CAJ | 학술논문

内容提要：企业产能过剩是当前制约我国经济增长的重要问题。本文基于我国A股制造业上市公司，本研究考察了市场化改革和企业过度投资等对企业产能过剩的影响。研究证据表明：（1）制造业产能过剩是导致该行业上市公司产能过剩的一个重要原因；（2）市场化改革对地方国企类和民营类上市公司产能过剩的抑制效果明显，但对央企类上市公司产能过剩的影响不显著；（3）企业过度投资导致企业产能过剩的论断仅适用于央企类上市公司，在地方国企类和民营类上市公司中这一关系并不明显；（4）央企类上市公司的过度投资行为对其产能过剩作用的敏感性要强于地方国企类上市公司。另外，市场化改革对企业产能过剩作用的敏感性，地方国企类上市公司要强于央企类上市公司。本研究对于加深理解企业产能过剩的微观作用机理以及如何解决企业产能过剩问题均具有一定的启示意义。
내용제요：기업산능과잉시당전제약아국경제증장적중요문제。본문기우아국A고제조업상시공사，본연구고찰료시장화개혁화기업과도투자등대기업산능과잉적영향。연구증거표명：（1）제조업산능과잉시도치해행업상시공사산능과잉적일개중요원인；（2）시장화개혁대지방국기류화민영류상시공사산능과잉적억제효과명현，단대앙기류상시공사산능과잉적영향불현저；（3）기업과도투자도치기업산능과잉적론단부괄용우앙기류상시공사，재지방국기류화민영류상시공사중저일관계병불명현；（4）앙기류상시공사적과도투자행위대기산능과잉작용적민감성요강우지방국기류상시공사。령외，시장화개혁대기업산능과잉작용적민감성，지방국기류상시공사요강우앙기류상시공사。본연구대우가심리해기업산능과잉적미관작용궤리이급여하해결기업산능과잉문제균구유일정적계시의의。
Corporate excess production capacity is a crucial problem restricting China＇ s economic growth. Based on China＇ s A-share listed companies in manufacturing industry, this study examines the impact of market-o- riented reforms and corporate overinvestments on corporate excess production capacity. The results suggest that：（1） excess production capacity in manufacturing industy is an important reason for the listed companies＇ excess production capacity in manufacturing industy; （2） market-oriented reforms have attenuated the corporate excess production capacity of local state-owned and private-owned listed companies, but not of central goverment-owned listed companies; （3）corporate overinvestment leads to corporate excess production capacity, and this is true only for central goverment-owned listed companies but not for local state-owned and private-owned listed companies; （4） the sensitivity between corporate overinvestments and corporate excess production capacity for central gover- ment-owned listed companies is stronger than the similar sentivity for local state-owned listed companies, in addi- tion, the sensitivity between market-oriented reforms and corporate excess production capacity for local state-owned listed companies is stronger than the similar sentivity for central goverment-owned listed companies. The cause of industrial excess production capacity is one of the most important theoretical issues in the indus- trial economics fields. This paper has the opinion that industrial excess production capacity and corporate excess production capacity have different natures in effect, and industrial excess production capacity has some impacts on the corporate own capacity utilization, but it does not necessarily lead to the corporate excess production capacity; when the most companies in the same industry are with the states of excess production capacity, then the industrial excess production capacity in the same industrial economic field will be apparent. In China, Studies have shown that institutional arrangements, government intervention and market competition, etc. , have important impacts on the industrial excess production capacity, in the same time the industrial excess production capacity such as cyclical or investment of excess capacity in a certain extent affects the company＇ s own capacity utilization efficiency. In ad- dition, the company＇s own over-investment may also lead to its own excess production capacity, especially when the company＇s over-investment is due to the governments＇ administrative power. However, the institutions, the markets and the government still affect directly on corporate excess production capacity through other transmission mechanism, which includes market information, product market competition, excess employees, etc.. The main contributions of this research are the following aspects ：（ 1 ） trying to compensate for the previous ex- cess production capacity research deficiencies, and establishing excess production capacity empirical model fitting to the micro-enterprise features ; （2） systematically studing the microscopic mechanism of excess production capaci- ty with the context of market-oriented reforms and excessive investment, in order to achieve the consistency between economic realities analysis and theoretical interpretation, and providing some practical guidance ideas to address the Chinese enterprises＇ excess production capacity; （3）enhancing the literature accumulation about micro enterprise perspective of excess production capacity. Other parts of this study are organized as follows ： second part institution- al background and theoretical analysis; third part research design; fourth part empirical results analysis; fifth part subsample further analysis; sixth part conclusions and implications.