制造业服务化对企业绩效的影响——基于广东省上市公司数据的PSM-DID实证分析

Influence of Servitization in Manufacturing on Enterprise Performance-PSM-DID Empirical Analysis Based on the Data of Listed Companies in Guangdong Province

制造业服务化是制造业企业获取竞争优势和产业转型升级的重要途径。本文选取2008-2018年广东省293家上市公司的面板数据,用PSM-DID模型实证检验了制造服务化对广东省制造业企业绩效的影响。研究结果显示:从总体上看,制造业服务化显著提升了广东省制造业企业绩效,但这一效应存在时间上的滞后性且其影响随时间衰减;制造业服务化对企业绩效的影响效果在时间上近似呈现“先下降,后上升,再下降”的动态变化。从服务化方式看,与现有产品存在“战略匹配关系”的嵌入式服务化发展显著提升了企业绩效;而混入式服务化发展的制造业企业绩效则明显下降;从所有制和区域看,非国有制造业企业、珠三角地区制造业企业服务化获得绩效改善的效果较为明显且持久;国有制造业企业绩效的提升需要较长时间才能得以显现;粤东西北地区制造业企业绩效在考察期内提升不明显。

Servitization in manufacturing is a crucial approach for manufacturing enterprises to gain competitive advantages and complete industrial transformation and upgrading.The panel data of 293 listed companies in Guangdong Province from 2008 to 2018 are selected,and the influence of servitization in manufacturing on the performance of manufacturing enterprises is empirically tested via the PSM-DID model.The results show that:(1)On the whole,servitization in manufacturing significantly improves the performance of manufacturing enterprises in Guangdong Province.This effect,however,lags behind temporally and its influence decays with time;the effect of such servitization on enterprise performance shows a dynamic change of"first decline,then rise,and then decline"temporally.(2)In terms of service modes,the embedded service development with"strategic matching relationship"with existing products has significantly boosted enterprise performance.However,the performance of manufacturing enterprises with mixed service development decreases sharply;(3)From the perspective of ownership and regions,the effect of servitization performance improvement of non-state-owned manufacturing enterprises and manufacturing enterprises in the Pearl River Delta region is obvious and lasting.It takes a long time to upgrade the performance of state-owned manufacturing enterprises.The performance of manufacturing enterprises in the eastern and western regions of Guangdong has not improved apparently during inspection.