The determination of capacity utilization rate in Chinese enterprises is not relate donly to investment decisions,but also to the resource allocation effect of bank credit.Credit allocation determines whether the investment intention of enterprises can be realized.This article studies the impact of bank credit on capacity utilization.Firstly,by constructing a theoretical model,it is pointed out that al-though credit allocation can promote the improvement of enterprise capacity utilization through selection function,in the face of budget soft constraints,bank credit reduces enterprise capacity utilization by inducing a wave effect.Then,this article uses data from both the China In-dustrial Enterprise Database and the Listed Enterprise Database to construct enterprise level capacity utilization indicators.On this basis,this article empirically tests the relationship between bank credit,wave effect,and enterprise capacity utilization,and finds that bank credit in-vestment weakens enterprise capacity utilization by inducing wave effect.Finally,this article proposes that China should continue to promote financial reform and improve issues such as overcapacity in enterprises through financial means.
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