Intelligent Manufacturing Policy and High-Quality Development of Chinese Enterprises
Promoting the level of intelligent manufacturing in enterprises presents China with new opportunities in the era of the digital economy.It serves as a crucial driver for transforming and upgrading the manufacturing industry,leading to high-quality economic development.The 19th National Congress of the Communist Party of China emphasized focusing on the real economy,promoting new industrialization,and accelerating the construction of a manufacturing powerhouse.It also highlighted the importance of advancing high-end development in manufacturing and deepening the integration of modern services with advanced manufacturing.Intelligent manufacturing plays a significant role in promoting high-end,innovative,and intelligent development of the manufacturing industry.It can reshape traditional production models and stimulate new production methods,having substantial impacts on enterprise production and operations.In the digital age,intelligent manufacturing is not only an important channel for enterprises to respond to technological changes and achieve high-quality development but also a key driver for China to transform and upgrade its manufacturing industry,climbing up the global value chain.As microeconomic entities,enterprises play an indispensable role in promoting growth and creating employment.This study explores the impact and mechanisms of intelligent manufacturing policies on the high-quality development of enterprises.It provides a practical and feasible path for the growth of microenterprises and emphasizes the importance of information acquisition capabilities,human capital,and stable funding for the high-quality development of enterprises.The study investigates Chinese A-share listed manufacturing companies from 2010 to 2021 using intelligent manufacturing industry policies as a quasi-natural experiment.Through a difference-in-differences model,it investigates the impact and mechanisms of intelligent manufacturing policies on the total factor productivity(TFP)of Chinese-listed companies.The findings indicate that intelligent manufacturing policies significantly improve the TFP of enterprises,promoting high-quality development.The implementation of intelligent manufacturing policies resulted in an average TFP increase of 8.3％for affected enterprises compared with the non-affected ones.The robustness tests support this conclusion.Additional analysis based on production and operational efficiency and innovation capability reveals that intelligent manufacturing policies enhance enterprise efficiency by enabling intelligent process management,overcoming high management costs associated with traditional enterprises,and mitigating potential monitoring costs arising from agency problems.These policies also strengthen enterprise information search capabilities,broaden information acquisition boundaries,facilitate internal R&D design and external information integration,and significantly enhance innovation capabilities.This is evident in both increased innovation quantity and quality,as well as strengthened cooperation among enterprises,accelerating the establishment of cross-enterprise,cross-industry,and cross-regional innovation networks.By creating interconnected commercial networks at lower collaboration costs,intelligent manufacturing policies promote technological dynamics,joint inventions,and innovation complementarity between merchants and users,thereby increasing collaborative innovation activities.The channels through which intelligent manufacturing policies exert their effects include improving enterprise informatization capabilities,optimizing human capital structure,and alleviating funding constraints.These channels enhance enterprise production and operational efficiency as well as innovation capabilities,leading to an increase in TFP.The heterogeneity analysis finds that intelligent manufacturing policies have a stronger effect on promoting TFP for enterprises in areas with more complete digital infrastructure,enterprises with higher levels of digitalization,enterprises in industries with faster technological change,labor-intensive enterprises,and large-scale enterprises.Furthermore,the exploratory analysis reveals that the positive impact of intelligent manufacturing policies on enterprise TFP translates into higher income,larger market share,and lower risks.This highlights that these policies not only improve the efficiency of enterprises but also help them withstand risks,enhance long-term development capabilities,and promote sustainable growth.In conclusion,this study confirms the empowering effects of intelligent manufacturing on the high-quality development of enterprises and identifies the channels through which these effects occur.It provides valuable insights for relevant policies aimed at enhancing the intelligence and digitization levels of enterprise production.
Intelligent Manufacturing PolicyTotal Factor ProductivityHigh-Quality Development
万方数据
维普
