Enterprise Technology Innovation And Overcapacity

China’s economic development has entered the transition stage,but the long-term large-scale overcapacity has seriously affected the process of economic structure optimization and upgrading.Since the reform and opening up,China’s rapid economic development has been accompanied by excessive investment,blind construction and low-end duplication,resulting in serious overcapacity in some industries.Enterprises have low production cost and high efficiency,uneven distribution of social resources,destruction of living environment,imbalance in economic structure,supply and demand structure,high and low industrial structure and technical structure,and even systemic economic crisis.Therefore,how to effectively prevent the formation of excess production capacity and targeted to resolve the formation of excess production capacity,is the state,the government,enterprises,scholars have attached great importance to the topic.Endogenous growth strategy told us that the independent innovation is the "new normal" under the background of the new breakthrough,and smooth implementation of economic growth quality development,the enterprise or the country’s long-term sustainable development,must rely on their own core technology,raising the level of technology innovation ability,break the traditional mode of production and operation process,only in this way can expand the consumer market,grab demand,maintain its leading position in the changeful market.As the subject of technological innovation,enterprises are the practitioners of innovation-driven development.Therefore,it is of practical significance to analyze the relationship between technological innovation and overcapacity from the perspective of internal self-drive of enterprises and to find more operational means for the governance of overcapacity.In the theoretical mechanism analysis,this article station based on the theory of technology innovation,first introduced the different innovation relations with excess capacity,product innovation time-to-market,laminating,diverse demand to improve the competitive ability of the product is not easy to form the excess capacity,at the same time can improve the production efficiency,and in a short time to help gradually dissolve excess capacity;Had a higher threshold of core technology,technology innovation is the combination of process equipment,process,resource innovation,usually lasted longer,basis technology in China is weak,the early more dependent on "package" introduced complete sets of equipment,the capacity construction cycle long industry tends to repeat construction,at the same time,these companies usually eliminated some exit barriers,so early progressive technological innovation has caused internal structural overcapacity in some industries.Secondly,it analyzes the governance path of technological innovation on overcapacity.From the perspective of overcapacity itself,technological innovation can not only effectively prevent the formation of overcapacity at the source but also promote the elimination of low-end production capacity.From the perspective of market demand: technological innovation leads to high-level consumer demand,and the lack of low-end production capacity will accelerate the elimination of the market.The product heterogeneity brought by technological innovation will increase the demand and further improve the utilization rate of production capacity.In this paper,private listed companies on the GEM are selected as the research objects,which are of greater research value.Economic behaviors on the GEM are more diverse and dynamic,covering all walks of life,and the research scope is larger.After screening,data of 284 listed companies in the four years from 2015 to 2018 are obtained,with a total of 1,136 observation points.According to the unified way of academia,the degree of excess capacity is measured by capacity utilization rate.The smaller the value is,the more serious the excess capacity is.The innovation efficiency is used to measure the technological innovation ability of enterprises.The higher the value,the higher the technological level of enterprises.Using data envelopment DEA method,two comprehensive variables,innovation efficiency and capacity utilization ratio,are obtained in Deap2.1,and then the comprehensive variables,innovation efficiency and capacity utilization ratio,are respectively taken as explanatory variables and explained variables,and some characteristic variables affecting capacity are taken as control variables.The fixed effect model was used for panel data analysis with STATA15.The regression results showed that the innovation efficiency of enterprises was significantly positively correlated with the capacity utilization rate.The robustness test was carried out by changing the model and using three methods,namely,time fixed effect regression,reduction of control variables and small sample fixed effect regression of manufacturing industry.Therefore,the main conclusion is drawn: technological innovation has a positive impact on capacity utilization,that is,enterprises can effectively control the problem of overcapacity by improving the capacity of independent innovation.At the same time,the control variables such as enterprise scale and net profit margin of fixed assets are significantly negatively correlated with capacity utilization.Therefore,it is considered that enterprises should be cautious in scale expansion and equipment investment.Due to the differences in technical level,innovation types,r&d investment and technical direction should be selected "according to different enterprises" when carrying out innovation activities.Therefore,the following Suggestions are given: as an enterprise,it should combine with the market demand to constantly strengthen its independent innovation ability,improve its innovation enthusiasm,pay attention to learning and absorption while introducing,communicate well with the market on information,and have good prediction on the effect and risk of innovation;As the government: 1.Create a good environment for innovation,form special fund subsidies and other incentives to encourage and guide enterprises to make technological innovation,build information exchange platforms,make enterprises have direct contact with consumers and competitors,and avoid structural surplus in the industry.2.Strengthen the protection of research and development results,improve the patent law,clarify the definition of property rights,increase the cost of illegal activities,and establish a monitoring and early warning mechanism to effectively reduce "free rider" and other unearned theft of technology.