摘要
将地方政府过度干预行为和微观企业投资行为纳入统一的分析框架,采用2011年～2017年57个LED板块上市公司的经营及年报数据,在使用生产函数法对企业层面的产能利用率进行定量测度的基础上,构建中介效应模型实证地方政府行为、企业投资中介与产能过剩之间的关系。研究结果表明:政府补贴通过扭曲企业投资推动了LED行业的产能过剩;金融机构干预对LED产能过剩具有直接削减作用;低价供地通过扭曲企业投资水平间接促进了LED行业产能过剩。此外,企业市场需求环境和经营情况对LED企业产能过剩会产生一定抑制作用,国有LED企业和东部地区的LED企业产能过剩水平相对较低,中央政策节点和地方官员任期对LED行业产能过剩的影响并不显著。为此,政府应避免直接干预经济运行,加快推进要素配置的市场化改革,并以需求侧补贴替代供给侧补贴。
This study integrates excessive intervention by local government and the microscopic enterprise’s investment behavior into a unified analysis framework,using annual report data of 57 LED listed companies from 2011 to 2017. By using the production function method to quantitatively measure the capacity utilization rate of enterprises,this study estabishes a mediation effect model to test the relationship between the behavior of local government,enterprise investment intermediary and the overcapacity. The results show that government subsidies have directly promoted the formation of overcapacity in the LED industry by distorting the corporate investment; the support of financial institutions reduced the LED overcapacity level;low-cost land supply also promoted the level of LED overcapacity by distorting the corporate investment. In addition,the market demand environment and business conditions of enterprises will exert a certain inhibitory effect on the overcapacity. State-owned LED enterprises and LED enterprises in eastern regions of China have relatively low overcapacity,while there is no significant impact of central policy nodes and local officials’ tenure on the overcapacity of LED industry. Therefore,the government should avoid direct intervention in economic operation,accelerate factor allocation of the market-oriented reform,and replace subsidies of supply side with subsidies of demand side.
作者
李垚
夏杰长
林轶琼
LI Yao;XIA Jie-chang;LIN Yi-qiong(Graduate School of CASS,Beijing 102488;National Academy of Economic Strategy of CASS,Beijing 100028,China)
出处
《广东财经大学学报》
CSSCI
北大核心
2018年第6期58-69,共12页
Journal of Guangdong University of Finance & Economics
基金
国家社会科学基金重大项目(14ZDA084)
中国社会科学院财经战略研究院创新工程项目(2018CJY01-B003)
关键词
产能过剩
地方政府
过度干预
企业投资
LED行业
中介效应
overcapacity
local government
excessive intervention
enterprise investment
LED industry
intermediary effect
