Resource Allocation,Technological Innovation And Structural Overcapacity

Overcapacity has emerged China’s economic development since the 1980 s,and has evolved from a shortage of products in the planned economy period to a surplus of industries with a wide range of industries and long time spans.It has become obstruction in China’s “new normal” economic process.In the initial stage of development,strategic emerging industries have already fallen into the slump of overcapacity,and have shown obvious structural characteristics of “low-end product surplus and high-end supply shortage”.On the one hand,it is a continuous and low-level redundant construction.On the other hand,weak technological innovation ability limits the value chain and meets the high-end demand.At the same time,the local government’s performance goal and enterprise’s profit-seeking pursuit also exacerbate the structural overcapacity of emerging industries.How to weaken the factor input redundancy,to drive away from the "low-end lock" by innovation,and to make the emerging industry veritable is essential to resolve overcapacity.In terms of mechanism analysis,this paper first analyzes the factor input redundancy caused by enterprise expansion from the perspective of market failure,and will bring an oversupply of low-end products in the case of inefficient resource allocation.Secondly,from the formation and disintegration of overcapacity,the two-stage analysis of technological innovation ability is not enough to increase the oversupply of low-end products,and it will also limit the expansion of high-end markets.Once again,government intervention from the motivation,manifestation and means of government intervention will affect the investment preference of enterprises and the price of distortions,thus weakening the mitigation effect of resource superiority and technological innovation in overcapacity.Finally,from the differences in market expectations of different industrial chain links and the tendency of government intervention,the differences of the above three types of mechanized chain links are analyzed.In terms of empirical analysis,this paper uses the micro datasets of 46 companies listed in 2010-2017 to examine the impact of resource allocation efficiency and technological innovation efficiency on the overall wind power industry and its three links,and the role of government interventions,including government subsidies,financial support,and land support,in this relationship.Research shows,first,the overcapacity of the upstream and downstream sectors of the wind power industry is more serious,and the capacity utilization rate is below 50%.However,resource allocation efficiency and technological innovation efficiency are slightly higher than the downstream links.Three industrial chain links have different levels of factor input redundancy.The output deficit expressed by operating income is also over 15%.Second,the improvement of enterprise resource allocation efficiency can alleviate overcapacity,but all three government interventions will weaken the mitigation effect,and this weakening effect is most recognizable in the downstream link of the industrial chain.This conclusion was also validated by the threshold test and the robustness test using tool and dummy variables.Third,the improvement of enterprise technology innovation efficiency can avoid homogenization competition and meet high-end demand through differential product production and value chain climbing,thus alleviating overcapacity.Government subsidies and land support will weaken the mitigation effect,and this weakening effect is most noticeable in the downstream links of the industrial chain.