本文選題：企業(yè)產(chǎn)能過剩 + 社會(huì)資本��； 參考：《對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)》2017年博士論文

【摘要】：產(chǎn)能過剩的形成和化解主體均是企業(yè),因此,應(yīng)當(dāng)重視行業(yè)性產(chǎn)能過剩的微觀基礎(chǔ)——企業(yè)產(chǎn)能過剩的研究。只有提升微觀主體的經(jīng)營效率,才能匯聚為宏觀層面的結(jié)構(gòu)性改善。資產(chǎn)負(fù)債表作為企業(yè)經(jīng)營財(cái)務(wù)后果的主要體現(xiàn)方式,產(chǎn)能過剩問題也會(huì)反映其中。本文從理論上分析了產(chǎn)能過剩在企業(yè)資產(chǎn)周轉(zhuǎn)效率方面的典型表現(xiàn),結(jié)合案例分析,并在相關(guān)文獻(xiàn)的基礎(chǔ)上對(duì)企業(yè)產(chǎn)能過剩的微觀形成機(jī)制和經(jīng)濟(jì)后果進(jìn)行實(shí)證研究。本文研究目的是力圖揭開債務(wù)資本配置和企業(yè)社會(huì)資本影響產(chǎn)能過剩的“暗箱”,以及產(chǎn)能過剩影響企業(yè)創(chuàng)新的機(jī)理,從而為政府制定產(chǎn)能過剩化解對(duì)策提供決策依據(jù)。首先,本文以債務(wù)資本配置為切入點(diǎn),探究信貸融資、債券融資對(duì)企業(yè)產(chǎn)能過剩的影響。研究發(fā)現(xiàn),在中國金融抑制的背景下,大量低成本的信貸資金供給降低企業(yè)投資成本、轉(zhuǎn)移企業(yè)投資風(fēng)險(xiǎn),從而刺激企業(yè)過度的產(chǎn)能擴(kuò)張,當(dāng)市場(chǎng)需求無法與產(chǎn)能擴(kuò)張協(xié)同增長(zhǎng)時(shí),企業(yè)產(chǎn)能利用率下降、產(chǎn)能過剩概率升高;政府干預(yù)導(dǎo)致信貸資源向國有企業(yè),特別是地方國有企業(yè)傾斜,進(jìn)而使得這些企業(yè)因資本配置問題引發(fā)的產(chǎn)能利用率降幅更大;行業(yè)性產(chǎn)能過剩并不必然導(dǎo)致企業(yè)的產(chǎn)能過剩,甚至?xí)驗(yàn)槠髽I(yè)自身異質(zhì)性因素差異而提升企業(yè)產(chǎn)能利用率;伴隨中國債券市場(chǎng)的發(fā)展,債券融資也會(huì)導(dǎo)致企業(yè)產(chǎn)能利用率下降。其次,本文從企業(yè)橫向社會(huì)資本角度研究了金融關(guān)聯(lián)對(duì)產(chǎn)能過剩的影響。研究發(fā)現(xiàn),在基于“關(guān)系”的治理模式仍然具有資源配置功效的背景下,金融關(guān)聯(lián)顯著降低企業(yè)產(chǎn)能利用率、提高產(chǎn)能過剩概率;其中銀行關(guān)聯(lián)通過增加銀行借款的渠道降低企業(yè)產(chǎn)能利用率,但券商關(guān)聯(lián)通過債券融資影響產(chǎn)能利用率的作用機(jī)制未被證實(shí);國有企業(yè)金融關(guān)聯(lián)降低產(chǎn)能利用率的幅度比民營企業(yè)更大;在金融關(guān)聯(lián)內(nèi)部,銀行關(guān)聯(lián)和券商關(guān)聯(lián)存在互替效應(yīng);此外,管理層女性比例與產(chǎn)能利用顯著負(fù)相關(guān),而具有市場(chǎng)銷售背景的人員比例則正相反。再次,本文從企業(yè)縱向社會(huì)資本角度研究了政治關(guān)聯(lián)對(duì)產(chǎn)能過剩的影響。研究發(fā)現(xiàn),在“關(guān)系”型治理模式仍然具有資源配置功效的背景下,政治關(guān)聯(lián)降低企業(yè)產(chǎn)能利用率、提高產(chǎn)能過剩概率;政府治理環(huán)境的改善能夠減弱政治關(guān)聯(lián)對(duì)產(chǎn)能利用狀況的負(fù)面影響;政治關(guān)聯(lián)主要通過長(zhǎng)期借款渠道降低產(chǎn)能利用率;政府型關(guān)聯(lián)對(duì)產(chǎn)能利用率的負(fù)面影響比代表型關(guān)聯(lián)更大;政治關(guān)聯(lián)對(duì)產(chǎn)能利用率的負(fù)面影響在國有企業(yè)和產(chǎn)能過剩行業(yè)中更強(qiáng);此外,政治關(guān)聯(lián)和金融關(guān)聯(lián)存在替代效應(yīng)。第四,本文探究了產(chǎn)能過剩對(duì)企業(yè)創(chuàng)新的影響。研究發(fā)現(xiàn),產(chǎn)能過剩非但沒有抑制企業(yè)創(chuàng)新,反而促進(jìn)了創(chuàng)新;產(chǎn)能過剩促進(jìn)企業(yè)創(chuàng)新的“政府扶持效應(yīng)”存在,而非“市場(chǎng)競(jìng)爭(zhēng)效應(yīng)”;銀行借款在產(chǎn)能過剩與企業(yè)創(chuàng)新之間存在部分中介效應(yīng)。本文的研究有助于從財(cái)務(wù)視角識(shí)別企業(yè)產(chǎn)能過剩,有利于加深對(duì)產(chǎn)能過剩微觀形成機(jī)制和微觀經(jīng)濟(jì)后果的理解,能夠?qū)φ贫óa(chǎn)能過�；庹咛峁Q策參考。最后,在實(shí)證檢驗(yàn)結(jié)論的基礎(chǔ)上,本文從著力提升資本配置效率、抑制企業(yè)社會(huì)資本的消極影響、制定鼓勵(lì)企業(yè)創(chuàng)新政策三大方面,提出具體的化解產(chǎn)能過剩的政策建議。
[Abstract]:The formation and dissolving of overcapacity are all enterprises. Therefore, we should pay more attention to the micro basis of industrial overcapacity, the study of the overcapacity of enterprises. Only by improving the operating efficiency of the micro body, can we converge to the macro level structural improvement. The balance sheet is the main embodiment of the financial consequences of the business operation and the capacity of the enterprise. In this paper, we analyze the typical performance of overcapacity in the enterprise assets turnover efficiency, combine the case analysis, and make an empirical study on the micro formation mechanism and economic consequences of the overcapacity on the basis of the related literature. The purpose of this paper is to uncover the debt capital allocation and the economic consequences. The enterprise social capital affects the "dark box" of overcapacity, and the mechanism that overcapacity affects the innovation of the enterprise. Thus, it provides the decision basis for the government to formulate the solutions to overcapacity. Firstly, this paper takes the debt capital allocation as the breakthrough point to explore the effect of credit financing and bond financing on the overcapacity of the enterprise. Under the restraining background, a large amount of low cost credit supply reduces the cost of enterprise investment, transfers the risk of enterprise investment, thus stimulates the overcapacity expansion of the enterprise. When the market demand is unable to cooperate with the expansion of production capacity, the utilization rate of the enterprise capacity is reduced, the probability of overcapacity increases, and the government intervention leads to the credit resources to state-owned enterprises. The local state-owned enterprises are not inclined, and the production capacity utilization rate of these enterprises is greatly reduced by the problem of capital allocation; the excess capacity of the industrial capacity is not necessarily caused by the overcapacity of the enterprises, and it will even increase the productivity utilization rate of the enterprise because of the difference of the heterogeneity of the enterprise itself; with the development of the Chinese bond market, the bond financing Secondly, this paper studies the effect of financial relevance on overcapacity from the perspective of horizontal social capital, and finds that financial relevance significantly reduces the productivity utilization and increases the probability of overcapacity in the context of "relationship" based governance. China's Bank Association reduces the productivity utilization rate by increasing the channel of bank borrowing, but the mechanism of the securities business association through bond financing has not been confirmed; the financial relevance of the state-owned enterprises is greater than that of the private enterprises; in the Financial Association, the relationship between the bank association and the securities business has a mutual effect. In addition, the proportion of women in management is negatively related to the utilization of capacity, while the proportion of people with market sales background is on the contrary. Again, this paper studies the effect of political relevance on overcapacity from the perspective of corporate vertical social capital. The Governance Association reduces the productivity utilization rate and increases the probability of overcapacity; the improvement of government governance environment can weaken the negative impact of political connections on the utilization of capacity; the political relevance mainly reduces the productivity utilization through long-term borrowing channels; the negative impact of government type on productivity utilization is greater than that of the representative type; political relevance The negative impact on productivity utilization is stronger in state owned enterprises and overcapacity industries. In addition, there is an alternative effect in political and financial relations. Fourth, this paper explores the effect of overcapacity on enterprise innovation. The study finds that excess capacity has not suppressed enterprise innovation but promotes innovation; overcapacity promotes innovation. The "government support effect" exists, not the "market competition effect", and there is a partial intermediary effect between the bank borrowing and the enterprise innovation. This study helps to identify the overcapacity from the financial perspective and help to deepen the understanding of the micro economic consequences of overcapacity and the micro economic consequences of overcapacity and to the government system. In the end, on the basis of the conclusion of the empirical test, this paper, on the basis of the conclusion of the empirical test, is to improve the efficiency of capital allocation, restrain the negative influence of the enterprise social capital, and formulate three major aspects of encouraging enterprise innovation policy, and put forward specific policy suggestions to resolve the overcapacity.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2017
【分類號(hào)】：F425;F406.7
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本文編號(hào)：1964274