Political Connection,Resource Acquisition Of Enterprise And Overcapacity

At present,China's economic development is in a new normal stage,under which China's economy is facing a serious problem of industrial overcapacity.In 2015,the Central Economic Working Conference put forward five tasks of supply-side reform: capacity removal,inventory removal,leverage removal,cost reduction and shortcomings compensation board,among which capacity removal ranks first.Enterprises are the microcosmic main body of the formation of excess capacity,and theoretically are also the basic unit of resolving excess capacity.Based on the realistic background of supply-side reform,starting from micro-enterprises and from the perspective of social capital,this paper explores the causes of excess capacity of enterprises,reveals the specific paths of micro-enterprises' political connections affecting excess capacity of enterprises,with a view to providing reference for the effective resolution of excess capacity.On the basis of literature research,this paper synthetically utilizes the relevant theories of social capital influencing enterprise behavior,such as rent-seeking theory,efficiency theory,resource dependence theory and exchange theory.Firstly,it constructs the theoretical analysis framework of political connection,resource acquisition and overcapacity of private enterprises.Secondly,it selects two representative enterprise resources,credit resources and government subsidies.The intermediary model of enterprise political connection,enterprise resource acquisition(credit resource/government subsidy)and excess capacity is established.Finally,the intermediary role of enterprise resource acquisition between political connection and excess capacity of private enterprises is empirically tested by multiple regression analysis with the sample of private listed companies in 2010-2017,and further deepened by combining the characteristics of institutional environment.This paper explores the differences of the influence of political connections on enterprise resource acquisition and overcapacity under different institutional environments.The research finds that the political connection of private enterprises is positively correlated with credit resources and government subsidy resources,that is,political connection is beneficial to private enterprises' resource acquisition;political connection of private enterprises is positively correlated with excess capacity,and is mediated by enterprise resource acquisition;regression results based on institutional environment grouping show that in areas with better institutional environment,the political connection of private enterprises is beneficial to private enterprises' resource acquisition.The impact of affiliation on resource acquisition of enterprises decreases,while the effect of political affiliation on excess capacity decreases.That is to say,the improvement of institutional environment weakens the resource acquisition effect of political affiliation of private enterprises and reduces the impact of political affiliation on excess capacity.According to the research conclusion,this paper puts forward relevant countermeasures and suggestions in order to provide a reference for resolving the excess capacity of micro-enterprises from the supply side structure.