我国规模以上工业行业资本利用率影响因素分析

An analysis of the factors influencing the capital utilization rate of China's up-scale industry

在测算2001—2014年我国规模以上工业行业资本利用率的基础上,构建一个理论模型来分析行业资本利用率的影响因素,并使用相关数据对理论模型分析结论进行实证检验。结果表明,就对行业资本利用率影响而言,行业产出资本比率和产品销售率具有显著的正向影响;行业债务利息率具有显著的负向影响,资本折旧率也有一定的负向影响,但不太显著;宏观经济增长率具有显著正向影响,而银行基准利率具有显著负向影响;单独来看,行业国家资本比率和行业贷款规模都具有显著的正向影响,但二者的交互项具有显著的负向影响。所以化解产能过剩、提高资本利用率,既需要企业努力扩大产品销量,盘活存量资产,提高资本生产率,又需要国家在防控经济过热的同时提供财政金融政策支持,降低企业债务负担。

This paper builds a theory model to analyze the factors influencing industrial capital utilization rate based on the calculation of China＇s up-scale industry from 2001 to 2014. The conclusion of the theoretical model analysis is empirically test- ed. The theory analysis and the empirical test show the following results ： the output capital ratio and the rate of product sales of industry have a significant positive effect on the industry capital utilization rate; the industry debt-interest rate has a significant negative effect;the depreciation rate of capital also has certain negative effect, but not significant; the economic growth rate has a significant positive effect, and the bank benchmark interest rate has a significant negative effect;individually, the national cap- ital ratio and the loan size of industry have a significant positive effect, but their interaction has a significant negative effect. Based on these results,we suggest that the enterprises should pay efforts to expand their product sales, invigorate the stock as- sets,increase the productivity of capital for resolving excess of capacity and raising capital utilization rate, and the government should provide fiscal and financial policy support and reduce the enterprise debt burden in the prevention and control of eco- nomic overheating.