期刊
JOURNAL OF BUSINESS RESEARCH
卷 147, 期 -, 页码 348-361出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jbusres.2022.04.005
关键词
Technological innovation; Overcapacity; Enterprise competitiveness; Overinvestment; Enterprise heterogeneity
类别
资金
- National Social Science Fund of China [18ZDA093]
- Natural Science Foundation of Zhejiang Province [LQ20G030002]
This study empirically tests publicly listed firms in China and proves that technological innovation can curb overcapacity by enhancing enterprise competitiveness and reducing overinvestment. The study also finds that enterprise heterogeneities moderate this causal relationship. Moreover, for firms with a relatively high level of technological innovation, the negative impact of overinvestment on capacity utilization diminishes.
Enterprises were shown to increase excess capacity more cost-effectively owing to technological improvements in the United States. However, technological backwardness is considered a cause for overcapacity in China. This divergence inspires deep investigation into the holistic roadmap from technological innovation to overcapacity. This study theoretically extends the endogenous growth model, constructs mediating and moderating effect models, and empirically tests publicly listed firms in China. It proves that technological innovation curbs overcapacity through enhancing enterprise competitiveness and reducing overinvestment. A variety of enterprise heterogeneities moderate the casual relationship. Moreover, for firms with a relatively high level of technological innovation, the negative impact of overinvestment on capacity utilization (CU) diminishes. Instead of implementing one-size-fits-all approaches, more attempts by the Chinese government on stimulating enterprises' innovation initiatives are necessary when modifying de-capacity policies. The market should be developed to better distinguish innovation quality and avoid overinvestment from the onset.
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