The Complementary Effect of Service Transition and Product Innovation on the High-quality Development of Manufacturing Enterprises
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摘要: 基于复合基础观，以2013—2018年我国A股制造业上市公司数据为样本，探索服务转型与产品创新对制造企业高质量发展的互补效应及其作用机理。研究发现：客户导向服务转型与突破式创新对制造企业高质量发展具有显著互补效应；产品导向服务转型与渐进式创新对制造企业高质量发展的互补效应不显著。进一步将研究扩展至企业成长的动态视角，发现成长期、成熟期和衰退期的制造企业实施客户导向服务转型与突破式创新的复合式战略能够驱动企业高质量发展；淘汰期制造企业实施产品导向服务转型与渐进式创新的复合式战略则更有利于企业高质量发展。研究结论有利于解决制造企业服务转型与产品创新的战略选择难题，对于促进企业实现高质量发展具有借鉴意义。Abstract: Taking A-share manufacturing listed companies from 2013 to 2018 as a sample, this paper, with composition-based view theory, explores the complementary effect of service transition and product innovation on the high-quality development of manufacturing enterprises. It is found that customer-oriented service transition and radical innovation have significant complementary effects on the high-quality development of manufacturing enterprises, while the complementary effect of product-oriented service transition and incremental innovation on the high-quality development of manufacturing enterprises is not significant. From the dynamic perspective of enterprise growth, it is found that the implementation of customer-oriented service transition and radical innovation in manufacturing enterprises in their growth, maturity and recession can drive the high-quality development of enterprises; in the phase of elimination manufacturing enterprises to implement the product-oriented service transition and incremental innovation of the compound strategy is more conducive to improving the quality of enterprise development. The findings of this study have implications for solving the strategic choices of service transition and product innovation in manufacturing enterprises and driving enterprises to realize high-quality development.
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表 1 变量定义与描述性统计
变量 变量定义 均值 标准差 全要素生产率(Lntfp) LP计算法 8.16 0.96 产品导向服务转型(Surp) 企业每年产品服务收入占主营收入比重 0.09 0.47 客户导向服务转型(Surc) 企业每年客户服务收入占主营收入比重 0.23 0.74 渐进式创新(Incre) 每年实用新型和外观设计专利申请个数 1.61 1.56 突破式创新(Break) 每年发明专利申请个数 1.51 1.43 资产负债率(Lev) 负债总额/资产总额 0.39 0.19 企业年龄(Age) 当前年份与企业成立年份的差值 8.48 6.80 股权集中度(Gqjzd) 三大股东持股比例 0.42 0.09 经营绩效(Roa) 总资产收益率 0.04 0.05 冗余资源(Rongyu) 流动资产/流动负债 1.16 0.51 企业性质(Soe) 国企=1；民营=0 0.26 0.43 
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表 2 静态面板估计结果
变量 Lntfpi, t
(1)Lntfpi, t
(2)Lntfpi, t
(3)Lntfpi, t
(4)Lntfpi, t
(5)Lntfpi, t
(6)Surp 0.010 6
(0.735 1)0.030 5
(1.278 4)Incre 0.136 3***
(23.351 9)0.137 4***
(23.015 4)Surp×Incre -0.011 7
(-1.219 5)Surc 0.069 0***
(5.468 1)-0.011 4
(-0.674 0)Break 0.149 8***
(24.598 3)0.134 9***
(21.550 0)Surc×Break 0.036 7***
(6.427 1)Lev 2.420 5***
(25.609 4)2.2834
(25.274 5)2.281 4***
(25.242 7)2.399 3***
(25.609 2)0.149 8***
(24.598 3)2.150 1***
(23.862 6)Age 0.038 1***
(19.638 1)0.041 7
(22.693 8)0.041 7***
(22.705 7)0.038 1***
(19.829 0)0.042 0***
(23.245 3)0.041 4***
(23.024 6)Gqjzd 0.949 6***
(9.612 8)0.940 4***
(10.011 8)0.940 1***
(10.010 0)0.979 8***
(9.909 4)1.020 3***
(10.933 9)1.025 7***
(11.040 5)Roa 6.182 9***
(31.041 0)5.580 4***
(29.432 2)5.583 9***
(29.444 5)6.214 1***
(31.168 3)5.435 0***
(28.853 4)5.468 1***
(29.062 4)Rongyu -0.004 2
(-0.146 3)0.014 4
(0.519 8)0.014 6
(0.528 9)-0.004 9
(-0.172 0)-0.015 8
(-0.573 2)-0.024 1
(-0.877 3)Soe 0.197 2***
(7.366 6)0.164 8***
(6.507 0)0.164 8***
(6.498 2)0.195 7***
(7.352 8)0.130 8***
(5.249 2)0.135 4***
(5.482 0)Industry Yes Yes Yes Yes Yes Yes Year Yes Yes Yes Yes Yes Yes N 7 196 7 196 7 196 7 196 7 196 7 196 Adj R2 0.514 3 0.551 5 0.551 4 0.517 1 5 569 0.561 1
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表 3 动态面板估计结果
变量 Lntfpi, t
(1)Lntfpi, t
(2)Lntfpi, t
(3)Lntfpi, t
(4)Lntfpi, t
(5)Lntfpi, t
(6)Surp -0.048 6
(0.132 8)0.000 4
(0.004 9)Incre 0.048 7***
(3.815 9)0.050 0***
(4.176 2)Surp×Incre -0.079 0
(-0.598 5)Surc 0.164 0**
(2.247 9)-0.095 2
(-1.091 0)Break 0.051 2**
(2.527 9)0.041 0**
(2.151 3)Surc×Break 0.159 0*
(1.909 9)Control Yes Yes Yes Yes Yes Yes N 2 926 2 926 2 926 2 926 2 926 2 926 Sargan test 0.394 3 0.918 1 0.723 3 0.749 1 0.934 4 0.157 3 AR (1) 0.000 0 0.000 0 0.000 0 0.000 0 0.000 0 0.046 4 AR (2) 0.295 8 0.271 0 0.335 9 0.373 2 0.293 1 0.255 8
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表 4 替换因变量检验结果
变量 Tfpopi, t
(2)Tfpopi, t
(3)Tfpopi, t
(4)Tfpopi, t
(5)Tfpopi, t
(6)Tfpopi, t
(7)Surp 0.004 7
(0.513 4)0.023 3
(1.537 1)Incre 0.031 6***
(8.109 8)0.032 6***
(8.163 5)Surp×Incre -0.010 6*
(-1.739 5)Surc 0.014 2*
(1.868 1)-0.036 0***
(-3.361 3)Break 0.032 6***
(7.899 8)0.022 7***
(5.228 4)Surc×Break 0.026 3***
(7.460 2)Control Yes Yes Yes Yes Yes Yes Industry Yes Yes Yes Yes Yes Yes Year Yes Yes Yes Yes Yes Yes N 7 267 7 267 7 267 7 267 7 267 7 267 Adj R2 0.416 2 0.421 4 0.421 4 0.416 5 0.421 5 0.425 0
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表 5 企业不同生命周期的现金流特征组合
初创期 成长期 成熟期 衰退期 衰退期 衰退期 淘汰期 淘汰期 经营现金流量 - + + - + + - - 投资现金流量 - - - - + + + + 筹资现金流量 + + - - + - + -
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表 6 基于生命周期的产品导向服务转型与渐进式创新互补性研究
变量 初创期
Lntfpi, t成长期
Lntfpi, t成熟期
Lntfpi, t衰退期
Lntfpi, t淘汰期
Lntfpi, tSurp -0.052 1
(-1.231 7)0.029 2
(0.658)0.050 0
(1.189 3)0.156 1**
(2.066 1)-0.186 3*
(-1.936 1)Incre 0.135 9***
(7.955 3)0.124 3***
(13.092 7)0.137 7***
(13.942 3)0.144 1***
(8.320 2)0.063 5*
(1.667 9)Surp×Incre 0.008 1
(0.414 4)-0.014 3
(-0.882 6)-0.003 5
(-0.213 8)-0.043 1
(-1.491 6)0.106 1**
(1.980 4)Control Yes Yes Yes Yes Yes Year Yes Yes Yes Yes Yes Industry Yes Yes Yes Yes Yes N 972 2 677 2 382 852 313 Adj R2 0.450 0 0.572 9 0.640 6 0.508 4 0.324 8
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表 7 基于生命周期的客户导向服务转型与突破式创新互补性研究
变量 初创期
Lntfpi, t成长期
Lntfpi, t成熟期
Lntfpi, t衰退期
Lntfpi, t淘汰期
Lntfpi, tSurc -0.002 3
(-0.351)-0.041 8
(-1.487)0.022 1
(0.669 3)-0.016 3
(-0.339 4)0.044 5
(0.624 3)Break 0.139 8***
(8.201)0.118 2***
(11.727)0.134 2***
(13.396)0.132 3***
(6.851 6)0.081 2*
(1.855 2)Surc×Break 0.004 3
(1.511 2)0.042 0***
(4.708 2)0.025 5***
(2.812 3)0.050 0**
(2.064 6)0.032 7
(0.883 7)Control Yes Yes Yes Yes Yes Year Yes Yes Yes Yes Yes Industry Yes Yes Yes Yes Yes N 972 2 677 2 382 852 313 Adj R2 0.457 9 0.584 3 0.646 8 0.505 9 0.331 2
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