产融合作政策是否促进了制造业服务化？

——基于Zephyr并购交易数据库的实证研究

于周顺　张玉书

（南开大学）

内容提要：产融合作试点政策旨在促进金融服务实体经济改革和加强金融机构与实体产业的互动联系，对实体产业的升级转型具有重要意义。本文将产融合作试点政策作为一项准自然实验，以制造业并购生产性服务业的规模对企业制造业服务化进程进行测度，利用双重差分方法评估国家产融合作政策实施对制造业服务化的影响及其作用机制。研究发现，产融合作政策的实施促进了制造业企业的服务化进程，该结论在经过一系列稳健性检验后仍然成立。机制检验结果表明，企业融资难度和经营风险降低是产融合作试点政策影响制造业企业服务化转型的主要渠道。异质性分析结果表明，产融合作试点政策对劳动密集型、内资和非上市企业的服务化进程的促进效果更为突出。本文从企业并购交易层面拓展了产融合作与制造业服务转型升级的认识，研究结论为加快实现中国制造业高质量发展提供一定的政策启示。

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

作者简介：于周顺，南开大学经济学院博士研究生，天津，300071；张玉书，南开大学经济学院博士。

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）；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）；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）

引用格式：于周顺,张玉书.产融合作政策是否促进了制造业服务化?——基于Zephyr并购交易数据库的实证研究[J].经济与管理研究,2025,46(6):62-81.

Does the Industry-Finance Cooperation Policy Promote Manufacturing Servitization?

—An Empirical Study Based on the Zephyr Database

YU Zhoushun, ZHANG Yushu

(Nankai University, Tianjin 300071)

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.

Keywords: industry-finance cooperation; manufacturing servitization; financing constraint; merger and acquisition; operational risk

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