债务资本配置为切入点,探究信贷融资、债券融资对企业产能过剩的影响。研究发现,在中国金融抑制的背景下,大量低成本的信贷资金供给降低企业投资成本、转移企业投资风险,从而刺激企业过度的产能扩张,当市场需求无法与产能扩张协同增长时,企业产能利用率下降、产能过剩概率升高;政府干预导致信贷资源向国有企业,特别是地方国有企业倾斜,进而使得这些企业因资本配置问题引发的产能利用率降幅更大;行业性产能过剩并不必然导致企业的产能过剩,甚至会因为企业自身异质性因素差异而提升企业产能利用率;伴随中国债券市场的发展,债券融资也会导致企业产能利用率下降。其次,本文从企业横向社会资本角度研究了金融关联对产能过剩的影响。研究发现,在基于“关系”的治理模式仍然具有资源配置功效的背景下,金融关联显著降低企业产能利用率、提高产能过剩概率;其中银行关联通过增加银行借款的渠道降低企业产能利用率,但券商关联通过债券融资影响产能利用率的作用机制未被证实;国有企业金融关联降低产能利用率的幅度比民营企业更大;在金融关联内部,银行关联和券商关联存在互替效应;此外,管理层女性比例与产能利用显著负相关,而具有市场销售背景的人员比例则正相反。再次,本文从企业纵向社会资本角度研究了政治关联对产能过剩的影响。研究发现,在“关系”型治理模式仍然具有资源配置功效的背景下,政治关联降低企业产能利用率、提高产能过剩概率;政府治理环境的改善能够减弱政治关联对产能利用状况的负面影响;政治关联主要通过长期借款渠道降低产能利用率;政府型关联对产能利用率的负面影响比代表型关联更大;政治关联对产能利用率的负面影响在国有企业和产能过剩行业中更强;此外,政治关联和金融关联存在替代效应。第四,本文探究了产能过剩对企业创新的影响。研究发现,产能过剩非但没有抑制企业创新,反而促进了创新;产能过剩促进企业创新的“政府扶持效应”存在,而非“市场竞争效应”;银行借款在产能过剩与企业创新之间存在部分中介效应。本文的研究有助于从财务视角识别企业产能过剩,有利于加深对产能过剩微观形成机制和微观经济后果的理解,能够对政府制定产能过剩化解政策提供决策参考。最后,在实证检验结论的基础上,本文从着力提升资本配置效率、抑制企业社会资本的消极影响、制定鼓励企业创新政策三大方面,提出具体的化解产能过剩的政策建议。
[Abstract]:The formation and dissolving of overcapacity are all enterprises. Therefore, we should pay more attention to the micro basis of industrial overcapacity, the study of the overcapacity of enterprises. Only by improving the operating efficiency of the micro body, can we converge to the macro level structural improvement. The balance sheet is the main embodiment of the financial consequences of the business operation and the capacity of the enterprise. In this paper, we analyze the typical performance of overcapacity in the enterprise assets turnover efficiency, combine the case analysis, and make an empirical study on the micro formation mechanism and economic consequences of the overcapacity on the basis of the related literature. The purpose of this paper is to uncover the debt capital allocation and the economic consequences. The enterprise social capital affects the "dark box" of overcapacity, and the mechanism that overcapacity affects the innovation of the enterprise. Thus, it provides the decision basis for the government to formulate the solutions to overcapacity. Firstly, this paper takes the debt capital allocation as the breakthrough point to explore the effect of credit financing and bond financing on the overcapacity of the enterprise. Under the restraining background, a large amount of low cost credit supply reduces the cost of enterprise investment, transfers the risk of enterprise investment, thus stimulates the overcapacity expansion of the enterprise. When the market demand is unable to cooperate with the expansion of production capacity, the utilization rate of the enterprise capacity is reduced, the probability of overcapacity increases, and the government intervention leads to the credit resources to state-owned enterprises. The local state-owned enterprises are not inclined, and the production capacity utilization rate of these enterprises is greatly reduced by the problem of capital allocation; the excess capacity of the industrial capacity is not necessarily caused by the overcapacity of the enterprises, and it will even increase the productivity utilization rate of the enterprise because of the difference of the heterogeneity of the enterprise itself; with the development of the Chinese bond market, the bond financing Secondly, this paper studies the effect of financial relevance on overcapacity from the perspective of horizontal social capital, and finds that financial relevance significantly reduces the productivity utilization and increases the probability of overcapacity in the context of "relationship" based governance. China's Bank Association reduces the productivity utilization rate by increasing the channel of bank borrowing, but the mechanism of the securities business association through bond financing has not been confirmed; the financial relevance of the state-owned enterprises is greater than that of the private enterprises; in the Financial Association, the relationship between the bank association and the securities business has a mutual effect. In addition, the proportion of women in management is negatively related to the utilization of capacity, while the proportion of people with market sales background is on the contrary. Again, this paper studies the effect of political relevance on overcapacity from the perspective of corporate vertical social capital. The Governance Association reduces the productivity utilization rate and increases the probability of overcapacity; the improvement of government governance environment can weaken the negative impact of political connections on the utilization of capacity; the political relevance mainly reduces the productivity utilization through long-term borrowing channels; the negative impact of government type on productivity utilization is greater than that of the representative type; political relevance The negative impact on productivity utilization is stronger in state owned enterprises and overcapacity industries. In addition, there is an alternative effect in political and financial relations. Fourth, this paper explores the effect of overcapacity on enterprise innovation. The study finds that excess capacity has not suppressed enterprise innovation but promotes innovation; overcapacity promotes innovation. The "government support effect" exists, not the "market competition effect", and there is a partial intermediary effect between the bank borrowing and the enterprise innovation. This study helps to identify the overcapacity from the financial perspective and help to deepen the understanding of the micro economic consequences of overcapacity and the micro economic consequences of overcapacity and to the government system. In the end, on the basis of the conclusion of the empirical test, this paper, on the basis of the conclusion of the empirical test, is to improve the efficiency of capital allocation, restrain the negative influence of the enterprise social capital, and formulate three major aspects of encouraging enterprise innovation policy, and put forward specific policy suggestions to resolve the overcapacity.
【学位授予单位】：对外经济贸易大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F425;F406.7
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本文编号：1964274