数字化能否调节产品创新与服务转型的交互效应——基于A股制造业上市公司的实证研究

基于2012—2019年沪深两市668家A股制造业上市企业面板数据，实证检验产品创新与服务转型对企业绩效的交互效应，利用Python文本挖掘技术构建数字化指标，研究数字化对两者交互效应的调节作用。结果表明：产品创新和服务转型两者间的交互效应与制造业服务化水平有关，随着服务化水平提高，交互效应表现为U型关系；数字技术能够显著促进产品创新与服务转型协同发展，使两者交互的U型曲线拐点向左移动。进一步分析表明，大型民营企业引进数字技术对两者交互效应的调节作用更为显著。结论有利于促进制造企业产品创新与服务转型协同，对于实现高质量发展具有重要现实意义。

Can Digitization Adjust the Synergy between Product Innovation and Service Transformation？An Empirical Study Based on A-share Manufacturing Listed Companies

Since the outbreak of the global COVID-19 pandemic, the world economy has continued to decline. The external demand market is sluggish, the risk of trade frictions has increased, and the price of factors has risen across the board. Since the reform and opening up, China's export-oriented economic development model has relied on the comparative advantages of labor and other primary factors. In this complex environment, this model is unsustainable and thus the CPC Central Committee puts forward a new development scheme “prioritizing the domestic big cycle and mutually promoting the domestic and international double cycles".This is an important strategic measure to cope with the unprecedented economic changes in the world from the past century till now, and at home and abroad. #br#Manufacturing enterprises play an important role in the construction of a new dual-cycle development pattern, and their high-quality development is related to the overall development of the economy. Under the background of “dual cycle”, product innovation and service transformation are important aspects for the outstanding development of manufacturing companies. Many companies choose to promote both product innovation and service transformation strategies in their productive and operational practices, expecting to create the synergy between each other. However, due to the limitation of resources and capability, these promotions often lead to internal resource competition, which calls for urgent consideration from manufacturing enterprises to create the synergy of the two on enterprise performances. #br#Existing studies have explored the complex relationship between product innovation and service transformation from different perspectives, reaching a preliminary consensus that digital technology can help promote the strategic synergy between these two at a practical level, and revealing the relationship and mode of influence between each other. However most of the existing studies have explored the one-way promoting relationship between product innovation and service transformation, with few discussing the dynamic interaction between the two. At the micro level, the dynamic interaction mechanism between product innovation and service transformation is still a “black box” that requires further study. Besides many case studies are without necessary supporting theories. Finally, there is still no study on how the interactive relationship between product innovation and service transformation in the digital context is affected by the transformation of corporate digitization, which asks for further analysis. This paper argues that if the theoretical and empirical basis is developed by simply studying the one-way relationship between product innovation and service transformation while ignoring the dynamic interaction between each other and the regulation effect of digitalization, the manufacturing enterprises that adopted such basis may encounter resource conflicts in the process of pursuing rapid development, which in turn might be unfavorable to the high-quality development of manufacturing enterprises.#br#Therefore, this paper applies the knowledge-based view theory and uses the panel data of 668 listed companies in the A-share manufacturing industry in China's Shanghai and Shenzhen stock markets from 2012 to 2019 to bring product innovation and service transformation into the same framework, and empirically tests the interactive effect of the two on enterprise performance. With focus on the dynamic interaction between product innovation and service transformation in manufacturing enterprises, it constructs digital indicators by using python text mining technology, studies the regulating effect of digitalization on the interaction between them, and analyzes the mechanism of digital technology regulating the two strategies in order to provide some practical guidance for the high-quality development of manufacturing enterprises.#br#It is concluded that the interaction effect between product innovation and service transformation is related to the service level of manufacturing industry. With the improvement of service level, the interaction effect shows a U-shaped relationship with inhibition first followed by promotion; the introduction of digital technology by manufacturing enterprises will significantly promote the coordinated development of product innovation and service transformation and move the inflection point of the U-shaped curve to the left; further discussion on the heterogeneity between enterprise types shows that the interactive effects between product innovation and service transformation vary among enterprises with different ownership and scales, as well as the moderating role of digitalization.The research results are conducive to promoting the synergistic results of product innovation and service transformation of manufacturing enterprises, and have important practical significance for realizing high-quality development.#br#