The Effect Research Of Ownership Structure On Industry Overcapacity

In recent years,the problem of overcapacity in China's industrial sector is becoming more and more serious.It has gradually become an important factor that hinders China's economic development,transformation and upgrading,as well as its structural optimization.It also exacerbates the systemic risk of China's macroeconomic development.The problem of overcapacity has also been the focus and concern of economists and relevant policy departments.Our government has introduced a number of measures to control excess capacity.However,the government's policy has not played a significant role.The problem of excess capacity still exists,which is even more serious.At the same time,in many industries with excess capacity in China,large and medium-sized state-owned enterprises occupy the absolute leading position,and there are some small and medium-sized private enterprises competing.So what's the relationship between the proportion of state-owned economy and overcapacity? From this point of view,this paper makes a theoretical and Empirical Study on the relationship between the ownership structure of industrial industry and the overcapacity in the industry of China.First of all,based on the existing research,this paper sets up a theoretical model in which the state-owned enterprises and non-state owned enterprises compete on the productivity and capacity,and discusses the internal logic of ownership structure's influence on the excess production capacity,which analyzes the relationship between ownership structure and industry overcapacity from the theoretical perspective.Then,this paper revises the panel cointegration method,and calculates the productivity utilization ratio of 33 industries in the year of 2003-2014.Finally,collecting panel data and building econometric model,this paper investigates the effect of ownership structure on industry overcapacity using the system GMM method,in addition,according to the production attribute of different industrial sectors,dividing the 33 industries into several groups,explores the effect of different ownership structures on the industry overcapacity.In this paper,through the empirical test of overall sample,the results show there is inverted U relationship between the proportion of state-owned economy and industrial production capacity in the industry,this means that both too high and too low proportion of state-owned economy is not beneficial to the capacity of the whole industry.When the proportion of state-owned economy is low,excessive competition in the market will reduce the capacity utilization rate of entire industry;when the proportion of state-owned economy increases,the problem of excessive competition in the whole industry will be weakened by the special property rights nature of state-owned enterprises which helps to improve the industry capacity utilization;however,when the proportion of state-owned economy increases further,the negative characteristics of state-owned enterprises will emerge in the industry,and the credit facilities and special principal-agent relationship in state-owned enterprise will cause the scale and capacity expansion,and a large number of repetitive construction and excessive investment,which result in more serious problem of excess production capacity.The empirical test results of sub-industry samples show that,in the resource intensive and capital intensive industries,the relationship of the proportion of state-owned economy and industry capacity utilization is negative;in labor-intensive industries,the relationship of the proportion of state-owned economy and industry capacity utilization is positive;in technology intensive industries,the relationship of the proportion of state-owned economy the industry capacity utilization rate has no significant effect.The above shows that,for different types of industry,the relationship between ownership structure and industry overcapacity degree is different,so the government should develop relevant management policies according to the characteristics of different types of industries,to eliminate backward production capacity,improve the efficiency of resource allocation,promote the effective implementation of supply side reform.