经济政策不确定性对制造业企业服务化的影响

Impact of Economic Policy Uncertainty on Manufacturing Enterprises Servitization

制造业服务化已成为研究的热点,然而,在当今经济政策不确定性不断升高的背景下,制造业企业服务化所受影响尚不明确。适当拓展异质性企业模型,并运用中国制造业企业微观数据构建计量模型进行经验检验。经济政策不确定性对企业的服务化决策和服务化水平均有显著的负向作用,且经过一系列稳健性和内生性检验,该结论依然成立。从需求侧和供给侧进行作用机制识别,经济政策不确定性通过减少市场需求和增加企业内部成本进而负向作用于制造业企业服务化。

Manufacturing industry servitization has become a hot area of research.However,the impact on service-oriented manufacturing enterprises is still unclear in the background of increasing economic policy uncertainty.This paper expands heterogeneous firm model properly and uses the micro data of China's manufacturing enterprises to construct an econometric model for empirical test.Economic policy uncertainty has a significant negative effect on enterprise s servitization decision and servitization level.This conclusion remains true after a series of robustness and endogeneity tests.In the paper,the mechanism is identified from supply side and demand side.Economic policy uncertainty affects manufacturing enterprises servitization by reducing market demand and increasing internal cost.