| Adam Smith pointed out in a study on the nature and causes of national wealth that the government should not intervene in the economy by administrative means,and rational people can achieve the optimal allocation of social resources by pursuing profits in the free market,crowding out and competing with each other.However,due to the existence of defects such as monopoly,externality and information spillover,market failure exists and social welfare will be damaged accordingly.At this time,the government needs to use administrative power as a "visible hand" to intervene in the economy and make up for market failure.With its unique characteristics of environmental protection,cleanliness and sustainability,photovoltaic industry has an absolute advantage over traditional resource industry and is regarded as the choice of future industrial development by most countries in the world.Since the "renewable energy law enacted in 2005,our country environmental protection such as photovoltaic energy industry as the key part of strategic development,directly by fiscal subsidies,preferential income tax,financial investment loans to support the implementation of a series of means such as industrial support subsidy policy,upgrade the structure of the supply side,and eliminate backward production capacity.In the early stage,the production capacity of photovoltaic and other emerging industries expanded rapidly,and the government intervention achieved good results.However,due to ignoring the construction of the demand side and blindly expanding the production capacity construction through policy norms,the imbalance between supply and demand structure resulted in the industrial overcapacity,which further affected the upgrading of China’s industrial structure and hindered economic development.At the same time,there are different disputes in the academic world about whether the government’s industrial policy intervention in industrial development is effective or not.Therefore,it is of great theoretical significance and practical value to study the relationship between overcapacity in strategic emerging industries and government industrial policy intervention.This paper mainly from the perspective of industrial policy intervention,the formation of the photovoltaic industry overcapacity path of theoretical empirical analysis.The full text mainly includes three parts.Firstly,relevant theoretical literature is sorted out.This paper makes a detailed theoretical analysis on whether industrial policy intervention in market economy is effective or not.Then the concept of excess capacity is defined,and it is considered that "supply exceeds demand" in benign market competition is a normal phenomenon,and there is a difference between actual output and theoretical production capacity.Only when this difference exceeds a certain limit,it is considered that the industry has excess capacity.Further sorting out the relevant literature of photovoltaic industry overcapacity,the current research mainly focuses on the empirical analysis of improper government intervention and industrial supply and demand imbalance.Secondly,the development status of the photovoltaic industry is described,and the photovoltaic industry chain is divided into the upper,middle and lower links to analyze the development status of each link.And the production function method is adopted to calculate the capacity utilization rate by using the three indexes of industry capital input,labor force and output level.It is concluded that the whole industry chain of the photovoltaic industry has overcapacity and different industry chains have different characteristics due to their different technical characteristics.Then from the market failure theory,industrial structure transformation theory,technology development theory,leading to the necessity of industrial policy intervention.After that,the photovoltaic industry policies since the promulgation of renewable energy law in 2005 are systematically sorted out.On the one hand,policy supply causes enterprises to expand production scale:(1)lowering barriers to entry--legal encouragement and policy guidance;(2)excessively reducing production costs of enterprises--policy subsidies.On the other hand,the structure of industrial policy is unbalanced.There are too many subsidies for production,investment and consumption,and too few incentives for research and development.Then,this paper builds a classic cournot game model is derived by government industrial policy subsidies mechanism of excess production capacity,and then refine the photovoltaic industry policy subsidy effect,from direct financial subsidies,subsidies business investment,technology innovation and three aspects analyzes the its impact of excess production capacity,and accordingly puts forward three research hypotheses.Finally,based on the above theoretical analysis,the panel model is constructed for empirical test.The relevant financial data of 24 listed photovoltaic enterprises from2008 to 2017 are taken as panel data,direct fiscal subsidies,enterprise investment subsidies and technological innovation subsidies are taken as explanatory variables,and the excess capacity rate is taken as the explanatory variable.The results show that there is a significant positive correlation between the direct financial subsidy from the government and the investment subsidy from enterprises and the overcapacity of the photovoltaic industry,especially in the middle and downstream photovoltaic module power generation link with low technology.Although technological innovation subsidy is also a policy subsidy,it can significantly improve the utilization rate of capacity and prevent overcapacity.According to the above research conclusions,this paper believes that the government can alleviate the problem of overcapacity in China’s photovoltaic industry by improving the supervision of government industrial policies,adjusting the fiscal subsidy policy structure of the photovoltaic industry,and strengthening financial budget constraints. |
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