The Impact of the Integration of"Manufacturing and Producer Services"on Enterprises'Mark-up Rates:Empirical Evidence from Listed Manufacturing Companies
Based on samples of manufacturing enterprises obtained by matching national input-output data with the database of listed companies in China,the paper studies the impact of the integration of manufacturing and producer services(hereinafter referred to as the"Two Industries")on the mark-up rate of enterprises.The results show that the integration of the"Two Industries"has signifi-cantly increased the mark-up rate of manufacturing enterprises.This conclusion is still valid after a series of robustness tests.Heteroge-neity tests indicate that the integration of"Two Industries"significantly improves the markups of manufacturing enterprises in the growth and maturity stages,while its effect on declining enterprises is not significant.Mechanism tests reveal that the integration of"Two Industries"enhances the markups of manufacturing enterprises through three channels:upgrading input factors,upgrading core technologies and upgrading product functionality.Further analysis shows that the institutional environment of the region where the enter-prises are located strengthens the promoting effect of the integration of"Two Industries"on the markups of manufacturing enterprises.Additionally,the integration of"Two Industries"has also significantly reduced the dispersion of corporate mark-up rates and opti-mized resource allocation.The conclusion provides a new perspective and empirical evidence for in-depth understanding of how the in-tegration of the"Two Industries"empowers the transformation and upgrading of the manufacturing industry,and also provides useful policy inspiration for further promoting the"quality and efficiency upgrading"of the manufacturing industry.
Industry IntegrationMark-up RateInstitutional EnvironmentUpgrade of Manufacturing
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