Research On Service-oriented Model Of Manufacturing Enterprises And Its Economic Consequences

Since the reform and opening up,China’s manufacturing industry has made great achievements,but there is still a certain gap between China and the world’s industrial powers in terms of core technology,value chain status,profit level,service output,etc.,which needs to change the traditional development mode.The service-oriented mode is a new strategy from single product production to deep integration of production and service.It has become an important path for traditional manufacturing enterprises to solve the problem of low profit and cultivate new competitive advantage.In order to solve the problem of low profit and high-quality development of general manufacturing enterprises,the Chinese government clearly put forward suggestions on the transformation from traditional manufacturing industry to service-oriented manufacturing industry in documents such as "Made in China 2025","2016 government work report","Special action guide for developing service-oriented manufacturing".Driven by market demand and favorable policies,more and more manufacturing enterprises have carried out service-oriented exploration,and a number of manufacturing enterprises have successfully implemented service-oriented strategy.From the perspective of service model heterogeneity,manufacturing enterprises choose different service models,which means that products and different service businesses realize differentiated combination.They have the opportunity to integrate into the development,design,logistics,after-sales,operation and other value chain links in the way of service,bringing about changes in resource allocation,value proposition,profit creation,and corresponding results will be different.However,the existing literature is rarely involved.Therefore,it is a practical and academic topic worth studying to discuss the economic consequences of manufacturing enterprises’ service from the perspective of service model.This paper selects listed companies of A-share main board manufacturing industry in Shanghai and Shenzhen stock markets from 2008 to 2017 as the research object,and mainly based on knowledge-based theory,enterprise capability theory,competitive advantage theory,customer lock-in theory,asset specificity theory,value co creation theory.On the basis of the division of service mode from the perspective of former self operation,this paper combs out the knowledge service mode,product extension service mode and outsourcing service mode.According to the comprehensive judgment method,we collected and sorted out the samples of manufacturing enterprises implementing different service-oriented models by hand,and examined the economic consequences and internal mechanism of three service-oriented models from the perspective of business model heterogeneity.At the same time,the fixed effect model estimation(FEM),Heckman two-stage estimation,dynamic panel GMM estimation,grouping test and other empirical methods are used to investigate the economic consequences and internal mechanism of the three service-oriented models from a new perspective of business model heterogeneity.Through the research,this paper mainly draws the following conclusions:Firstly,different service models have different economic consequences.By examining the economic consequences of the three service-oriented modes,the knowledge-based service-oriented mode can significantly enhance the financial performance and market performance,which supports the "performance promotion concept".The model of product extension service weakens the financial performance and market performance,which supports the "service paradox".Outsourcing service mode has significantly enhanced financial performance and market performance,which supports the "performance promotion concept".The above conclusions are helpful to answer the question that the previous service research conclusions are inconsistent,that is to say,it is unreasonable to discuss the service of manufacturing enterprises in a general way,and different service models have different effects on the performance of micro enterprises.Secondly,compared with the state-owned enterprises,the non-state-owned manufacturing enterprises have less policy burden and more clear business objectives,and play a more significant role in improving the performance of the implementation of knowledge-based service mode and outsourcing service mode.However,the implementation of product extension service model in state-owned enterprises has significantly weakened the performance.Compared with the eastern region,the commercial environment of the non-eastern region is not as good as the former,and the degree of marketization is not high as a whole.The implementation of knowledge-based service mode and outsourcing service mode in eastern manufacturing enterprises play more significant role in improving performance,while the implementation of product extension service mode in other regions plays a more significant role in weakening performance.Thirdly,the service-oriented model affects the economic consequences by changing the structure of factors.Through theoretical analysis and empirical test,the mode of knowledge service improves financial performance and market performance by changing the structure of knowledge elements.The model of product extension service weakens financial performance and market performance by influencing the structure of labor factors.Outsourcing service model strengthens financial performance and market performance by optimizing capital element structure.Fourthly,the time factor has different effects on the economic consequences of the service model.Based on the time-lag effect test,the knowledge-based service model has a long-lasting impact on performance.The influence of product extension service mode and outsourcing service mode on performance weaken with the passage of time.Furthermore,the knowledge-based service mode significantly improved financial performance and market performance in T + 1 and T + 2 periods.In the T + 1 period,the model of product extension service and outsourcing service has a significant impact on financial performance and market performance,but the above impact is not significant in the T + 2 period.Fifthly,the economic cycle factor has different effects on the economic consequences of the service-oriented model.Based on the economic cycle test,in the period of economic expansion,the market demand is more vigorous,which plays a more significant role in promoting the financial performance and market performance of the implementation of knowledge-based service mode and outsourcing service mode.During the period of economic contraction,the money supply decreased,the cost of financing increased and the growth of consumption slowed down.During the period of economic contraction,the weakening effect of financial performance and market performance of outsourcing service mode is more significant.Sixthly,the service state factor has different effects on the economic consequences of service mode.According to the different service status of manufacturing enterprises,it can be divided into "always implement" and "discontinuous implement".Based on the test of different service status,the continuous implementation of knowledge service mode and outsourcing service mode hve more significant role in promoting financial performance and market performance.The continuous product extension service behavior will weaken the financial performance of manufacturing enterprises,but will not significantly affect the market performance.According to the above conclusions,this paper puts forward the corresponding policy recommendations from the industry level and the enterprise level.At the industry level,the transformation and upgrading of manufacturing industry should be accelerated to promote the integration of production and service.By creating a good development environment,we can promote the "externalization" of manufacturing services with an active market.At the same time,pay attention to the economic consequences of different service-oriented models,and carry out pilot demonstration of service-oriented model industries.At the enterprise level,we should increase the application and promotion of knowledge service mode,and promote the performance with knowledge elements.We should be careful to implement the extended service model of products to avoid falling into the strange circle of "service paradox".In addition,we should actively explore outsourcing service mode to improve the efficiency of core business resource allocation.The academic contributions of this paper are as follows:(1)Most of the existing literature studies the economic consequences of service-oriented manufacturing enterprises from the national and industrial level,but few from the perspective of service mode.This paper attempts to conduct a large sample empirical study on the economic consequences of the service-oriented mode of manufacturing enterprises,which provides new empirical evidence for the study of the service-oriented mode and its economic consequences;(2)In view of the lack of recognition of the non-self service mode proposed by scholars,this paper considers the outsourcing factors,brings the outsourcing service-oriented mode into the scope of recognition,and enriches the research on the service-oriented mode of manufacturing enterprises research literature;(3)Different from macro and meso research,this paper further studies the mechanism of different economic consequences of service-oriented mode of manufacturing enterprises from the perspective of micro mechanism,deepening and expanding the research on the mechanism of service-oriented mode;(4)In view of the controversy on the paradox of service-oriented of manufacturing enterprises,this paper studies the economic consequences of service-oriented of manufacturing enterprises from the perspective of business model heterogeneity.It provides a new explanation and evidence for the debate of the economic consequences of service-oriented manufacturing enterprises,which help us to fully understand it.