产能过剩与企业创新——来自A股上市公司的经验证据

Overcapacity and Enterprise Innovation:Empirical Evidence from A-share Listed Companies

基于经济转型的制度背景,针对产能过剩这一重大课题,根据工业和信息化部2009—2015年公布的各地区分行业淘汰落后和过剩产能企业名单,构造产能过剩变量,考察了上市公司产能过剩对公司创新能力的影响。研究发现,和非产能过剩公司相比,产能过剩公司的创新能力更低。进一步的分析显示,产能过剩与企业创新能力的负相关关系在国有企业、管理层持股比例低、分析师关注度低的企业中更加显著。在稳健性部分,检验了产能过剩的作用路径,产能过剩对企业创新的影响主要源于盈利能力下降、融资约束加强、转型升级困难和政府救济增加等渠道,替换了解释变量和被解释变量指标,研究结论依然稳健。研究不仅对理解我国经济“新常态”下的企业创新难题和探讨制约企业创新的机制具有现实意义,而且为推动政府去产能、供给侧改革和经济转型提供了政策支持和理论依据。

Based on the institutional background of economic transformation,aiming at the major topic of overcapacity,this paper constructs the overcapacity variables according to the list of enterprises with excess capacity in different regions and industries published by Ministry of Industry and Information Technology of the People’s Republic of China from 2009 to 2015 and investigates the impact of overcapacity of listed companies on the innovation ability of companies.The study finds that companies with excess capacity are less innovative than those without excess capacity.Further analysis shows that the negative correlation between overcapacity and enterprise innovation ability is more significant in state-owned enterprises,enterprises with low executive shareholding and low analyst attention.In the robustness part,the paper examines the action path of overcapacity.The impact of overcapacity on enterprise innovation is mainly caused by the decline of profitability,the strengthening of financing constraints,difficulties in transformation and upgrading,and the increase of government relief.In this paper,the explanatory variables and the indexes of the explained variables are replaced and the results are still robust.The research of this paper not only has practical significance for understanding the problems of enterprise innovation under the"new normal"of China′s economy and exploring the mechanism restricting enterprise innovation,but also provides policy support and theoretical basis for promoting the government′s capacity reduction,reform of the supply front and economic transformation.