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上海大学学报(社会科学版) ›› 2022, Vol. 39 ›› Issue (2): 98-116.

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产能过剩、产业政策与非效率投资——来自A股上市公司的经验证据

  

  1. 1.上海大学 管理学院；
    2.上海外国语大学 国际金融贸易学院
  • 收稿日期:2021-09-02 出版日期:2022-03-15 发布日期:2022-03-15

Overcapacity, State Regulation and Inefficient Investment —Empirical Evidence from A-Share Listed Companies

  1. 1.School of Management, Shanghai University, Shanghai 200444, China；2.School of Economics and Finance, Shanghai International Studies University, Shanghai 200083, China）
  • Received:2021-09-02 Online:2022-03-15 Published:2022-03-15

摘要： 根据工业和信息化部2009—2015年公布的各地区分行业淘汰落后和过剩产能企业名单，应用双重差分模型（DID）考察了产业政策对产能过剩企业投资效率的影响。研究发现，产业政策对产能过剩企业投资效率的改善具有监管效应。进一步的分析显示，在非国有、无政商关联、股权集中度高的企业中，产业政策监管效应更加显著。在稳健性部分，发现产业政策主要通过政府补助、并购重组两种途径影响投资效率；替换了被解释变量，研究结论依然稳健。该研究不仅对理解我国经济“新常态”下的企业产能过剩难题和探讨制约企业投资效率的机制具有现实意义，而且为推动政府去产能、供给侧改革和经济转型提供了政策支撑和理论依据。

关键词:  , 产业政策；产能过剩；投资过度；投资效率

Abstract: Taking A-Share listed companies as research samples, this paper constructs overcapacity variables according to the list of backward enterprises with overcapacity in different industries published by the Ministry of Industry and Information Technology from 2009 to 2015. The double difference model is employed to investigate the impact of industrial policies on the investment efficiency of the enterprises with overcapacity. It is found that industrial policies have a regulatory effect on the investment efficiency of the enterprises with overcapacity. Further analysis shows that the regulatory effect is more significant on the non-state-owned enterprises, government-business irrelevant enterprises, and enterprises with high concentration of equity. As to the robustness, industrial policy mainly affects investment efficiency through government subsidies and mergers and acquisitions, and the research conclusion is still robust if the explained variable is replaced. The study not only helps us better understand the problem of enterprise overcapacity under the “new normal” of China’s economy and explore the mechanism restricting the investment efficiency of enterprises, but also provides theoretical basis for policy-making in overcapacity cutting, supply-side reform and economic transformation.


Key words: industrial policy, overcapacity, over-investment, investment efficiency

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