政治关联与企业产能过剩——基于政府治理环境视角的实证检验

Political Connection and Overcapacity ——An Empirical Examination Based on the Perspective of Governance Environment of Government

中文关键词:  供给侧改革  政治关联  信贷资源配置  政府治理环境  产能利用率  产能过剩

英文关键词:supply side reform  political connection  credit resources allocation  environment of government governance  capacity utilization  overcapacity

中文摘要:

      文章从社会资本视角,研究政治关联影响企业产能过剩的作用机理。在经济渐进式转轨背景下,政治关联的信贷资源配置功能可以助推企业产能扩张,进而形成产能过剩。以2005—2014年制造业上市公司为对象的实证检验表明,政治关联降低企业产能利用率,提升产能过剩概率。政府治理好的地区,政治关联降低产能利用率的作用更小,引发产能过剩的可能性更低。政治关联通过长期借款降低产能利用率。相比代表型关联,政府型关联降低产能利用率的作用更大,通过银行借款降低产能利用率的作用机制也更显著。国有企业政治关联导致产能利用率降幅更大,产能过剩概率更高。政治关联和金融关联在影响产能利用率方面,存在替代效应。在过剩行业中,政治关联对产能利用状况的负面影响更强。研究结论对于治理企业产能过剩问题具有一定的启示。

英文摘要:

      This paper studied the mechanism of political connection influencing overcapacity from the perspective of social capital. Under the background of gradual economic transition, the function of credit resources allocation of political connection can contribute to capacity expansion, which in turn leads to overcapacity. The empirical examination of listed manufacturing companies (2005—2014) shows that political connection can decrease the enterprises' capacity utilization and increase the overcapacity probability. In the regions with good government governance, political connection plays less role in decreasing enterprises' capacity utilization, and there is less possibility of causing overcapacity. Political connection decreases capacity utilization through long-term loan. Compared with being connected through being representatives, being connected through holding positions plays a greater role in decreasing capacity utilization, and its function of decreasing capacity utilization through bank loan is more obvious. The political connection of state-owned enterprises leads to greater decrease in capacity utilization, and makes overcapacity probability rise higher. There are substitution effects between political connection and financial connection in influencing capacity utilization. In industries with overcapacity, political connection exerts greater negative influence on capacity utilization. The research conclusion can offer implications for governing overcapacity. 