供给侧结构性改革、化解过剩产能与企业盈利能力

Supply-side Structural Reform,Resolving Excess Capacity and Corporate Profitability

一段时期内,产能过剩是制约我国企业高质量发展的焦点问题,深化供给侧结构性改革为培育企业新动能提供了根本方向。基于2007-2018年中国上市公司数据,文章运用主成分分析法测算了上市公司盈利能力,并将2015年开始实施的供给侧结构性改革视为一个准自然实验,考察供给侧结构性政策对企业盈利能力的影响效应及作用机制。研究发现:第一,供给侧结构性改革显著提升了我国上市公司的盈利能力;第二,化解过剩产能是供给侧结构性改革提升企业盈利能力的重要作用机制;第三,供给侧结构性改革对企业盈利能力的影响效应具有较为明显的时间异质性和区域异质性。加大供给侧结构性改革的政策推行力度,对于提高企业盈利能力具有重大的实践意义。

Overcapacity is a significant constraint on the high-quality growth of Chinese firms,but the deepening of supply-side structural reform provides the institutional foundation for fostering corporate competitiveness.This paper examines the impact and mechanism of the supply-side structural reform on corporate profitability by utilizing panel data from Chinese listed companies from 2007 to 2018,treating the reform as a quasi-natural experiment.The findings indicate that the implementation of supply-side structural reform yields a significant enhancement in corporate profitability.Moreover,resolving excess capacity is identified as an important mechanism through which supply-side structural reform drives the improvement of corporate profitability.Finally,the effect of supply-side structural reform on corporate profitability varies across different regions and time periods.Strengthening the policy implementation of supply-side structural reform holds crucial practical significance in driving the improvement of corporate profitability.