国有经济、地方政府行为与资本退出——兼论工业部门“去产能”的体制性障碍

State-owned Economy,Local Government Behavior and Capital Withdrawal——Institutional Obstacle of Reducing Production Capacity of Industrial Sector

当前经济体制下,研究体制性因素对于资本退出的影响,有利于化解过剩产能,实现供给侧结构性改革的目标。研究发现,国有经济占比和行业纳税程度对资本退出有显著的负向影响,而反映行业经营状况的利润率和资产负债率等指标则对资本退出没有显著影响,说明当前行业资本退出存在明显的体制性障碍,影响市场机制对资本退出的调节作用。

Under the current economic system, the study of institutional factors on the impact of capital withdrawal is conducive to defuse the excess capacity and to achieve the goal of supply side structural reform. The study shows that the proportion of the state-owned economy and the degree of industry taxation have a significant negative impact on capital withdrawal, while the indicators such as profit rate and asset-liability ratio have no significant effect on capital withdrawal, which indicates that the institutional obstacle obviously exists in the process of the current capital withdrawal, and affects the regulation of market mechanisms on capital withdrawal.