技术进步对过度投资和产能过剩的中介作用——基于不同企业性质和行业性质的视角

The Mediating Effect of Technical Progress on Excessive Investment and Over-Capacity:In the Perspective of Business and Industrial Properties

文章以2012~2016年A股制造业上市公司数据为样本,从企业性质和行业性质视角进行讨论,剖析了技术进步对过度投资和产能过剩的中介作用。研究结果表明:(1)目前对于中国制造业企业,过度投资会显著加剧企业产能过剩,而技术进步会显著抑制企业产能过剩;(2)技术进步对于过度投资和产能过剩的中介作用在国有企业和非国有企业中表现显著不同,对于非国有企业,过度投资可以通过阻碍技术进步,进而影响企业产能过剩,但这种中介作用在国有企业中并不适用;(3)产能过剩行业与非产能过剩行业由于行业供需关系的不同特质,使得技术进步的中介作用在产能过剩行业呈现为"部分中介",而在非产能过剩行业呈现为"完全中介"。

Based on China＇s A-share listed companies in manufacturing industries from 2012 to 2016,this study examines the influence of technical progress on excessive investment and over-capacity in the perspective of business and industrial properties. The results suggest as follows. Firstly,as far as Chinese manufacturing enterprises are concerned,excessive investment can aggravate over-capacity,while technical progress could significantly reduce it. Secondly,the mediating effect of technical progress applies differently to state-owned enterprises（ SOEs） and private-owned enterprises. For private-owned enterprises,excessive investment may restrain corporate technical progress and then worsen corporate over-capacity. But this mediating effect of technical progress does not exist in SOEs. Finally,due to the differences between over-capacity and under-capacity industries in supply and demand relations,the mediating effect of technical progress demonstrates ＂ partial＂ mediating effect in over-capacity industries while ＂ complete＂ effect in under-capacity industries.