产能过剩与资本市场

Overcapacity and Capital Market

中文关键词:  产能过剩  资本引入  资源配置  资本市场  财务行为

英文关键词:overcapacity  capital introduction  resources allocation  capital market  financial behavior

中文摘要:

      当前,学术界对产能过剩的研究更多的是从宏观经济视角和中观行业视角进行。然而,产能过剩首先是一个微观概念,通常是指某一企业能够提供的生产量大于市场对其的需求量。因此,上述研究并没有考虑影响行业产能过剩的微观因素——企业的管理与治理。文章通过对资产负债表的结构性分解,对企业的资本引入战略、资源配置战略与产能过剩的关系进行了理论分析,并归纳了企业产能过剩的主要财务表现,深入剖析了产能过剩与资本市场之间的微观传导机理及其经济后果。在此基础上,针对资本市场与上市公司管理等方面的问题提出了若干政策建议。

英文摘要:

      The current researches on overcapacity are mainly conducted from the perspectives of macro economy and meso industry. However, overcapacity is first and foremost a micro concept, which usually refers to the fact that the products an enterprise supplies are more than the amount demanded. Therefore the researches mentioned above neglect the micro factors relating to the overcapacity of an industry—the management and governance of enterprises. Through structural decomposition of balance sheet, this paper conducted a theoretical analysis of the relationship among the strategies for introducing capitals, strategies for allocating resources and overcapacity, and summarized the main financial manifestation of overcapacity of an enterprise, explored the micro conduction mechanism between overcapacity and the capital market and its economic consequences, and put forward some policy suggestions for capital market and the management of listed companies. 