Calculation Of Excess Capacity Of Iron And Steel Enterprises And Analysis Of Influencing Factors

Since the outbreak of the international financial crisis caused by the US subprime mortgage crisis,the international community has paid great attention to the development of overcapacity,especially for steel companies,which have more serious overcapacity problems due to their own operating development characteristics.According to relevant statistics,after 2008,the main indicator of overcapacity-capacity utilization rate is always lower than 80%,and the capacity utilization rate in individual years may even be lower than 70%.Although the overcapacity situation of steel companies has improved in recent years,from the perspective of steel demand,the problem of overcapacity will not be effectively alleviated in the short term.Therefore,under this background,it should be instructive to study the overcapacity and influencing factors of iron and steel enterprises.This article studies from the perspective of "overcapacity,that is,excess capacity",that is,excess capacity is a relative excess problem caused by the actual production capacity being less than the maximum capacity.By combing and summarizing the existing theoretical research results,we can know that the capacity utilization index has become the preferred indicator for the calculation of excess capacity.This article also uses the capacity utilization to measure the excess capacity.After a comparative analysis of the main methods for measuring capacity utilization,the improved method of the Data Envelopment Analysis(DEA)method,the super-efficiency DEA method,is used to measure the excess capacity of 64198 relevant data in the industrial enterprise database that meets the requirements..On the other hand,combined with the formation mechanism of overcapacity,the factors affecting overcapacity are divided into two categories: one is market factors,which are expressed by market demand;the other is non-market factors,six of which are selected from three aspects and a total of six.The small factors are analyzed by the system generalized moment estimation method.The study found that:(1)from 1998 to 2013,the capacity utilization rate and economic growth of China’s iron and steel enterprises were not completely consistent,and showed obvious countercyclical characteristics during 1998-2000 and 2008-2011.In addition,the capacity utilization rate of state-owned steel enterprises is more stable than that of non-state-owned enterprises.When the economy fluctuates,the capacity utilization rate of non-state-owned enterprises(such as private enterprises)will show more significant changes than state-owned enterprises;(2)external markets The impact of factors on the capacity utilization rate of China’s steel enterprises is not significant,but non-market factors such as supply management,sunk costs,enterprise size and government subsidies,etc.have a significant impact on capacity utilization rate;in addition,market factors are significantly affected by Constraints and domination of non-market factors,this effect is more prominent after adding the dummy variable of time,which has also led to the special counter-cyclical characteristics of the capacity utilization rate of China’s steel enterprises in a specific period.Aiming at these problems,suggestions are made on controlling the scale of subsidized investment of iron and steel enterprises and adjusting the industry structure.