| Excess capacity refers to a state of market imbalance between supply and demand which means the actual production capacity on the market far exceeds the capacity of effective demand.When the gap between supply and demand beyond a certain limit,resourses are not fully utilized and appear idle,it will cause a series of negative phenomena like the inventory backlog of goods,prices fell,the enterprise competition and the decline of industry profits.It is also a microscopic appearance of overcapacity.In the process of market economy,overcapacity is inevitable.This phenomenon is not absolutely harmful.Short-term excess capacity is conducive to optimizing resource allocation,improving production technology and enterprise efficiency and enhancing market competitiveness,so as to promote healthy development of national economy.And if excess capacity exists and beyond reasonable limit for a long time,it will lead to a vicious competition and caused a large number of business failing and workers unemployed,it will also leads to resource waste,which is not conducive to healthy operation of the market economy activities.The problem of China’s industrial overcapacity has caused wide public concern,and a series of policies in China have also reflected the government’s emphasis on overcapacity.The size of China’s equipment manufacturing industry plays an important role in the domestic economy,but it has not been spared in the wave of overcapacity,the structural overcapacity is now serious in some areas,the automobile industry and shipbuilding industry have become recognized as serious overcapacity industries.In this paper,first of all defines the connotation of excess capacity and then describes capacity utilization is defined and the criterion of excess capacity.On the basis of this,this paper expounds the formation mechanism of excess capacity from three aspects: industrial factor,market factor and non-market factor.This paper considers that the industry’s own characteristics,industrial life cycle,macroeconomic fluctuation,market structure and government intervention in the background of transition economy will have an impact on capacity utilization.This paper uses the boundary production function to measure the capacity utilization rate of 7 sub-industries of China’s equipment manufacturing industry from 2001 to 2015.On this basis,further adopt feasible generalized least squares method(FGLS)to analyzes the factors influence the capacity utilization rate of equipment manufacturing industry,such as investment,external demand,government intervention,technological progress and other factors.The main conclusions are as follows:1)The trend of the overall capacity utilization rate of China’s equipment manufacturing industry has periodic characteristics,which is consistent with the economic cycle fluctuation,which is the general trend of increasing in 2001 and 2008,and the general decline trend in 2008-2014.2)Four industries’ s overcapacity problem is serious: Metal products industry,transportation equipment manufacturing industry,electrical machinery and equipment manufacturing industry,communications equipment,computers and other electronic equipment manufacturing sector.General equipment manufacturing industry also has a mild excess capacity,and instrumentation industry capacity utilization is relatively good.3)There is a significant negative correlation between capacity utilization and the factors such as investment in fixed assets,proportion of state-owned assets,innovation input,while external market demand and capacity utilization are significantly positive.On the basis of theory and empirical analysis,this paper proposes the following ways to reduce excess capacity: Changing the way of economic growth and curbing the low-end duplication of investment;Reduce local government intervention and play good government guidance;Strengthen international production capacity cooperation with One Belt And One Road opportunity;Improve the technical level of the industry and improve the innovation system. |
PDF Full Text Request