数字经济领域投资潮涌与产能过剩机制:共享单车案例

Mechanism of Investment Wave and Overcapacity in New Economy:Case Study on Rental Bicycle Industry

近年来,数字经济领域如同传统上游行业,出现了人造风口引领的投资潮涌与产能过剩现象,其中又以共享单车行业最为典型。产能过剩引发经济波动、资源浪费、人才虹吸、企业僵尸化,不利于创新创业,还造成了公共管理难题。共享单车的过度投资较之传统行业有新特点:政府不当包容实施变相补贴,中央支持挤压了地方的施策空间,不对称信息与市场操控下的羊群效应,以高估值套现为目标的投机驱动,还包括康采恩结构中结合金融资本的互联网巨头,导致初创企业的软预算约束。其间政府应该在场并节制资本,提供有效监管、信息供给、价值引领和必要的再分配,以破除康采恩预算软约束、预防投资潮涌。

Just like the traditional upstream industry,recently the new economic field represented by the Internet industry has wit-nessed the investment wave and overcapacity led by artificial winds,among which the rental bicycle industry is the most typical. Overcapacity has led to economic fluctuations,waste of resources,siphoning of talents,and zombie enterprises,which is not con-ducive to innovation and entrepreneurship.It has also caused public management problems such as urban space crowding and a-bandoned bicycles.Over-investment in rental bicycles has new features compared to traditional industries:the government improp-erly accommodates and implements disguised subsidies,the central support squeezes the local policy space,the asymmetric infor-mation and the herd effect under market control,driven by high valuations speculation;also include Internet giants that combine financial capital in the Konzern structure leading to soft-budget-constraint for start-ups. In the meantime,the government should be present and control capital to provide effective supervision,information supply,value guidance and necessary redistribution to break the Konzern soft budget constraints and prevent investment waves.