| The problem of overcapacity is one of the chronic diseases that cannot be cured in China's industrial development over the years.The problems such as worsening the misallocation of resources,increasing the non-performing loan ratio of Banks and aggravating the distortion of resource input,have seriously affected the transformation and upgrading of China's industries and high-quality development.The2010 central economic work conference continued to emphasize the prevention and reduction of overcapacity and strive to remove the "cancer" that seriously affects China's economic development.Now,the state attaches great importance to the problem of overcapacity and has formulated a series of policies and measures to reduce overcapacity.Reducing overcapacity and improving the capacity utilization rate of enterprises are related to China's industrial transformation and upgrading and the optimization of economic structure.Merger and acquisition is an important means to improve the industrial structure,resolve low-end overcapacity and fosterenterprises' independent innovation ability.Mergers and acquisitions can restrain new capacity,adjust and optimize the industrial structure,in order to achieve sustainable industrial development.In this context,it is of great practical significance to study the impact of merger and acquisition on the utilization of capacity,which is conducive to finding the path of capacity optimization for industries with excess capacity and promoting the better development of China's industry.Steel,coal and other traditional capital-intensive industries of excess capacity management,is the focus of China's current economic work.In industries with excess capacity as the research object,this paper mainly studies M&A policies implemented by the government in the traditional industries with excess capacity influence on capacity utilization,consider whether the M&A activities can effectively improve capacity utilization,the government since 2010 on key industries to evaluate the effectiveness of the implementation of merger and reorganization of the policy.First of all,the capacity policy to reduce overcapacity to sort out,put forward research issues;Secondly,this paper focus on the relationship between merger and acquisition,capacity and capital structure,and puts forward the hypothesis of this paper.On this basis,the selection of Shanghai and Shenzhen two city from 2008 to 2018 steel,cement,coal industry listed companies as the research object of this paper,DEA method is used to measure the enterprise during the period of capacity utilization,selects the assumption of double difference model to do empirical analysis,the synthesis methods of control and choose the sample regression and to stability test,the empirical results of this article conclusion;Finally,according to the main problems raised in the analysis of the status quo and the conclusions drawn in the empirical research,countermeasures are proposed.The empirical results show that merger and reorganization can effectively improve the capacity utilization rate of enterprises.The model shows that merger and reorganization can promote the capacity utilization rate of enterprises to increase by2.34%,and the policy effect shows a lag of about 2 years.The nature of enterprises has significant difference in promoting effect.Non-state-owned enterprises' merger and reorganization has better optimization effect on capacity than state-ownedenterprises,which is more conducive to the improvement of enterprise capacity.The optimization effect of M&A with low asset-liability ratio is significantly higher than that with high asset-liability ratio.The government should provide more accurate policy support to enterprises in industries with overcapacity,establish a long-term mechanism of market-oriented overcapacity reduction and industry integration,and ensure the effective implementation of merger and acquisition policies,give full play to policy effect to reduce overcapacity and optimize the utilization rate of enterprises' capacity. |
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