市场需求、政府补贴与钢铁企业产能过剩

Demand,Subsidies and Overcapacity With Regards to Steel Enterprises

周期性产能过剩与体制性产能过剩叠加形成的中国式产能过剩困扰我国钢铁产业发展和经济结构调整。基于1999-2013年中国钢铁企业数据,本文检验市场需求与政府干预对企业产能和产能利用率的影响。我国钢铁行业的周期性产能过剩具有非对称性,体制性产能过剩加速了周期性产能过剩的形成,市场需求和政府干预是形成中国式产能过剩的重要原因;外部需求增加在刺激企业扩张产能的同时也在一定程度上改善了企业的产能利用率,而政府补贴引致的产能增加加剧了企业产能过剩;与国有企业不同,非国有企业的周期性产能过剩特征表现不明显,市场需求只有与政府补贴因素共同作用才会对非国有钢铁企业的产能利用率产生显著影响。

Chinese-style overcapacity, caused by the superposition of cyclical overcapacity and institutional overcapacity, has plagued the development of domestic steel industry and the adjustment of economic structure. Based on 1999-2013 data of Chinese steel enterprises, this paper examines the impact of demanding and government intervention on firm capacity and capacity utilization. The cyclical overcapacity is asymmetric and institutional overcapacity accelerates the formation of cyclical overcapacity,external demand and government intervention are important reasons for Chinese-style overcapacity;increase in demanding has stimulated the expansion of production capacity, while also improving the capacity utilization rate of enterprises,however, the increase in production capacity caused by government subsidies has intensified the overcapacity of enterprises;unlike state-owned enterprises, the cyclical overcapacity for non-state-owned enterprises is not obvious, unless demand will work together with government subsidies.