Servitization, Industry Heterogeneity and Manufacturing Firm Performance

In the process of rapid economic development,the competition in the manufacturing industry is becoming more and more fierce.As a strategic measure for many manufacturing firms to successfully improve firm performance,servitization has gradually attracted the attention of more and more managers and scholars.The study collected and processed the annual reports of manufacturing firms that disclosed information on CNINF in 2017.Through a series of screening work,the annual reports of 260 firms were finally selected as sample data.Through the regression test of the data,this study mainly discusses whether the industry type can regulate the relationship between servitization and firm performance.The results show that servitization can have a positive impact on firm performance.In addition,industry type can be used as a moderating variable to moderate the relationship between servitization and firm performance.On this basis,this paper puts forward some suggestions and countermeasures for manufacturing firms.

Technological innovation paths toward green industry in China

With the environmental carrying capacity reaching its limits and the decreasing margin benefits of traditional production factors, the green transformation and green development through technological innovations has been a major direction for the future development of Chinese industries. However, the characteristics and heterogeneities of various types of industries call for different approaches regarding technological innovations. How to choose the most effective mode of technological innovation according to the characteristics of a certain industry has been a key issue. This paper measures the green total factor productivity of 32 industrial trades using the Slacks Based Measure(SBM)-DDF method. The effects of three innovation modes in the green transformation of industrial industry, including the independent innovation(Ⅱ), the technology introduction(TI), and the government support(GS), are empirically analyzed based on industry heterogeneity. Results indicate that the green total factor productivities of different industries show significant differences if taking into account the energy input and the undesirable output of pollutant emissions. The green total factor productivities of traditional high input,high pollution, and high energy consumption industrial trades were significantly lower than those with obvious green features. The year of 2009 is a leap year for the industrial green transformation in China. For resource-intensive industries, the II and the GS are the important ways to achieve green transformation. For labor-intensive industries, the TI is the best path to achieve green transformation, while for technology-intensive industries, the II is the primary driving force for the promotion of green developments. In addition, the innovation-compensating effect of the current Chinese environmental regulations to the resource-intensive industries has been revealed. Improving the overall scale and the industrial concentration of the industries is also beneficial for the green transformation of the industries.

Factor input structure,environmental policies,and the export quality upgrade:a perspective of heterogeneity

In the analysis of how environmental regulation affects the comparative advantage of trade,existing literature ignores industry's inherent heterogeneity, which draws remarkably different conclusions. In view of this, the paper analyzed the mechanism of environmental regulation on the export quality of different industries from the perspective of factor input structure heterogeneity. Based on the panel data of China's manufacturing industry, the paper used the system generalized method of moments method to examine the heterogeneity influence of environmental regulation on manufacturing export quality. The study found that, first, environmental regulation affected the export quality upgrade of the manufacturing sector through offset effect and compensation effect, and the direction of the impact would mainly depend on the industry's factor input structure. Second, for industries with larger fixed-asset investment(FAI) ratio in the factor input structure, the current environmental regulation policy was not conducive to the export quality upgrading of the industries. However, there was a significant U-shaped dynamic relationship between them. As environmental regulations became stricter, when regulatory stringency went beyond the inflection point, the policy would promote the upgrading of export quality. But for industries with smaller proportion of FAI, environmental regulation exerted a favorable impact on the export quality upgrade, following a J-shaped marginal growth curve.Third, for industries with different factor input structure, their export quality had been effectively upgraded as expected by factors like human capital investment, independent R&D, technology introduction, and foreign direct investment; but raising per capita capital stock and expanding enterprise size did not produce significant direct impact on export quality upgrade. These conclusions remained robust after using different measurement methods and replacing with other variables. Therefore, this paper suggests that governments should take industry heterogeneity into consideration and formulate differentiated hierarchical environmental policies.Besides, they should strengthen the enforcement of the current environmental regulation policies. By doing so, enterprises are forced to improve their technology and product quality so that they can better cope with rising compliance costs, eliminate backward industries, and resolve excess capacity. In this way, the economic structure would be transformed and upgraded from the supply side.

Research on Non-Dividend Behavior of Listed Companies

The dividends of listed companies are related to external factors such as the macroeconomic situation and the industry level of these companies.They may also be related to internal factors such as the company's financial status,equity structure,and their development cycle.This article analyzes the non-dividend listed companies in terms of the external and internal factors;focusing on industries with more non-dividend listed companies.