制造业服务创新与上市企业生存问题的实证分析——基于生存模型的研究

Empirical Analysis of the Impact of Service Innovationon the Survival of Listed Manufacturing Enterprise:Based on the Research of the Survival Model

关注于制造企业服务创新问题的文献并不缺乏,但现有研究很少关注于服务创新对于企业生存问题的影响,文章以我国沪深两市上市制造企业为样本,分析制造业的服务化对于企业破产退市产生的作用。研究表明,尽管服务创新并没有与企业退市行为产生显著的相关性,但在特定的资源条件或是业务结构等环境背景下,企业提供产品相关型服务或是无关型服务却会对其生存能力造成影响,进行多元化经营的企业,提供产品相关型服务可以有效降低退市风险,而拥有足够丰富的冗余资源则可以通过非相关型服务降低退市风险。总体上,企业不能寄希望于通过服务创新降低企业的退市风险。此外,在不同产权结构、不同地区以及不同行业部门内的企业,其环境因素在服务创新战略实施过程中产生的调节效应也有所差异。

There is no shortage of documents focusing on service innovation of manufacturing enterprises,but existing researches seldom pay attention to the impact of service innovation on the survival of enterprises.This paper uses listed manufacturing enterprises in Shanghai and Shenzhen Stock Market as samples to analyze the impact of manufacturing industry servitization on corporate bankruptcy and delisting.Studies have shown that although service innovation does not have a significant correlation with the delisting behavior of enterprises,under certain environmental backgrounds,such as some specific resource conditions or business structure,enterprises providing product-related services or irrelevant services will survive.The risk of delisting will be effectively reduced if enterprises diversify their business and provide product-related services,while having sufficient redundant resources can reduce the risk of delisting through non-related services.In general,companies cannot rely on service innovation to reduce their delisting risks.In addition,the regulatory effects of environmental factors on the implementation of service innovation strategy are also different among enterprises in different property rights structures,regions and industries.