金融科技发展如何影响制造业服务化？——来自中国上市公司的经验证据

张远¹　李焕杰²

（1. 闽江学院经济与管理学院；2. 福建农林大学经济与管理学院）

　　内容提要：本文以2011—2018年中国A股制造业上市公司为研究样本，通过匹配手工整理的制造业上市公司服务化转型指标和文本挖掘技术构建的地区金融科技指标，探究金融科技发展对制造业服务化转型的影响。研究结果表明，地区金融科技发展显著促进当地制造企业服务化转型。机制分析结果表明，金融科技不仅可以通过灵活便捷的支付方式直接促进制造企业服务化转型，还能通过融资约束缓解效应为企业提供资金支持和技术扩散效应促进企业数字化变革，进而间接驱动制造企业服务化转型。进一步分析结果显示，金融科技发展对制造企业服务化转型的促进作用会因地区、行业、企业特征而异，在金融监管和知识产权保护力度较强地区、竞争程度较低行业、非国有和中小型企业中的影响效应更加突出。研究结论为中国推进金融科技发展和制造业服务化转型提供了经验支撑与政策依据。

　　

　　关键词：金融科技；制造业服务化；融资约束；技术扩散；企业数字化

　　作者简介：张远，闽江学院经济与管理学院副教授，福州，350108；李焕杰，福建农林大学经济与管理学院副教授，通讯作者，福州，350002。

　　

　　基金项目：福建省社会科学基金一般项目“数字技术赋能福建省绿色低碳发展研究”（FJ2022B090）

　　引用格式：张远,李焕杰.金融科技发展如何影响制造业服务化?——来自中国上市公司的经验证据[J].经济与管理研究,2023,44(2):57-74.DOI:10.13502/j.cnki.issn1000-7636.2023.02.004.

　　

　　

How does FinTech Development Affect Manufacturing Servitization? —Empirical Evidence from Chinese Listed Companies

ZHANG Yuan¹, LI Huanjie²

(1. Minjiang University, Fuzhou 350108;

2. Fujian Agriculture and Forestry University, Fuzhou 350002)

　　

　　Abstract: Servitization transformation is essential to enhance the participation and division of labor of China’s manufacturing in the global value chain, thus contributing to the transformation and upgrading of the real economy. As a key endowment condition at the external macro level of manufacturing, FinTech can promote the servitization transformation of manufacturing through financing constraint alleviation and technology diffusion. Therefore, this paper investigates the impact of FinTech development on the servitization transformation of manufacturing by matching servitization transformation indicators compiled by hand with regional FinTech indicators constructed by text mining technology using the data of A-share listed manufacturing companies in China from 2011 to 2018. The contributions of this paper are reflected in the following aspects. In terms of theoretical analysis, this paper incorporates the industry characteristics of finance and technology into the analytical framework of manufacturing servitization, and constructs a theoretical analysis framework to examine the impact of FinTech on the servitization transformation. In terms of research data, this paper crawls data to construct regional indicators to evaluate FinTech development and its economic effects. At the same time, it manually compiled the service revenue data of manufacturing enterprises based on business income composition, showing the degree of servitization transformation. In terms of empirical analysis, this paper verifies the promotion effect and mechanism of the servitization transformation by FinTech, and fully discusses the heterogeneity of regions, industries and enterprises, deepening the understanding of the relationship between FinTech and manufacturing servitization transformation. The findings are as follows. Firstly, regional FinTech development significantly contributes to the servitization transformation of manufacturing enterprises. Secondly, FinTech promotes the service transformation not only directly through flexible and convenient payment methods, but also indirectly through financing constraint alleviation to provide financial support to enterprises and technology diffusion to promote the digital transformation of enterprises. Thirdly, the promotion effect of FinTech development on the servitization transformation of manufacturing is heterogeneous depending on the characteristics of regions, industries and enterprises. Specifically, the effect is more prominent in regions with stronger financial regulation and intellectual property protection, less competitive industries, and non-state-owned and small and medium-sized enterprises.

　　

　　Keywords: FinTech; manufacturing servitization; financing constraint; technology diffusion; enterprise digitalization