数字化转型、服务化融合与制造业企业绩效提升——兼论经济政策不确定性的调节效应

Digital Transformation,Servitization Integration and Performance Improvement of Manufacturing Firms:On the Moderating Effect of Economic Policy Uncertainty

引入经济政策不确定性作为调节变量,从嵌入式服务化和混入式服务化的双重融合视角,研究数字化转型提升制造业企业绩效的理论机制和作用路径。在此基础上,采用2008—2020年制造业A股上市公司数据对理论机制进行实证检验。研究结果显示:数字化转型能够提升企业绩效,嵌入式服务化发挥了正向中介作用,但在区域分布、所有制结构和技术水平等方面具有明显的异质性;数字化转型能够抑制混入式服务化中制造业企业的“脱实向虚”行为;经济政策的不确定性会增强数字化转型对嵌入式服务化的推动作用和对混入式服务化的抑制作用。

Introducing economic policy uncertainty as a moderating variable,we study the theoretical mechanism and the path of action of digital transformation to enhance the performance of manufacturing enterprises from the dual integration perspective of embedded servitization and mixed servitization.On this basis,the data of A-share listed companies in the manufacturing industry from 2008 to 2020 are used to empirically test the theoretical mechanism.The results of the study show that digital transformation can improve enterprise performance,and embedded servitization plays a positive mediating role,but there is obvious heterogeneity in regional distribution,ownership structure and technology level;digital transformation can inhibit the“off real to fictitious”behavior of manufacturing enterprises in mixed servitization.The uncertainty of economic policies will enhance the promotion effect of digital transformation on embedded servitization and the inhibition effect on mixed servitization.