产能利用率与全要素生产率提升——来自制造业上市企业的证据

任韬　张潇潭

（首都经济贸易大学统计学院）

　　内容提要：提升全要素生产率是实现经济高质量发展的关键。本文基于中国2007—2019年的制造业上市企业公开财务数据，利用成本函数法测算微观企业及其所在行业的产能利用率，并进一步探讨企业产能利用率与全要素生产率经济关联。回归结果显示，中国制造业上市企业中两项指标之间存在显著的正向因果关系，产能利用率的改善有助于企业全要素生产率的提升，稳健性检验结果同样支持这一结论。进一步的分析结果显示，对于企业产能利用率而言存在门限值，使得这一正向关系仅在高于门限值时成立。本文从新的角度说明化解产能过剩相关举措的重要意义。政府应继续监测重点行业产能利用率水平，逐步完善市场调节机制，以从源头上减少大规模产能过剩形成的可能性，促进全要素生产率提高。

　　

　　关键词：全要素生产率；技术进步；经济效率；产能利用率；产能过剩

　　

　　作者简介：任韬，首都经济贸易大学统计学院教授、博士生导师，北京，100070；张潇潭，首都经济贸易大学统计学院博士研究生。

　　

　　引用格式：任韬,张潇潭.产能利用率与全要素生产率提升——来自制造业上市企业的证据[J].经济与管理研究,2023,44(5):56-74.DOI:10.13502/j.cnki.issn1000-7636.2023.05.004.

　　

Capacity Utilization and Total Factor Productivity Improvement—Evidence from Listed Manufacturing Companies

REN Tao, ZHANG Xiaotan

　　(Capital University of Economics and Business, Beijing 100070)

　　

　　Abstract: Improving total factor productivity is the key to achieving high-quality development, but how to effectively achieve the goal still needs to be explored. Research on the capacity not only helps to improve market performance in China, but also facilitates the reform and development of the economic system. Therefore, this paper develops an econometric model using capacity utilization as a key indicator of efficiency to empirically investigate the internal logic and the total factor productivity of enterprises.

　　Specifically, this paper collects and collates public financial data of listed manufacturing enterprises in China from 2007 to 2019 and obtains necessary economic indicators through a series of methods and processes. Then, it measures the capacity utilization rate of micro-enterprises using the cost function method, and obtains the rate of selected manufacturing industries in aggregate. It also applies a regression model to explore the economic association with total factor productivity using capacity utilization rate as the explanatory variable. The empirical results of the regression model show that there is a significant positive causal relationship between total factor productivity and capacity utilization among the sample firms, confirming that improved capacity utilization contributes to enterprises’ total factor productivity. The finding remains valid after a series of robustness tests, including the endogeneity test. Furthermore, considering that firms with significant overcapacity may adopt different business strategies, such as drastically reducing R&D activities, the paper further analyzes whether the positive relationship is related to capacity utilization using a panel threshold model. The results reveal that there is a threshold value for capacity utilization, and the positive relationship holds only when it is above the threshold value.

　　This paper verifies the economic association between capacity utilization and total factor productivity and explains the importance of the Chinese government’s active initiatives to reduce overcapacity from a new perspective. It is suggested that the government should continue to monitor capacity utilization in key industries and gradually improve the market regulation mechanism to reduce the possibility of large-scale overcapacity formation in the early stages. At the same time, it should also pay more attention to the inter-industry differences when formulating relevant capacity policies, creating a favorable environment for business operations, and ensuring the long-term healthy development of innovation and production activities to achieve stable growth of total factor productivity.

　　Keywords: total factor productivity; technological innovation; economic efficiency; capacity utilization; overcapacity