| In the worldwide, servitization has become an important strategic choice of manufacturing enterprises to upgrade current operation model and deal with the increasingly fierce market competition. As our country entered the post-industrial era, this phenomenon has great significance in business models change of manufacturing enterprises, development of manufacturing industry and evolution of the economic structure. The differences of the trend of servitization of manufacturing exist in different countries and regions. On the whole, there are some business cases for the successful implementation of the servitization strategy, but many enterprises are still facing the risk of failure. So it is necessary to discuss the topics, including the status of implementation of the servitization strategy of Chinese enterprises at present, strategy drivers and strategic performance.It will provide theoretical support for more manufacturing enterprises to implement servitization strategy in the future, and will be an important reference for the relevant departments of government to develop policies to promote the level of servitization of manufacturing.Firstly, this paper reviewed the relevant research on the connotation, motivation and business performance of servitization strategy of manufacturing in current. Combined with the different definition of the servitization of manufacturing in the output-based view and the process view, this paper pointed out that servitization of manufacturing is reflected not only in the change of output, but also includes changes in business processes. While, this paper summarized the specific driving factors and different business performance of the servitization strategy of manufacturing,Then, based on the data of Chinese listed manufacturing companies, this paper carried on the empirical research in four aspects, including the status and trends, motivation, strategic performance and influence factors of strategic performance of servitization strategy of manufacturing enterprises.(1) Empirical analysis on the status of the servitization of manufacturing. In this paper, based on relevant data of Chinese manufacturing enterprises listed in Shanghai and Shenzhen A-share from 2004 to 2013 years, we proposed the generalized concept of servitization and investigated the status and trends of servitization of listed manufacturing enterprises in China in the method of business description analysis and the scope of the characteristics of enterprise group.The results showed that there were a high overall ratio and different ratios of different types of service business involved in the servitization of the listed manufacturing enterprises. It also showed the significant differences in most of above ratios among the manufacturing enterprises from different industries, regions, listed ages and board. From the point of changes of the above ratios in the last decade, there was an obviously increasing trend of the manufacturing enterprises'behaviors of developing the new types of services, especially in the emerging professional services, such as the procurement of services, solutions services and software development services.(2) Empirical analysis on the driving factors of the servitization strategy of manufacturing enterprise. The driving factors of the servitization strategy have got the attention of many scholars, but they had mainly focused on the external environment and internal resources factors in the literature, neglecting of the role of corporate governance factors. From the strategic restructuring and diversification strategy features of servitization strategy, we defined the two variables of servitization strategy decision (Serd) and servitization strategy level (Serl), and proposed the framework of "Competition-Resources-Governance" in the integration of market competition environment, organizational resources and corporate governance factors. We carried on the empirical research based on the Chinese listed manufacturing enterprises.The results showed that the three categories factors are all have influences on the servitization strategy of manufacturing, but the influences' degrees are different. Meanwhile, their impacts on the servitization strategy decision variable and servitization strategy level variable are also varied.(3) Empirical analysis on the relationship between the servitization strategy of manufacturing enterprise and business performance. Focused on the controversy of the relationship between servitization strategy of manufacturing enterprise and business performance, which is named "Service Paradox", this paper selected two different types of performance indicators, market performance (Tobin's Q) and operating performance (Roa), and examined the relationship between the two variables of servitization strategy and two performance indicators.The empirical results showed that the servitization strategy decision variable has a significantly positive correlation to corporate market performance, but hasn't significant correlation to the operating performance. The servitization strategy level variable has a significantly negative correlation to corporate operating performance, but hasn't significant correlation to the market performance. It partially supported the view of "Service Paradox" Furtherly, we attempted to explain the results using the market signal and diversity paradox theory.(4) Empirical analysis on the influence factors of the strategic performance of servitization strategy. On the basis of the relationships between the business performance and servitization strategy of manufacturing enterprise, which are verified in the Chapter 5, this paper attempts to explore the influences of market competition, organizational resources and corporate governance factors in the above relationships.The empirical results showed that the three categories factors are playing the different role in the above relationships. Combined the interaction effects among the three categories factors themselves, we analyzed the total effects of the three categories factors in the above relationships and explored the two different paths of servitization strategy of manufacturing enterprise to improve business performance.According to the above empirical results, this paper suggested the government or enterprises to improve the market competition environment, optimize the structure and efficiency of resource allocation and improve corporate governance, putting forward to improve the ability of manufacturing enterprises in implementation of the servitization strategy, enhance corporate performance and the competitiveness of the overall manufacturing industry. |
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