投资(军事)
经济干预主义
中国
业务
煤
干预(咨询)
政府(语言学)
地方政府
市场经济
经济政策
产业组织
财务
经济
工程类
政治
废物管理
政治学
公共行政
哲学
精神科
法学
语言学
心理学
作者
Yan-Fang Zhang,Ming Zhang,Yue Liu,Rui Nie
出处
期刊:Energy Policy
[Elsevier]
日期:2017-02-01
卷期号:101: 162-169
被引量:77
标识
DOI:10.1016/j.enpol.2016.11.036
摘要
Abstract Long-term management of China's coal overcapacity depends on the targeted policy guidance on industry production capacity expansion in the overcapacity formation process. In this study, coal enterprise and local government are treated as game participants, and a three-stage dynamic game model has been developed to depict the boosting effect of the game behavior of coal enterprise's and local government's capacity investments in different markets of supply and demand. The results are shown in the following: (1) local government has been the behind-the-scenes operator of over-investment and redundant construction, and its excessive interventions in coal industry investment have been the primary cause of overcapacity formation; (2) when the market is in short supply, coal enterprise's optimal behavior is to continuously increase the rate of investment growth until it reaches the threshold to obtain the maximum excess profits, ultimately leading to overinvestment in the industry; and (3) the key factors affecting the game abilities of coal enterprise and local government are the market's self-regulation and the central government's supervision intensity. Although the Chinese government, a highly vertically oriented bureaucratic structure, is implementing a mandatory de-capacity policy to alleviate the intensity of excessive coal capacity, it is not a long-term regularization on the supply-side reform.
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