Research On The Efficiency Of Chinese Manufacturing Enterprises Under The Reform Of Supply Side

With the decline of China's economy,manufacturing supply side reform has become the focus of China's economic development.In the supply side of the reform,corporate leverage and excess capacity is an important issue which are currently restricting China's economic growth.In this paper,we select the data of China's A-share listed companies to estimate the total factor productivity.The time span is from 2001 to 2015,and 14598 valid data are used.The least squares method,panel fixation method and Olley & Pakes method are used to measure the total factor productivity.And the manufacturing enterprises were grouped according to different capacity utilization and leverage levels in the estimation process,and the difference of total factor productivity among different groups was observed.Then this paper analyzes the relationship between production efficiency and leverage level and capacity utilization of manufacturing enterprises.Finally,this paper draws the following conclusions.First of all,the three estimates of the estimated results are basically the same,all show that China's manufacturing industry as a whole total factor productivity is growing,and the speed is relatively stable.Second,the leverage rate has a negative impact on the production efficiency of state-owned manufacturing enterprises,that is,when the lever is at a high level,it will hinder the state-owned manufacturing enterprises to improve production efficiency.But for private enterprises,this effect is not obvious,the opposite of the increase in leverage on the production efficiency of private enterprises also has a catalytic role.Overcapacity has an inhibitory effect on the production efficiency of China's manufacturing enterprises.This is especially true for state-owned enterprises.For private enterprises,the impact of overcapacity on investment efficiency is relatively small.