劳动力成本上升会倒逼制造业企业服务化转型吗?——异质性讨论与动机识别

本文基于2009—2019年中国A股制造业上市公司数据,测算了制造业企业服务化水平,实证分析发现:劳动力成本上升显著促进了制造业企业服务化转型。异质性讨论表明:高生产率、低融资约束和规模较大的制造业企业在应对劳动力成本上升时,服务化转型的意愿更大。动机识别检验表明:劳动力成本上升会弱化制造业企业市场势力,服务化转型对企业市场势力具有重塑效应;服务化与技术创新均是制造业企业应对劳动力成本上升的转型路径,二者间存在替代性。最后提出政策启示:促进人力资本深化,驱动劳动力数量优势向质量优势转型,是弥补劳动力成本上升短板的关键;利用新技术形态创造的新契机,是助力服务化转型迈向高级化和现代化的重要机遇;同时,应谨防制造业企业服务化转型过程中虚拟化和空心化趋势。

Will Rising Labor Cost Force Service-oriented Transformation of Manufacturing Enterprises?

Based on the data of China’s A-share manufacturing listed companies from 2009 to 2019, this paper measures the service level of manufacturing enterprises. Through empirical analysis, it is found that the rising of labor cost significantly promotes the service-oriented transformation of manufacturing enterprises. The discussion of heterogeneity shows that manufacturing enterprises with high productivity, low financing constraints and larger manufacturing companies are more willing to transform into service-oriented industries when dealing with the rising of labor costs. The motivation identification test shows that the rising of labor cost will weaken the market power of manufacturing enterprises, and the service-oriented transformation has a reshaping effect on the market power of enterprises;service-oriented and technological innovation are the transformation paths for manufacturing enterprises to deal with the rising of labor costs, and there is substitution between them. Finally, this paper puts forward policy enlightenment: promoting the deepening of human capital and driving the transformation from quantitative advantage to quality advantage is the key to make up for the shortcomings of rising labor costs;taking advantage of new opportunities created by new technological forms is an important opportunity to help service-oriented transformation move towards advanced development and modernization;at the same time, we should guard against the trend of virtualization and hollowing out in the process of service-oriented transformation of manufacturing enterprises.