“互联网+制造”的利润率溢价效应及其机制分析

Analysis of the Profit Rate Premium Effect by“Internet+”Manufacturing with its Mechanism

“互联网+制造”业已成为制造业转型升级的重要战略举措。本文基于资源基础理论和竞争战略理论构成的集成模型,以2010年至2017年中国沪深A股制造业上市公司为分析对象,考察了“互联网+”影响制造业企业利润表现的内在机理与传导渠道。研究发现,制造业企业的“互联网+”战略显著提升了利润率,“互联网+制造”的利润率溢价效应主要通过推进研发创新和增强供应链协同两项渠道实现。利润率溢价效应在成立年限越短、资本密集度越高以及城市互联网越发达的制造业企业样本中尤为显著。在考虑了内生性等一系列问题后,“互联网+制造”的利润率溢价效应依然稳健成立。进一步分析发现,“互联网+制造”的利润率溢价效应随着“互联网+”战略的实施时间增长而增强;“互联网+”与企业生产运营中的各个环节的融合均有助于提高制造业企业利润率。研究结果为“互联网+制造”战略的效果评估提供了更为全面细致的经验证据,有助于推进“互联网+制造”企业战略融入“互联网+”国家战略,襄助制造业转型升级并实现价值链攀升。

"Internet+Manufacturing"has been an important strategic measure to achieve transformation and upgrading for manufacturing industry.Based on an integrated model consisting of resource base theory and competitive strategy theory,this paper examines the inherent mechanism and transmission channels of the impact of"Internet+"on the profit performance of manufacturing enterprises using listed manufacturing companies from 2010 to 2017 as the object of analysis.The study found that the implementation of"Internet+Manufacturing"strategy can significantly improve the profitability of manufacturing firms,mainly through two channels:increasing R&D innovation and enhancing supply chain collaboration.This empowering effect is more remarkable in the sample of manufacturing firms with shorter firm establishment,higher capital intensity and better urban Internet development.The conclusion remains valid after considering a series of issues such as endogeneity,and"Internet+Manufacturing"generates a robust profit rate premium.Further analysis reveals that:the profit-promoting effect of"Internet+Manufacturing"on manufacturing firms increases as the duration of"Internet+"becomes longer;the relationship between"Internet+"and firms'production and operation is more pronounced than that between"Internet+"and firms'production and operation.The integration of the various components in the process helps improve the profits of manufacturing companies.The research results provide more comprehensive and meticulous empirical evidence for the evaluation of"Internet+Manufacturing"strategy,which will promote the"Internet+Manufacturing"corporate strategy to integrate into the"Internet+"national strategy,help the manufacturing transformation and upgrade and realize the value chain rising.