新发展阶段的资本利用率提升之路——投资供求不匹配的成因、行业表现与优化路径

The Way to Improve Capital Utilization in the New Development Stage——Causes of the Mismatch, Industry Performance,and Optimization Paths Between Investment Supply and Demand

新时代背景下,传统投资理论的创新发展与精准应用仍是一个值得深入研究的问题。从资本利用率视角开展投资评价,围绕资本供求不匹配现象,探讨新发展阶段的固定资本存量调整和增量提升问题,有助于探索以有效投资开启的经济良性循环模式。基于上市公司数据的资本利用测算结果显示:制造业资本利用率存在内部结构性差异,主要表现为低端产能过剩。区分领域来看,轻工业资本利用率得到了显著改善,高附加值制造业资本利用率近年来上升缓慢。交通运输、仓储和邮政业受自身行业属性影响明显,资本利用率长期处于低位。民生领域“教育”“文化、体育和娱乐业”“卫生和社会工作”资本利用率较高,但受新冠疫情影响出现较为显著的下降,需积极应对后疫情时代的影响和数字化发展的冲击。代表数字经济发展核心领域的信息传输、软件和信息技术服务业,尽管资本利用率呈现了逐渐增长趋势,但仍长期低于全国平均水平,未来需要做好投资规划,以培育关键技术与核心增长点为突破,杜绝重复建设。

Under the backdrop of the new era,the innovative development and precise application of traditional investment theory remain issues worthy of in-depth investigation.Evaluating investments from the perspective of capital utilization,especially focusing on the mismatch between capital supply and demand,and discussing the adjustments of existing fixed capital stock and the enhancement of incremental investments in the new development phase,are conducive to exploring an economically beneficial cyclical model initiated by effective investments.The capital utilization measurement results based on listed company data reveal:The manufacturing industry exhibits internal structural differences,chiefly characterized by overcapacity in low-end production.Across sectors,the capital utilization rate in the light industry has seen significant improvement,whereas in the high-value-added manufacturing sector,it has only risen slowly in recent years.The transportation,warehousing,and postal services sectors,significantly influenced by their specific industry characteristics,have long suffered from low capital utilization rates.In the public welfare sectors like“education”,“culture,sports,and entertainment”,and“health and social work”,capital utilization rates are high but have faced a notable decline due to the impact of the COVID-19 pandemic,necessitating proactive responses to the effects of the post-pandemic era and the challenges of digital development.In information transmission,software,and information technology services sectors,core to the digital economy’s development,despite a gradual increase,the capital utilization rate has consistently been below the national average.Going forward,it’s crucial to plan investments wisely,focusing on cultivating key technologies and core growth areas to prevent redundant construction.