制造业产出服务化对企业绩效的作用机制--基于产品市场竞争的视角

制造业服务化是先进制造业与现代服务业融合的重要内涵之一,按生产关系分为投入服务化和产出服务化,产出服务化反映了制造企业向“微笑曲线”两端服务环节转型。基于产品市场竞争视角,从市场势力和产品差异化两方面探究制造业产出服务化对企业绩效的作用机制,并通过构建产出服务化测算指标,选取2008-2018年中国1987家上市公司的面板数据,运用PSM-DID方法对制造业产出服务化与企业绩效的关系进行实证检验。研究表明:(1)制造业产出服务化显著提升了企业绩效,但存在明显的地域与所有制差异。东部、中部地区以及民营制造企业产出服务化对企业绩效的提升效果较为显著,西部地区以及国有制造企业绩效的提升在考察期内并不明显,外资企业产出服务化降低了企业绩效水平;(2)制造业产出服务化可通过“市场势力”效应和“产品差异化”效应共同促进企业绩效水平的提升。但在地域与所有制上差异显著,东部、中部地区以及民营制造企业存在“市场势力”效应和“产品差异化”效应,西部地区、国有以及外资制造企业产出服务化虽能有效提高企业的市场势力和产品差异化水平,但对企业绩效水平的提升并不明显。因此,应从市场环境、社会分工、人力资本积累等方面为制造业服务化提供保障,帮助制造企业获取竞争优势。

The Mechanism of Servitization of Manufacturing Output on Enterprise Performance--Based on the Perspective of Product Competition Market

Service-oriented manufacturing is one of the important connotations of the integration of advanced manufacturing and modern service industries.According to production relations,it can be divided into input servitization and output servitization.Output servitization reflects the transformation of manufacturing enterprises to service links at both ends of“smile curve”.Based on the perspective of product market competition,this paper explores the effect mechanism of output servitization of manufacturing industry on enterprise performance improvement from two aspects of market power and product differentiation,and uses PSM-DID model to empirically test the relationship between output servitization of manufacturing industry and enterprise performance by constructing the measurement index of output servitization and selecting the panel data of 1987 listed companies in China from 2008 to 2018.Research shows that:(1)The service-oriented transformation of manufacturing output has significantly improved corporate performance,but there are obvious differences in regions and ownership.The servicization of output in the eastern,central and private manufacturing enterprises has a significant effect on the improvement of corporate performance.The performance improvement of the western region and state-owned manufacturing enterprises is not obvious during the inspection period.The transformation of output servicing in foreign-funded enterprises has reduced the performance of enterprises.(2)The servicization of manufacturing output can jointly promote the improvement of corporate performance through the effects of“market power”and“product differentiation”.However,there are significant differences in regions and ownership.The eastern,central and private manufacturing companies have“market power”effects and“product differentiation”effects.The western region,state-owned and foreign-funded manufacturing companies'output servicing can effectively improve the level of market power and product differentiation,but the improvement of corporate performance is not obvious.This article provides micro evidence for the transformation and upgrading and performance improvement of Chinese manufacturing enterprises.