产能利用率对企业国际产能合作决策的影响研究:来自微观企业的证据

The Impact of Capacity Utilization on Decision Making of International Capacity Cooperation: Evidence from Micro Enterprises

随着"一带一路"合作的开展,国际产能合作逐渐成为中国企业化解产能过剩的新思路。产能过剩企业是否会主动选择进行产能合作?针对该问题,文章基于2014～2016年中国上市企业非平衡面板数据,采用probit模型分析了产能利用率对企业国际产能合作的具体影响,并比较了产能利用率对投资、贸易、承包工程3种产能合作主要方式的差异化影响。研究结果显示:产能利用率较高的企业倾向于选择国际产能合作,同时,产能利用率对企业国际产能合作的影响还受到企业内部研发强度与企业外部融资约束的影响,企业自身较高的研发水平与良好的外部融资环境促进了产能利用率对企业国际产能合作的影响。随着产能利用率的增高,企业会从出口贸易转为对外直接投资与对外承包工程这两种国际贸易方式。文章从企业层面揭示了产能利用率是影响企业进行国际产能合作的一个重要因素,并且首次探究了产能利用率在企业国际产能合作决策选择上的作用,为当前抑制产能过剩的相关政策制定提供了微观层面的决策依据。

With the implementation of " The Belt and Road",international cooperation capacity has gradually become a new idea to resolve Chinese enterprises’ overcapacity. Will overcapacity companies choose to cooperate in production capacity? Aiming at this problem,based on the non balanced panel data of Chinese listed companies for 2014 ~ 2016 years,this paper uses the probit model to analyze the specific impact of productivity utilization on enterprise international capacity cooperation,and compares the productivity utilization ratio on the three kinds of capacity cooperation of investment,trade and contract projects. The results show that enterprises with high productivity utilization tend to choose international capacity cooperation,while enterprises with low productivity utilization can not transfer excess capacity through capacity cooperation because of the difficulty to comprise trade costs. At the same time,the impact of productivity utilization on enterprise international capacity cooperation is also affected by the internal research and development intensity and external financing constraints. The higher R&D level and good external financing environment of the enterprise have promoted the impact of productivity utilization on the cooperation of enterprise international capacity. With the increase of capacity utilization,enterprises will transform from export trade to foreign direct investment and foreign contracted projects. This study reveals that productivity utilization is an important factor affecting the international capacity cooperation of enterprises from the enterprise level,and first explores the role of productivity utilization in the decision making of enterprise international capacity cooperation,and provides a micro level decision basis for the current policy formulation of suppressing overcapacity.