市场化改革、过度投资与企业产能过剩--基于我国制造业上市公司的经验证据  

Marketization,Overinvestment and Corporate Excess Production Capacity——Evidence from Chinese Listed Companies of Manufacturing Industries

作　　者：修宗峰[1] 黄健柏[1] 

机构地区：[1]中南大学商学院,中南大学金属资源战略研究院,湖南长沙410083

出　　处：《经济管理》2013年第7期1-12,共12页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金“基于系统动力学的有色金属价格波动机理与预警研究”(71073177);湖南省哲学社会科学基金“幸福感、社会资本与企业社会责任”(11YBA321)

摘　　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。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

关 键 词：市场化进程 政府干预 过度投资 企业产能过剩 

分 类 号：F425[经济管理—产业经济]