摘要
本文采用2001-2013年中国大陆31个省份工业部门面板数据,通过将产能利用率在生产侧与消费侧进行分解,测算了省际层面的综合产能利用率,并考察了资本价格扭曲对产能利用率的直接与间接影响效果。我们发现:中国工业部门存在严重的资本边际产品大于成本价格的扭曲现象;受生产侧产能利用率大幅下降的影响,产能过剩程度呈现逐年加重的态势;资本价格扭曲一方面通过激励行为加速了投资对产能过剩的恶化影响,一方面是通过抑制技术进步阻碍了对产能利用率的改善作用,最终对产能利用率表现为消极影响。因此,通过较低投资成本实现规模快速扩张,是导致产能过剩恶化的原因,而通过完善要素市场的价格决定机制可以逐渐缓解这一现象。
This paper uses panel data of 31 provinces of China from 2001 to 2013 to calculate the overcapacity index on the provincial level,and examines the direct and indirect effects of capital price distortion on capacity utilization.We find that there is a serious distortion that the marginal product of capital is greater than the cost price in China's industrial sector.Affected by the sharp decline of capacity utilization on the production side,the degree of overcapacity shows an increasing trend.On the one hand,the capital price distortions accelerates the impact of investment on worsening overcapacity through incentive investment behavior.On the other hand,it hinders the improvement of capacity utilization rate by inhibiting technical progress.Therefore,the final performance of the capital price distortions on production capacity utilization is negative.The rapid expansion of the production scale through low investment cost is the cause of the deterioration of overcapacity,and this phenomenon can be gradually alleviated by improving the price determination mechanism of factor markets.
作者
杨振兵
陈小涵
Yang Zhenbing;Chen Xiaohan(School of Economics,Nanjing University of Finance and Economics;School of Finance,Shandong University of Finance and Economics)
出处
《经济评论》
CSSCI
北大核心
2018年第5期45-59,共15页
Economic Review
基金
江苏省高等学校自然科学基金面上项目"江苏省工业企业国际化战略与产能过剩治理的协调机制研究"(项目号:17KJB550004)
江苏高校品牌专业建设工程资助项目(TAPP
项目编号:PPZY2015B103)的资助
关键词
资本价格扭曲
产能过剩
产能利用率
中介效应
Capital Price Distortion
Overcapacity
Capacity Utilization
Mediating Effect