The Theoretical And Empirical Research On The Influence Of Policy Subsidy On The Overcapacity Of China's PV Enterprises

Since the reform and opening up, our Party, under the guidance of Marxist economics, has formed a socialist market economy theory with Chinese characteristics in combination with China's national conditions.and under the guidance of these theories, China's economy has maintained a high growth rate of nearly 30 years, called "growth miracle." However, behind the "growth miracle", China's economy produced a series of deep-seated problems, which have become an important challenge to social development and stability. While overcapacity is one of the more prominent problems.With the establishment and perfection of the socialist market economic system, China in the primary stage of socialism now has the realistic basis of overcapacity. However, overcapacity in recent years not only in the traditional manufacturing sector. In the emerging industry there have been problems of overcapacity One of the most typical is the photovoltaic industry. From the rise of China's photovoltaic industry to the present, only after a few short years, the PV industry chain has made great progress in all aspects, but the rapid development of industry at the same time also faced with serious production problems. Therefore, the study of China's photovoltaic enterprises overcapacity problem, it also shows a very important practical significance. Based on the theory of Marx's excess production theory and the principal-agent theory, this paper uses the evolutionary game model, least squares method and stochastic effect analysis method, depth study of the impact of policy subsidies on overcapacity, and put forward the corresponding policy recommendations, with a view to enhance the sustainable development of photovoltaic enterprises to ease the excess capacity of photovoltaic enterprises to provide valuable reference.This paper first briefly introduces the development of China's photovoltaic industry, including the introduction of photovoltaic industry chain, the status of photovoltaic industry and the photovoltaic industry,industrial policy. Then measure the photovoltaic production overcapacity situation, according to the 2010-2015 year on the A-share market of photovoltaic industry listed company data using the production function method to calculate China's photovoltaic business capacity utilization, so as to produce a surplus rate. Then the theoretical analysis of the impact of policy subsidies on overcapacity, including the use of evolutionary game model, Marx's theory of excess production and principal-agent theory to analyze it. In this paper, the causes of the production capacity of PV industry listed companies and their economic consequences are studied by least squares analysis and stochastic effect analysis. According to the panel data of China PV industry listed companies in 2010-2015, the impact of policy subsidy on the overcapacity of PV enterprises is verified by the regression analysis of panel data. Finally, the economic consequences of overcapacity are further tested.Based on the above analysis, this paper puts forward some suggestions to resolve the overcapacity of PV enterprises. First of all, it is necessary to correct the behavior of local governments, to eliminate the local government to perform the function of capital proliferation;secondly, to adjust the PV industry policy to improve the proportion of demand side subsidies; third, carry out the "supply measurement reform",do a good job of "three reduction and one supplement" in the production capacity; finally, the appropriate decline in subsidies to reduce the dependence on subsidies.