关键词: 企业集团, 产能过剩, 产能利用率, 供给侧结构性改革

Abstract: This paper analyzes the effect of business groups structure on the capacity utilization rate using data of listed companies in Shanghai and Shenzhen A-shares between 2008 and 2020. The research finds that the business group organization has significant capacity governance effect, and the listed companies affiliated with business groups have higher capacity utilization rate. The mechanism of overcapacity governance of business groups includes the following: The winner-picking effect of the internal capital market can improve the capacity decision-making efficiency and restrain excessive capacity investment; The intra-group resources transactions, the crowding-out effect of capital expenditure among group members, and the diffusion effect of technology and innovation can promote the adjustment of overcapacity and improve overcapacity governance efficiency. This paper enriches the research on overcapacity governance mechanism at the micro level, and provides enlightenment for the micro market entities to implement the supply-side structural reform requirements of “reducing excessive capacity”.

Key words: Business Groups, Overcapacity, Capacity Utilization Rate, the Supply-side Structural Reform