集团化经营是否缓解了产能过剩?

Does group operation alleviate the problem of overcapacity?

以2004—2018年我国沪深A股制造业上市公司为样本,探讨企业集团化经营对产能过剩的影响。研究发现,相对于独立经营模式,集团化经营会加剧企业产能过剩,且该结论在经过一系列稳健性检验后仍然成立。作用机制检验结果显示,集团化经营通过影响企业的投资效率、生产效率以及经营效率进而加剧了产能过剩。进一步研究发现,当企业所处地区制度环境较差、行业竞争较激烈、经营业务较单一、关联交易规模较大、自身竞争地位较低、公司治理体系较不完善时,集团化经营对产能过剩的影响更显著;集团化经营加剧了产能过剩对企业绩效的负面冲击。

Taking A-share listed manufacturing enterprises on the Shanghai and Shenzhen stock exchanges in China from 2004 to 2018 as samples,the current research explores the effects of group operation on overcapacity.We find that comparing with independent operation,group operation will exacerbate overcapacity in enterprises,and this conclusion still holds true after a series of robustness tests.The results of the mechanism test show that group operation exacerbates overcapacity by affecting the investment efficiency,production efficiency,and operational efficiency of enterprises.Further research shows that when the regional institutional environment of the enterprise is comparatively poor,the industry competition is rather fierce,the business is rather simple,the scale of connected transactions is quite large,the competitive position of the enterprise is quite low,and the corporate governance system is quite imperfect,the impact of group management on overcapacity is more significant.The positive impact of group operation on overcapacity is more pronounced;additionally,group operation exacerbates the negative impact of overcapacity on enterprise performance.