Opening up of Foreign Capital, Digitization and Servitization

Abstract

Abstract:

Based on the annual report of listed companies from 2007 to 2016, this paper constructs the servitization index at the micro level, and examines the relationship between opening up of foreign capital, digitization and servitization from the theoretical and empirical levels. The main conclusions are as follows:Opening up of foreign capital promotes servitization. The technology spillover effect produced by the opening up of foreign capital effectively improves the digitization of enterprises and further promotes the servitization of enterprises. The marginal effect of the opening up of foreign capital on servitization of product support is greater than that of non-product support servitization. The effect of foreign capital opening on servitization is more significant in regions with higher degree of market opening, while the effect of digitization on servitization is more significant in regions with higher density of information infrastructure.

Key words: Opening up of Foreign Capital, Digitization, Manufacturing Enterprises, Servitization

摘要：

本文依据2007~2016年上市公司年报构建微观层面的服务化指标,从理论和实证两个层面考察外资开放、数字信息化与企业服务化三者之间的关系,得出如下的主要结论:外资开放促进企业服务化;外资开放产生的技术溢出效应有效提高了企业数字信息化水平,进而促进企业服务化;外资开放对产品支持类服务化的边际作用效果大于非产品支持类服务化;外资开放对服务化的作用效果在市场开放程度较高的区域更显著,数字信息化对服务化的作用效果在信息基础设施密度较高的区域更显著。

关键词: 外资开放, 数字信息化, 制造业企业, 服务化

CLC Number:

F123.15

SONG Can. Opening up of Foreign Capital, Digitization and Servitization[J]. Collected Essays on Finance and Economics, 2021, 37(7): 14-24.

宋灿. 外资开放、数字信息化与服务化[J]. 财经论丛, 2021, 37(7): 14-24.

Figures/Tables 8

References 36

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变量	均值	标准差	最小值	最大值
Index(外资开放)	0.303	0.221	-0.421	0.952
Service(服务化策略)	0.201	0.401	0	1
SerReve(服务化程度)	0.005	0.018	0	0.213
AI(数字信息化水平)	0.011	0.013	0	0.606
Age(企业年龄)	1.707	0.898	0	3.258
Size(企业规模)	21.696	1.111	17.641	26.547
Lev(企业杠杆率)	0.386	0.22	0.008	2.992
Roa(资产回报率)	0.048	0.143	-2.008	10.401
Tan(固定资产水平)	0.247	0.14	0	0.862

变量	均值	标准差	最小值	最大值
Index(外资开放)	0.303	0.221	-0.421	0.952
Service(服务化策略)	0.201	0.401	0	1
SerReve(服务化程度)	0.005	0.018	0	0.213
AI(数字信息化水平)	0.011	0.013	0	0.606
Age(企业年龄)	1.707	0.898	0	3.258
Size(企业规模)	21.696	1.111	17.641	26.547
Lev(企业杠杆率)	0.386	0.22	0.008	2.992
Roa(资产回报率)	0.048	0.143	-2.008	10.401
Tan(固定资产水平)	0.247	0.14	0	0.862

变量	服务化策略			服务化程度
变量	(1)	(2)	(3)	(4)	(5)	(6)
Index	0.416^**(0.212)	0.419^**(0.170)	0.324^***(0.166)	0.780^***(0.247)	0.669^**(0.275)	0.544^**(0.238)
Age		0.428^***(0.056)	0.572^***(0.120)		0.370^*0.370^*	0.143(0.174)
Size		0.093^***(0.024)	0.155^***(0.034)		0.073(0.049)	0.194^**(0.078)
Lev		0.643^***(0.186)	0.188(0.221)		0.741^***(0.260)	0.155(0.267)
Roa		0.053^**(0.021)	0.374^*(0.199)		-0.348(0.304)	0.017(0.596)
Tan		-1.993^***(0.178)	-0.575(0.366)		-5.886^***(0.261)	-1.485^***(0.497)
Year	Yes	Yes	Yes	Yes	Yes	Yes
City	Yes	Yes	No	Yes	Yes	No
Industry	Yes	Yes	No	Yes	Yes	No
Firmid	No	No	Yes	No	No	Yes
Park_type	0.000	0.000	0.000	0.000	0.000	0.000
HPC_test	0.969	0.735	0.736	0.618	0.629	0.633

变量	服务化策略			服务化程度
变量	(1)	(2)	(3)	(4)	(5)	(6)
Index	0.416^**(0.212)	0.419^**(0.170)	0.324^***(0.166)	0.780^***(0.247)	0.669^**(0.275)	0.544^**(0.238)
Age		0.428^***(0.056)	0.572^***(0.120)		0.370^*0.370^*	0.143(0.174)
Size		0.093^***(0.024)	0.155^***(0.034)		0.073(0.049)	0.194^**(0.078)
Lev		0.643^***(0.186)	0.188(0.221)		0.741^***(0.260)	0.155(0.267)
Roa		0.053^**(0.021)	0.374^*(0.199)		-0.348(0.304)	0.017(0.596)
Tan		-1.993^***(0.178)	-0.575(0.366)		-5.886^***(0.261)	-1.485^***(0.497)
Year	Yes	Yes	Yes	Yes	Yes	Yes
City	Yes	Yes	No	Yes	Yes	No
Industry	Yes	Yes	No	Yes	Yes	No
Firmid	No	No	Yes	No	No	Yes
Park_type	0.000	0.000	0.000	0.000	0.000	0.000
HPC_test	0.969	0.735	0.736	0.618	0.629	0.633

变量	服务化策略			服务化程度
变量	(1)	(2)	(3)		(4)		(5)		(6)
Index	0.398^**(0.202)	0.417^**(0.167)	0.435^**(0.168)	0.769^*(0.436)		0.693^***(0.268)		0.665^***(0.241)
AI	1.498^***(0.173)	0.741^***(0.169)	0.474^**(0.207)	1.405^***(0.501)		1.317^***(0.328)		0.824^***(0.281)
IndexAI*	3.661^***(0.606)	4.574^***(0.780)	3.863^*(0.507)	4.067^***(1.574)		6.237^***(0.788)		5.332^**(1.847)
Age		0.433^***(0.055)	0.590^***(0.122)			0.375^***(0.098)		0.162(0.173)
Size		0.095^***(0.025)	0.135^***(0.038)			0.074(0.056)		0.170^**(0.076)
Lev		0.624^***(0.186)	0.181(0.224)			0.722^***(0.255)		0.142(0.268)
Roa		0.052^**(0.020)	0.378^*(0.200)			-0.338(0.292)		0.023(0.594)
Tan		-1.997^***(0.181)	-0.653^*(0.373)			-5.937^***(0.260)		-1.636^***(0.504)
Year	Yes	Yes	Yes	Yes		Yes		Yes
City	Yes	Yes	No	Yes		Yes		No
Industry	Yes	Yes	No	Yes		Yes		No
Firmid	No	No	Yes	No		No		Yes