The Influence of the Adaptive Relationship between Servitization and Digitization on the Economic Performance of Manufacturing Enterprises:The Moderating Effect of Innovation Investment
Under the impact of the latest round of technological revolution and industrial transformation,digitalization helps manufacturing enterprises leverage value-added services for value creation in the process of servitization.Servitization and digitalization tend to converge in mutual coupling,generating the trend of digital servitization,which enhances the value creation capability of manufacturing enterprises.In addition,innovation investment drives digital servitization to cre-ate higher economic revenue.On the one hand,digital servitization is aimed at customer problem solving and multi-agent value co-creation,manufacturing enterprises use digital technologies to provide customers with intelligent solutions that inte-grate products,software,and services.However,there are different development situations,such as synergy or dislocation,in digital servitization,it is necessary to explore the relationship between digital servitization and economic performance under different developmental situations.On the other hand,innovation investment for customer problem solving and prod-uct feature enrichment can help manufacturing enterprises climb to the top end of the value chain,which affects the value creation capability of digital servitization.Therefore,the moderating effect of innovation investment needs to be clarified.Both the digitalization level and the servitization level are moving from low to high.Digital servitization was then de-constructed into four characteristic intervals,namely,low synergy,service leading,digital leading,and high synergy.The re-lationship between digital servitization and economic performance within each interval,and the moderating effect of innova-tion investment were explored.Thus,the research formulated the relevant hypotheses and constructed the conceptual model.The data sample is 490 listed enterprises in Shanghai and Shenzhen stock markets from 2013-2021,including national,pro-vincial or municipal technological innovation demonstration enterprises,Chinese top 100 intelligent manufacturing enter-prises,and national,provincial or municipal service-oriented manufacturing demonstration enterprises.Stata is used to carry out descriptive statistics,correlation analysis,regression analysis,endogenous test and robustness test of the sample data.Firstly,the results of descriptive statistics demonstrate that the digital servitization level of Chinese manufacturing enterprises is low and still have a large potential for development.Secondly,the correlation analysis results show that the variables selected are valid and there is no serious multicollinearity.Thirdly,the results of regression analysis show that digital servitization is positively related to economic performance in high and low synergy intervals,while there is a U-shaped relationship between digital servitization and economic performance in the digital leading interval,and an inverted U-shaped relationship in the service leading interval.That is,there exists a digital service paradox phenomenon.In-novation investment positively moderates the relationship between digital servitization and economic performance in the high synergy,low synergy and service leading intervals,while negatively moderates the relationship in the digital leading in-terval.Fourthly,the endogenous test and robustness test are conducted on the regression analysis results.The test results are still consistent with the regression analysis and show no significant changes,indicating that the research results have high credibility.Based on the above analytical results,the following managerial insights are proposed.Firstly,manufacturing enterprises should actively construct open and shared digital service platforms to accelerate the synergistic development of servitization and digitalization.At the same time,digital servitization needs to be guided to evolve towards a high synergy interval,thus guarding against the digital service paradox that occurs under a single transformation strategy.Secondly,manufacturing enter-prises should fully consider the innovation investment to improve the efficiency of product and service delivery,and provide strong support for the transformation of digital servitization.Thirdly,the transformation of digital servitization has the charac-teristics of high investment and long payback period.Therefore,the government should formulate favorable policies that con-tribute to the development of digital servitization to create higher economic performance of manufacturing enterprises.
digital servitizationinnovation investmenteconomic performancemanufacturing enterprise
NETL
NSTL
万方数据
