产能过剩的成因:行业差异、补贴与融资
首发时间:2019-11-06
摘要:本文从地方政府、两企业博弈视角下探究产能过剩的成因。通过比较静态分析法探究企业扩建产能的动力,再建立两阶段博弈模型,从行业外、行业间、行业内三个角度分析产能过剩影响因素及企业异质性成因并利用计量分析实证检验结论的正确性。结果表明:政府补贴会提高产能过剩风险;价格弹性高的行业不容易发生产能过剩,且价格弹性对企业产能利用率影响不单调;融资成本与产能过剩程度正相关,融资成本的差异对企业产能利用率的影响有溢出性。
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Causes of Overcapacity: Industry Difference, Subsidies and Financing
Abstract:This thesis studies the causes of overcapacity in the perspective of the game among local government and two enterprises. This paper explores the internal motivation of enterprises to expand production capacity with comparative static methods and establish a two-stage game model so that the factors affecting overcapacity and enterprise heterogeneity under the market competition can be analyzed through these three dimensions-outside, between and within the industry and the conclusions passed the empirical test of quantitative analysis. The model shows that government subsidies outside the industry will increase the overcapacity; The higher the price elasticity of demand, the lower the risk of overcapacity, and the impact of the demand price elasticity on the capacity utilization rate of a single enterprise is not monotonous; The financing cost within the industry is positively related to the degree of overcapacity and the difference in financing costs has a spillover effect on the capacity utilization of enterprises.
Keywords: Overcapacity Game Theory Enterprises Heterogeneity Local Government Empirical Test
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产能过剩的成因:行业差异、补贴与融资
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