产能过剩对企业全要素生产率的影响——特征事实与经验证据

The Impact of Overcapacity on Total Factor Productivity:Characteristic Facts and Empirical Evidence

文章采取世界银行提供的中国企业调查数据,基于多维度考察了产能过剩影响企业全要素生产率(TFP)的特征事实及经验证据。结果表明:静态层面呈现出企业TFP随着产能分组水平的提高而提升的特征事实,即产能过剩(不足)企业的TFP水平最低(最高),意味着产能过剩对企业TFP具有负向效应。之后通过实证分析证实了上述负向效应在总体层面以及不同企业、地区及行业中大都是存在的。同时,负向效应还呈现出以下规律:国有企业大于民营企业,内资企业大于外资企业,企业规模越大,效应越大且越显著;在东部、中部、西部、东北地区以及一线、二线、三线、四线城市中依次递增。因此,应针对不同企业、地区及行业采取差异化的去产能策略,并着力提升产能过剩企业的TFP水平。

Using the survey data of Chinese enterprises provided by the World Bank, the paper analyzes the characteristic facts and empirical evidence of the impact of overcapacity on total factor productivity（TFP） based on multiple dimensions. The results show the characteristic facts that the TFP of enterprises increase with the classification level of capacity. That is, enterprises with excess （insufficient） capacity have low （high） TFP level, which means overcapacity has a negative effect on the TFP of enterprises. Further empirical analysis proves that the negative effect exists in the overall level as well as in different enterprises, regions and industries. Meanwhile, the negative effect also shows the following rules： the negative effect is stronger in state -owned firms than in private firms; the effect is stronger in domestic enterprises than in foreign enterpri- ses; the larger the scale of enterprises, the greater and more significant of the effect; the effect progressively increases in the eastern, central, western, northeast region of China and in the first - tier, second - tier, third - tier, and fourth - tier cities. Therefore, different strategies of diminishing excess capacity should be taken for different enterprises in different regions and industries, and more focus should be put on upgrading the TFP level of enterprises with overcapacity