Government Subsidies, Overinvestment by Enterprises and Overcapacity of New Energy Industry - Take China's Listed Photovoltaic Enterprises as an Example

In recent years, the Chinese government has given great support to the new energy industry, but in the process of the development of the new energy industry, the problem of overcapacity has arisen. In order to study the causes of excess capacity, we use the data of photovoltaic listed companies in China from 2010 to 2017 as samples, and use the oriented DEA method to calculate the capacity utilization rate. At the same time, we construct a fixed utility model to study the relationship between government subsidies, overinvestment and excess capacity. The results show that the influence of government subsidies on excess capacity is not deep, and excessive investment of enterprises is an important reason for excess capacity. In addition, the growth rate of business income and return on total assets are negatively and significantly related to overcapacity. To solve and eliminate the problem of overcapacity, the government, enterprises and the market should work together and adopt correct and reasonable countermeasures to solve it.