| Since 1980 s,a series of serious overcapacity problems have emerged in China.With the increasing persistence of the problem and the universality of the industries involved,the causes and solutions of overcapacity have become the focus of many domestic scholars.Affected by the financial crisis in 2008 and the slowdown of domestic economy in recent years,the manufacturing industry,as an important part of the secondary industry,is facing severe overcapacity.And in this period,the government has also been around the issue of domestic macro-control situation.However,at the end of 2015,the central economic working conference put forward the supply side reform with the main content of ?de capacity,de inventory,de leverage,cost reduction and short board?,which made the governance of overcapacity one of the main topic of the central economic construction since then.As one of the most flexible and rapid traditional industries to adapt to the changes of the times,China's automobile manufacturing industry has experienced every peak of development accompanied by China's deepening reform.At this time,under the background of China's gradual implementation of economic transformation,China's automobile industry is also facing a new round of challenges,the most important of which is to realize the transformation from challenges to challenges through technological innovation and independent research and development The possibility of opportunity is also the main way to solve the problem of structural overcapacity in China's automobile industry.Many research results related to the automobile industry show that the blind promotion of local government is the main cause of structural overcapacity in the automobile industry,and that government subsidies are not conducive to effective competition between enterprises.However,even though there are widespread doubts about government intervention,why do some car companies,including those with excess capacity,accept government subsidies directly or indirectly? Based on this problem,this paper selects 46 listed companies in the automobile industry from 2010 to 2018 as the research object,and empirically proves the impact of government science and technology subsidies on overcapacity in the automobile industry,among which technology innovation as the intermediary makes a more in-depth analysis on the transmission mechanism of government science and technology subsidies affecting overcapacity.First of all,this paper combs the relevant research literature of government science and technology subsidies,technological innovation and overcapacity in detail,explains the concept of the three and the current mainstream research conclusions,so as to determine the research theme and innovation point of this paper.Then,this paper briefly introduces and analyzes the current situation and trend of the development of the automobile industry,in order to explain the current situation and reasons of the overcapacity in the automobile industry.Then through the analysis of the impact mechanism of government science and technology subsidies on enterprise technology innovation,the impact mechanism of government science and technology subsidies on overcapacity,and the intermediary mechanism of technology innovation on science and technology subsidies and overcapacity,further build the theoretical analysis framework of this paper,and put forward the corresponding assumptions.In the empirical part,this paper defines and measures the relevant variables.Among them,government science and technology subsidies are obtained by summing up the subsidies related to R&D activities in the annual reports of listed companies,overcapacity is measured by capacity utilization index,and technological innovation index is calculated by DEA method.Then,this paper uses the two-way fixed effect model to empirically test the impact of government science and technology subsidies on overcapacity in the automobile industry and the intermediary role of enterprise technology innovation.In order to make the empirical results more guiding and explanatory,this paper analyzes the heterogeneity of the two modules of enterprise management level and regional differences after the benchmark regression analysis.Finally,the empirical results show that: first,from the regression results of the overall sample,government science and technology subsidies can effectively improve the efficiency of technological innovation of enterprises,and for each unit of science and technology subsidies,the efficiency of technological innovation of enterprises will increase by 0.232 units,but this promotion will have limitations due to the intensity of subsidies;in addition,government science and technology subsidies can promote enterprises through The level of industrial technological innovation will be improved and the utilization rate of enterprise's capacity will be improved,so as to effectively improve the problem of enterprise's overcapacity.The intermediary effect of technological innovation accounts for 21.4%,and the intermediary test results will also be affected by the intensity of government subsidies.Secondly,from the perspective of heterogeneity,enterprises with high operating performance will show their technological level after receiving government subsidies for science and technology As for the enterprises with relatively low experience performance,the results only show in the improvement of technological innovation efficiency.Secondly,compared with the central and western regions,the role of government science and technology subsidies in promoting the innovation of automobile enterprises in the eastern region of China and the inhibition of overcapacity are more significant.Finally,according to the empirical research conclusion,the following suggestions are put forward at the end of the chapter,in order to better provide reference for enterprises and governments to solve the problem of overcapacity in the automobile industry: 1)clear the guidance of government subsidies to avoid enterprises blindly following the trend;2)set a reasonable subsidy interval to effectively restrain the overcapacity ?Rent-seeking? phenomenon;3)supervision of subsidy investment,strengthening the role of the market in the allocation of resources;4)change the promotion of economic investment growth to the promotion of consumption driven growth,and effectively expand domestic demand. |
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