A Study On Corporate Governance,Cash Dividends And Over-investment Behavior:Based On Manufacturing Listed Companies

Capacity utilization is a noun that measures the efficiency of resource utilization in production.If the capacity utilization rate is insufficient,it will cause overcapacity.Overcapacity is a common problem in China’s industrial production.Overcapacity has both certain disadvantages and certain advantages.Excess capacity will restrict the rapid development of the industry and increase environmental pollution,but it can also accelerate the elimination of outdated capacity and promote production optimization.The automobile industry in Jilin Province is one of its pillar industries,and the development of the automobile industry plays a decisive role in driving the economic development of Jilin Province.Therefore,this paper takes the capacity utilization rate of the automobile industry in Jilin Province as the research object.According to previous literature studies,insufficient capacity utilization,namely excess capacity,is an important factor affecting environmental pollution.Therefore,it is particularly important to make the auto industry in Jilin Province not only drive the economy but also reduce environmental pollution as far as possible,so as to achieve a balanced state.This paper firstly measures the capacity utilization rate of the automobile industry in Jilin Province,constructs SVAR model including fixed asset investment,main business income and enterprise loan,selects 1992-2020 as the research interval,and finally shows that the fluctuation of capacity utilization rate of the automobile industry in Jilin Province has a certain periodicity.From 1992 to 2020,The automobile industry in Jilin Province has experienced three periods of overcapacity,from 1993 to 1999,from 2003 to 2006,and from 2009 to 2017.Since 2020,due to the impact of the COVID-19 epidemic,due to the decline in demand and other reasons,there has been a situation of overcapacity.Then whether the excess capacity caused environmental pollution is measured.The environmental pollution index is selected as the explained variable,and the entropy weight method is adopted to calculate the environmental pollution index by using the solid waste discharge,waste water discharge and waste gas discharge.The degree of excess capacity is selected as the core explanatory variable,and the degree of excess capacity is calculated by the capacity utilization rate obtained above.Taking economic growth,technological innovation level,urbanization,industrial structure and traffic pressure as control variables,the model was established.The model results show that overcapacity will have a positive impact on environmental pollution,that is,the higher the degree of overcapacity,the more serious the environmental pollution.Then,the lag term of environmental pollution is introduced into the model,and the dynamic model is established,which proves that there is a certain lag effect of environmental pollution,and the degree of environmental pollution is affected by its lag period.Then the excess capacity to cause environmental pollution mechanism is verified,prove the production of energy structure for overcapacity has a partial mediation effect that cause environmental pollution,namely,overcapacity will lead to production use of energy in the high proportion of fossil fuels such as coal,resulting in environmental pollution,and excess capacity will also be able to directly affect the degree of pollution of the environment.Therefore,in order to achieve high-quality industrial development and reduce environmental pollution,it is necessary to maintain the utilization rate of production capacity in a reasonable range and change the energy structure of production as far as possible.In this regard,suggestions are put forward on reducing capacity utilization rate,establishing early warning mechanism and optimizing energy structure.Finally,the development of jilin automobile industry is prospected.