| In recent years,China's economy has entere d a new normal stage,facing structural contradictions such as increased downward pressure on the economy,tighter constraints on resources and environment,increased uncertainty risks,and attenuation of traditional factor dividends.From the perspective of regional and industrial development,not only the resource allocation has not reached the optimal state,but also the problem of excess capacity has begun to highlight.Behind the problem of regional overcapacity in China lies the complex realistic logi c between local governments and local enterprises.The fiscal decentralization of the 1990 s laid the groundwork for the distribution of financial and administrative power between the central and local governments.The performance evaluation indicators with economic growth at the core made local governments keen to influence regional industrial development through administrative intervention.Its derivative political promotion championships and economics Competition has led to a series of problems such as regional competition for financial subsidies,market segmentation,and industrial structure consolidation.From the perspective of regional supply side,traditional industries,especially manufacturing products,have low technological content,backward production efficiency,and lack of market competitiveness,which not only causes serious waste of resources,but also worsens environmental problems.From the perspective of regional demand side,there is a prominent structural contradiction between the urgent demand of consumers for high-quality and diversified products and the supply of low-end backward products.Therefore,in the new normal state of the economy,it is imminent to realize the transformation of the regional economy from the extensive investment of elements to the development mode driven by technological innovation.Speeding up the removal of backward industrial production capacity in the region,improving resource allocation efficiency and total factor productivity are the key points of regional economic and industrial restructuring.Based on a review of previous literature on overcapacity,this paper focuses on the formation and governance mechanisms of regional overcapacity in China.In empirical research,it uses Chinese provincial panel data combined with non-radial direction distance function(NDDF)and panel VAR-GMM model,spatial Dubin measurement model(SDM)and other methods were empirically tested,and the robust research conclusions were obtained.From the perspective of regional econo mic competition,this article explores the theoretical mechanism of local government overcapacity formation through fiscal subsidy and market segmentation.From the perspective of reasonable industrial agglomeration,explore the direct mechanism of industr ial agglomeration through increasing returns to scale and optimization of resource allocation to increase capacity utilization,and the indirect mechanism of promoting knowledge spillover and technological progress to increase capacity utilization.The ana lysis section presents useful propositional hypotheses.This article explores the relationship between fiscal subsidies and capacity utilization from the perspective of local government fiscal subsidies in regional competition.The study found that there i s a significant spatial distribution difference in the strength of local fiscal subsidies,which is not only related to the industrial transfer from east to west between regions,but also to the transfer of potential economic growth rates from the coast to the inland.In the context of regional economic competition,the pursuit of more external capital inflows and the realization of fiscal and tax revenue growth are important reasons for local governments to actively implement fiscal subsidies for industria l enterprises.Empirical evidence shows that fiscal subsidies can reduce the cost of enterprises while causing the problem of distorted resource allocation and decline in capacity utilization rate.Enterprise cost control and technological progress effects caused by more intense regional economic competition are conducive to improving capacity utilization rates.The negative interference of provincial fiscal subsidies on the industrial capacity utilization rate of the jurisdiction is mainly concentrated in the local area,and it has not yet affected other areas through the space spillover effect.In this paper,non-radial direction distance function(NDDF)is used to calculate the industrial capacity utilization rate in China's provinces considering the cost of resources and environment.It measures the similarity of industrial structure and the level of industrial upgrading in each province.The study found that from 2002 to2015,China's regional industrial overcapacity covered three types of overcapacity characteristics,including overcapacity,growth overcapacity,and structural overcapacity,and overcapacity coexisted with the convergence of industrial structure.In terms of spatial distribution,China's provincial-level industrial capacity utilization rates have obvious stepwise distribution differences.Most of the eastern provinces have maintained high capacity utilization rates.The central and western regions and the northeast region,which is a traditional heavy industrial area,have capacity The utilization rate is generally low.The industrial similarity of the provinces shows obvious spatial agglomeration and geographical proximity,and the similarity evolution of the industrial structure of the four major economic zones has significant differences.The advanced level of industrial structure in the developed regions of eastern China is higher than that in the central and western regions,and the level of rationalization of the industrial structure shows a typical divergent growth trend.It is lagging behind,and there are serious problems in the coupling of factor input structure and output structure in most regions.This article measures and compares the level of commodity and factor market segmentation in China's four major economic regions from 20 02 to 2015.It is found that,compared with the commodity market segmentation,factor factor segmentation,which reflects the impediment to the free flow of factors,will lead to the convergence of industrial structure and significantly inhibit the use of regional industrial capacity rate.Local government intervention and advanced industrial structure have severely negatively affected the capacity utilization of regional industries.A high degree of opening up is conducive to improving the capacity utiliza tion of regional industries.The Internet penetration rate and regional environmental governance investment have a significant impact on capacity utilization.The effect of the rate is not yet significant.The higher degree of openness and the active devel opment of the private economy have a positive space spillover effect,which has led to an overall improvement in the utilization rate of production capacity in various regions.In addition,there is a significant negative spatial spillover effect from loca l government intervention and advanced industrial structure,which will lead to the convergence of the district's industrial structure and distorted factor allocation,which will eventually have a negative impact on the capacity utilization rate of local a nd neighboring areas.This paper uses the industrial agglomeration EG index measurement to find that the overall level of industrial spatial agglomeration in China's provinces from 2002 to2015 showed an upward trend.The empirical evidence based on the pa nel VAR model,GMM estimation,and mediation effect model shows that industrial agglomeration has a direct effect on improving capacity utilization through scale returns and resource optimization allocation.At the same time,industrial agglomeration throu gh technological spillovers caused by knowledge spillovers has brought about improvements in capacity utilization.The Sobel-Goodman test result based on the mediation effect model confirms that the technological innovations caused by industrial agglomeration have significant mediation effects.Subsequently,robustness tests are performed using variables such as patent acceptance,R & D expenditure,and R & D personnel input.The research conclusions are still relatively robust.This research helps to clarify the formation mechanism of China's regional overcapacity,accurately characterize the differences in regional overcapacity,and the relevant conclusions will provide regional and industry-level empirical evidence for supply-side structural reforms and achieve long-term effects of overcapacity.Governance mechanisms provide useful policy implications. |
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