智能制造影响下的企业绩效——基于中国上市公司年报文本分析的经验证据

Enterprise Performance Under the Influence of Intelligent Manufacturing——Empirical Evidence Based on Text Analysis of Annual Reports of Chinese Listed Companies

党的十八大以来,智能制造的发展水平和应用规模大幅提升,对社会生产也产生了深刻的影响。本文以我国2009~2021年沪深A股上市公司为样本,通过对上市公司年报进行文本分析构建了企业层面“智能制造”衡量指标,并使用美国、意大利两个国家智能制造指数的平均值作为工具变量,运用2SLS回归方法克服内生性后最终发现智能制造显著提高了公司包括生产效率、发展能力以及盈利能力在内的绩效水平。这一影响在劳动力密集度高、低技能劳动力占比高以及民营企业中更为明显。本文有利于为政府制定智能制造相关政策以及企业采用智能制造相关技术提供借鉴依据。

Since the 18th National Congress of the Communist Party of China,the development level and application scale of intelligent manufacturing have significantly improved,and it has also had a profound impact on social production.This article takes Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2021 as a sample,constructs a measurement index of“intelligent manufacturing”at the enterprise level through text analysis of the annual reports of listed companies,and uses the ave⁃rage of the intelligent manufacturing indices of the United States and Italy as instrumental variables.After overcoming endogeneity u⁃sing 2SLS regression method,we find that intelligent manufacturing significantly improves the company's performance level,inclu⁃ding production efficiency,development ability and profitability.This impact is more pronounced in high labor intensity,high pro⁃portion of low-skilled labor,and private enterprises.This article provides a reference for the government to formulate policies rela⁃ted to intelligent manufacturing and for enterprises to adopt intelligent manufacturing related technologies.