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

摘要： 以2008至2020年间沪深A股上市公司为研究样本,分析并检验了集团化组织结构对成员上市公司产能利用率的影响。研究发现,集团化组织形式能够产生显著的产能治理效应,附属于企业集团的上市公司产能利用率更高。企业集团提升成员企业产能利用率的主要作用机制在于:内部资本市场的“优胜者选择”效应能够有效提升产能决策效率、抑制过度产能投资;成员企业间内部交易机制、资本支出的挤出效应以及技术创新扩散效应能够促进过剩产能的调整,提升过剩产能治理效率。本文丰富了微观层面产能过剩治理机制的相关研究,对微观市场主体落实“去产能”的供给侧结构性改革要求具有一定的启示意义。

关键词: 企业集团, 产能过剩, 产能利用率, 供给侧结构性改革