| It is generally believed that overcapacity is a normal phenomenon in the market economy.However,compared with other countries,China’s overcapacity is characterized by more serious surplus,more extensive industry,long-term and repeatability,and increasingly difficult development of enterprises.With the development of China’s industrial economy,the problem of overcapacity is gradually exposed,which has a negative impact on the optimization of industrial structure and macroeconomic development.China’s photovoltaic industry belongs to the new energy field of strategic emerging industries,which has important strategic significance for the development of national industrial economy.However,due to the excessive government subsidies and other preferential measures in the process of industrial development,as well as the low overall level of science and technology in the process of industrial development,the industrial development is imperfect,and there is a relatively serious problem of overcapacity.In the development of photovoltaic industry,solar energy can be converted into electricity with the support of technology and equipment.It has the characteristics of energy saving,high efficiency and pollution-free.People’s demand has been greatly driven,and the photovoltaic industry in China has developed rapidly.At the early stage of photovoltaic industry development,China did not pay enough attention to environmental protection.Since 2004,China.s photovoltaic industry has developed rapidly.By 2008,its capacity ranked first in the world,exceeding Germany’s leading position,and its total output accounted for nearly half of the total global photovoltaic capacity.In the process of rapid development of China’s photovoltaic industry,China in 2009 has put forward to pay attention to the photovoltaic industry capacity problem,put forward to suppress polysilicon and wind power equipment overcapacity.After 2011,China’s photovoltaic industry was in a predicament,and the drawback of capacity problems was gradually exposed.Photovoltaic industry is an important aspect of strategic emerging industries,but in the face of repeated bankruptcy and overcapacity in recent years,it is necessary to conduct in-depth research on the utilization of photovoltaic industry capacity.This paper reviews the relevant theories and literature,analyses the relevant factors affecting the productivity utilization rate of photovoltaic industry,and further uses the intermediary effect to discuss whether there is intermediary effect of R&D innovation investment in the process of governnent subsidies affecting the productivity utilization rate of enterprises.The research sample is listed companies of photovoltaic industry in Shanghai and Shenzhen stock markets.After eliminating the samples,33 of them were selected,with a time span of 2011-2017.Firstly,the production function method is used to calculate the productivity utilization rate of each enterprise.The results show that the productivity utilization rate of photovoltaic industry in China is relatively low,and there is a very serious problem of overcapacity.Further,this paper selects the capacity utilization rate as an explanatory variable before choosing the government subsidy and enterprise R&D innovation input as explanatory variables in the mechanism analysis.Combined with the panel Tobit model,this paper preliminarily analyzes the correlation between government subsidies and R&D innovation input and the capacity utilization ratio of enterprises.Whether there exists intermediary effect in the process of industry productivity utilization.The regression results show that there is a negative correlation between government subsidy and enterprise productivity utilization at the national level.Government subsidy will negatively inhibit the productivity utilization of photovoltaic industry in strategic emerging industries,mainly due to improper government intervention,which easily leads to resource mismatch.In addition,when government officials have the motivation to subsidize for promotion or assessment,it will also affect the normal market mechanism,resulting in overcapacity of the photovoltaic industry.There is a positive correlation between R&D innovation investment and productivity utilization.R&D investment is conducive to improving the scientific and technological level of enterprises.On the one hand,the improvement of technological level will promote the efficiency of resource utilization in the production process,and help to improve the core competitiveness of enterprises.On the other hand,the improvement of technological level will help enterprises enhartce their market competitiveness.In addition,government subsidies will inhibit the R&D and innovation investment of enterprises.Government subsidies are negatively correlated with R&D innovation.Enterprises receiving government subsidies may be more inclined to reduce investment in R&D innovation.Enterprises may engage in activities unrelated to R&D innovation.In the process of the influence mechanism of government subsidies on the productivity utilization rate of photovoltaic enterprises,R&D investment of enterprises plays a part or foll intermediary role.From these characteristics,we can see that the problem of overcapacity in photovoltaic industry is mainly the deep-seated institutional mechanism.Finally,on this basis,this paper puts forward targeted countermeasures and suggestions respectively from the perspective of government subsidies,government over-intervention and enterprise R&D innovation,and at the same time improve and standardize the behavior of governnent and enterprise,in order to help solve the overcapacity phenomenon of photovoltaic industry in.China. |
PDF Full Text Request