Technological Innovation,Science And Technology Subsidy And Overcapacity

Since the economic crisis in 2008,there has been a new round of large-scale production capacity surplus in China due to the rising price of production factors and the lag of supply structure.The problem of overcapacity is one of the macro-economic risks,which seriously restricts the sustainable development of our economy,and overcapacity management has become the top priority of our country's economic work.The government has also adopted a series of measures to control overcapacity,such as the Central Committee of the Communist Party of China at the Third Plenary Session of the 18th CPC Central Committee on the comprehensive reform of a number of major issues,and put forward the "Establish and perfect long-term mechanism for preventing and resolving overcapacity".With the implementation of a series of measures,the problem of overcapacity has not been well solved.Some experts and scholars have pointed out that under the background of economic entry into the new normal,China is gradually moving towards a free competitive market economy,the pattern of industry monopoly is gradually broken,and the standardized manufacturing which adheres to the traditional management mode can no longer meet the market demand.Under the background of gradual reform,innovation is the only choice for enterprises to adapt to development,and the governance of overcapacity must rely on technological innovation.Therefore,this paper intends to study its impact on overcapacity from the perspective of technological innovation.Based on the data of manufacturing listed companies from 2010 to 2017,this paper empirically studies the influence effect and mechanism of enterprise technological innovation on overcapacity.It is found that enterprise technological innovation can significantly promote the improvement of capacity utilization ratio,and the stronger the innovation ability,the higher the capacity utilization rate of the production capacity.On this basis,using total factor productivity as the intermediary variable between technological innovation and overcapacity,it is found that technological innovation not only directly promotes the improvement of capacity utilization rate,but also indirectly promotes the improvement of capacity utilization rate through total factor productivity.In view of the characteristics of high risk,high uncertainty and positive externality obtained by enterprise technological innovation,the government needs to intervene.Based on this,this paper studies the regulating effect of government science and technology subsidy on technological innovation and overcapacity,and finds that science and technology subsidy can strengthen the effect of enterprise technological innovation to promote capacity utilization.Furthermore,this paper examines the heterogeneity of the impact of technological innovation on overcapacity from the enterprise level,industry level and regional level respectively.The results show that the promoting effect of technological innovation on capacity utilization rate of large-scale enterprises is higher than that of small-scale enterprises,and that of non-state-owned enterprises is higher than that of state-owned enterprises.The promoting effect of technological innovation on capacity utilization rate in high-tech industry is higher than that in low-tech industry,and the promoting effect of technological innovation in high-level financial development area is higher than that in financial development level.In view of these heterogeneity,this paper attempts to explain the difference of science and technology subsidies.