市场化机制能否缓解产能过剩——基于企业治理视角  

Can market mechanism alleviate overcapacity?From the corporate governance perspective

作　　者：何小钢[1] 陈锦玲 罗奇[2] 王自力[1] HE Xiaogang;CHEN Jinling;LUO qi;WANG Zili(Institute of Industrial Economics,Jiangxi University of Finance and Economics,Nanchang 330013,China;School of Economics,Jinan University,Guangzhou 510632,China)

机构地区：[1]江西财经大学产业经济研究院,江西南昌330013 [2]暨南大学经济学院,广东广州510632

出　　处：《产业经济研究》2021年第5期26-39,共14页Industrial Economics Research

基　　金：国家自然科学基金项目(71963017);国家自然科学基金项目(72163016);国家社会科学基金重大项目(20&ZD131);国家社会科学基金一般项目(20BTJ018)。

摘　　要：市场化改革是化解过剩产能的长效机制。从企业治理这一市场化机制视角探索解决产能过剩的新途径,研究发现:良好的企业治理架构能够有效减少信息不对称,提升企业投资和决策效率,进而通过减少投资失误和提高资源配置效率有效缓解产能过剩。进一步地,利用世界银行统计的中国120个地级市共11211家企业调查数据考察了企业治理对产能利用率的影响并验证其理论机制。实证研究发现:(1)分权、薪酬激励及管理层更替等市场化治理机制有利于提升产能利用率,这一结论在利用工具变量缓解内生性和排除一系列可能干扰估计结果的因素后依然稳健;(2)产能利用率提升效应主要通过促进市场扩张和增加创新两个途径实现;(3)在非国有企业、政企关系较弱的企业以及低市场化程度地区中,企业治理化解产能过剩的效果更突出。研究表明,通过市场化机制,即强化企业治理,可有效缓解产能过剩。研究结论为当前中国进一步推进市场化改革和高质量增长提供了政策启示。Market reform provides a long-term mechanism to resolve excess capacity.This article explores a new market-based mechanism to solve overcapacity from the perspective of corporate governance.The study finds that a well-designed corporate governance structure can effectively reduce information asymmetry,improve the efficiency of enterprise investment and decision-making,and effectively alleviate overcapacity by reducing investment errors and improving resource allocation efficiency.Further,this paper uses survey data from the World Bank of 11211 enterprises in 120 prefecture level cities of China,to investigate the impact of corporate governance on capacity utilization and verify the theoretical mechanism.The empirical research finds that:(1)The market-oriented governance mechanisms such as decentralization,salary incentive and management turnover are conducive to improving capacity utilization.This conclusion remains robust after using instrumental variables to alleviate endogeneity and eliminating a series of factors that may interfere with the estimation results.(2)The effect of improving capacity utilization is mainly achieved through two methods of promoting market expansion and increasing innovation.(3)In non-state-owned enterprises,enterprises with weak government-enterprise relations,and low-market-oriented areas,the effect of corporate governance in resolving overcapacity is more prominent.The research in this article shows that strengthening corporate governance through market-oriented mechanisms can effectively alleviate overcapacity.The research conclusions provide policy inspiration for China to further promote market reform and high-quality growth.

关 键 词：市场化机制 企业治理 产能利用率 分权决策 高质量增长 

分 类 号：F276[经济管理—企业管理]