Research On Capacity Utilization Measurement Of China's Advanced Manufacturing Industry From The Perspective Of Foreign Investment

The advanced manufacturing industry has entered a stage of rapid development.The rapid development of advanced manufacturing technology will affect the production capacity of China's manufacturing industry.Continuous and sufficient monitoring of capacity utilization indicators can help enterprises understand their production capacity,and enable enterprises to define their limitations and opportunities from the perspective of competitiveness.Especially in the economic period when overcapacity occurs frequently,accurately measuring the degree of overcapacity and exploring the influence mechanism and effect of related factors is the premise of scientifically resolving overcapacity.Improving the utilization rate of the advanced manufacturing industry is conducive to alleviating the level of overcapacity in the manufacturing industry,which is of great practical significance for promoting the highlevel and high-quality development of China's advanced manufacturing industry.Overcapacity problem oriented,this thesis closely around the core capacity utilization,using data of a-share listed companies from 2011 to 2017 using the stochastic frontier production function method to calculate the capacity of the enterprise,combined with China's foreign direct investment business listing,by tended to score model matching method-times differential method,further study of the influence factors of capacity utilization.The calculation result of capacity utilization rate shows that most industries still have the problem of overcapacity,with the capacity utilization rate lower than 0.7.The industries with serious overcapacity include general equipment manufacturing industry,special equipment manufacturing industry,railway/ship/aerospace and other transportation equipment manufacturing industry,and instrumentation manufacturing industry.The average capacity utilization rate of ofdi enterprises reached 0.79,among which the capacity utilization of chemical fiber manufacturing industry performed better.The capacity utilization of state-owned enterprises is better than other enterprises.In terms of influencing factors of capacity utilization rate,empirical results show that OFDI and asset structure have a significant positive impact on capacity utilization rate.After OFDI,the improvement of capacity utilization rate of enterprises is significantly greater than that of non-OFDI enterprises.Company size,degree of market competition and financing capacity have a significant negative impact on capacity utilization,while ownership structure has different degrees of impact on capacity utilization,but the impact is not significant.In order to improve the capacity utilization rate of the advanced manufacturing industry,listed companies should strengthen the company scale management,learn advanced technology and at the same time adopt advanced management experience,do a good job in risk assessment,and improve the enterprise internal control system.Government departments should give priority to with macroeconomic regulation and control,respecting the rule of market,and reduce government intervention,to encourage enterprises to go out at the same time,under the "area" construction accelerating the transformation of industry in our country,set up China's manufacturing industry capacity utilization monitoring statistics release system,production scientifically and rationally guide the enterprises to make investment decisions.