经济与管理研究2025，Vol.46Issue(6)：62-81,20.DOI:10.13502/j.cnki.issn1000-7636.2025.06.004
产融合作政策是否促进了制造业服务化?
Does the Industry-Finance Cooperation Policy Promote Manufacturing Servitization?
摘要
Abstract
In the context of China's economic transformation and industrial upgrading needs,the government has actively promoted the industry-finance cooperation(IFC)policy aimed at deepening interactions between financial institutions and industrial sectors to address financing difficulties faced by manufacturing enterprises and facilitate their transformation and upgrading.This paper employs data from the Zephyr merger and acquisition(M&A)transaction database covering 2013-2019,constructing an enterprise-level indicator for manufacturing servitization based on manufacturers'acquisitions of producer service companies.It adopts a theoretical foundation of manufacturing input servitization,considering the practical scenario of service element demands in enterprise servitization transformation,and dynamically reflecting enterprises'current servitization actions by measuring their total investment in acquiring productive service companies. This paper treats the IFC pilot policy implemented in 2017 as a quasi-natural experiment and employs a difference-in-differences(DID)method to evaluate the policy's impact on manufacturing servitization.The empirical findings robustly demonstrate that the IFC pilot policy can accelerate manufacturing servitization.Manufacturing firms in pilot cities exhibit substantially increased acquisition activities targeting producer service companies compared to their counterparts in non-pilot regions.This conclusion remains valid after a series of robustness tests.Mechanism analysis reveals that the pilot policy promotes manufacturing servitization by providing manufacturing firms with diversified financing channels and deepening connections between financial sectors and industrial enterprises.Heterogeneity tests further indicate that the policy's promoting effects on servitization are more pronounced for labor-intensive,domestic,and non-listed firms.This suggests that the policy particularly benefits manufacturing firms that face greater financing difficulties,thus addressing key barriers to industrial transformation and upgrading for these vulnerable segments of the manufacturing sector.Labor-intensive firms often have weaker capital strength,domestic ones have limited access to international financial support,and non-listed firms lack the convenience of equity financing.By alleviating these firms'financing constraints and operational risks,the IFC policy can more effectively promote their servitization transformation,thereby driving the overall transformation and upgrading of the manufacturing sector. This paper enhances the understanding of IFC and manufacturing service transformation from the perspective of enterprise M&A transactions.It extends the measurement methodology for manufacturing servitization and comprehensively evaluates the policy effects of the IFC pilot program,providing theoretical and practical foundations for financial services reform and high-quality manufacturing development.关键词
产融合作/制造业服务化/融资约束/企业并购/经营风险Key words
industry-finance cooperation/manufacturing servitization/financing constraint/merger and acquisition/operational risk分类
管理科学引用本文复制引用
于周顺,张玉书..产融合作政策是否促进了制造业服务化?[J].经济与管理研究,2025,46(6):62-81,20.基金项目
教育部人文社会科学重点研究基地重大项目"双向直接投资赋能国内国际双循环:动力机制与实现路径研究"(22JJD790038) （22JJD790038）
南开大学跨国公司研究中心课题"出口退税与转型与中国价值链重塑"(ctsnk2406) （ctsnk2406）
南开大学文科发展基金"制造业高质量发展路径选择研究"(ZB22BZ0208) （ZB22BZ0208）
