Economic Theory and Business Management

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ENTERPRISE FINANCING SCALE, OWNERSHIP DISCRIMINATION AND CAPACITY UTILIZATION

SUN Chenghao1，2SHEN Kunrong1   

  1. 1School of Economics, Nanjing University; 2Jiangsu Branch, ICBC
  • Online:2019-01-22 Published:2019-01-16

企业融资规模、银行所有制歧视与产能利用率*

孙成浩1,2,沈坤荣2
  

  1. 1    南京大学经济学院；      2   中国工商银行江苏省分行
  • 基金资助:
    本文得到国家社会科学基金重大项目“我国经济增长潜力和动力研究”（14ZDA023）的资助。

Abstract:

In this paper, we first measure the capacity utilization of Chinas industrial sectors, and then introduce financial scale and ownership discrimination into the
theoretical framework of excess capacity to understand how excess capacity emerges. The results show that excess capacity is closely related to firm financing scale, and ownership discrimination has an indirect effect on capacity utilization through influencing the composition of the firm financing scale. The overall financing scale in an industry has a significant negative effect on the excess capacity after eliminating technical efficiency, and the effect alternates between promotion and inhibition across time. From the perspective of ownership, excess capacity is reduced for the private enterprises, but deteriorated for the financing scale of state owned enterprises and foreign enterprises. After 2008, the increase in the amount of loans is more likely to cause excess capacity than before. Meanwhile, the phenomenon of ownership discrimination arises once again, and its negative effect on the excess capacity becomes stronger.

Key words:  capacity utilization , measurement , formation mechanism , financing scale , ownership discrimination

摘要：

本文在对中国工业行业产能利用率进行测度的基础上，将企业融资规模和银行所有制歧视引入产能过剩的分析框架，进一步完善了产能过剩的形成机理。研究表明：产能利用率与企业融资规模密切相关，银行所有制歧视通过企业融资规模对产能利用率产生间接影响。剔除技术效率影响后，行业整体融资规模与产能利用率显著负相关，并存在明显的混合效应。从所有制来看，国有企业和外资企业融资规模与产能利用率显著负相关；民营企业融资规模发挥着相对积极作用。2008年后企业融资规模的扩大更易引起产能过剩的发生。银行所有制歧视对产能利用率的冲击效应更加强烈。

关键词: 产能利用率 , 测度 , 形成机理 , 融资规模 , 所有制歧视