| With the deepening of industrial division of labor and the development of information technology,productive service industry has emerged,and service elements are gradually integrated into the process of manufacturing production,and service-oriented manufacturing has become one of the important directions to promote the high-quality development of manufacturing industry.In recent years,the country has been vigorously cultivating service-oriented manufacturing enterprises,but some enterprises have experienced the phenomenon of "servitization dilemma" in the service transformation.To this end,this paper examines the factors affecting the value growth of service-oriented manufacturing enterprises,with a view to avoiding the "servitization dilemma" and enhancing the enterprise value for service-oriented manufacturing enterprises.This paper firstly gives an overview of the concepts of service-oriented manufacturing enterprises and enterprise value,and focuses on the current situation,development mode and characteristics of service-oriented manufacturing enterprises in China.Secondly,starting from the analysis of the characteristics,value sources and value features of service-oriented manufacturing enterprises,the factors affecting their value growth are identified and their transmission paths are analyzed with the support of theories related to enterprise value.Subsequently,an empirical study was carried out based on the above analysis,and the data of national and provincial service-oriented manufacturing demonstration enterprises listed in Shanghai and Shenzhen from 2019-2021 were selected as the sample,and a multiple linear regression model was established using one explanatory variable,12 explanatory variables and one control variable,totaling 14 variables,to empirically study the factors related to the value growth of service-oriented manufacturing enterprises,and the results showed that: The influencing factors that positively contribute to the value growth of service-oriented manufacturing firms are firm relationship capital,human capital,technological innovation capability,low-cost operating capability,corporate governance efficiency,profitability,operating capability,and growth capability.Immediately after that,the value of service-oriented manufacturing firms was divided into three levels: high,medium and low,and the changes in the degree of factors influencing the value of service-oriented manufacturing firms at different value levels were investigated in depth using quantile regression methods.It is found that the influence of each influencing factor on the growth of enterprise value varies according to the level of enterprise value,and enterprise managers should choose the focus of enterprise development in the future according to their own situation.Finally,combining the results of the above qualitative and quantitative analysis of the factors influencing the value of service-oriented manufacturing enterprises,the problems in value enhancement of service-oriented manufacturing enterprises in China are derived and corresponding countermeasures are proposed. |
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