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《Reform》 2012-12
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Local Government Intervention,Enterprise Overinvestment and Over Capacity:26 Industry Samples

Wang Liguo Ju Lei  
Based on the theoretical derivation of the relationship of the three variables,taking China's manufacturing listed companies in 26 industries and industry data between 2005 and 2008 as sample,this theses empirically analyzes the mediating effect of enterprises overinvestment in the process of the effect of local government intervention on over capacity.We find that improper intervention of local governments may cause enterprises overinvestment,and then trigger the issue of over capacity.Internal costs externalization and state-owned enterprises expanding at a low cost caused by improper intervention of local government are all the main reasons of institutional over capacity of our country.We should seize the main problems to control the over capacity by making the top-level design and system planning.
【Fund】: 国家社会科学基金重大项目“抑制产能过剩与治理重复建设对策研究”(批准号:09&ZD026)
【CateGory Index】: F425;F224
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