智能制造、市场化程度与企业运营效率——基于A股制造业上市公司年报的文本分析  

Intelligent Manufacturing,Degree of Marketization and Enterprise Operational Efficiency:A Text Analysis Based on Annual Reports of Listed A-share Manufacturing Firms

作　　者：温素彬 张金泉[1,2,3] 焦然 Wen Subin

机构地区：[1]南京审计大学会计学院/智能会计产业学院/智能管理会计与内部控制研究院,211815 [2]南京理工大学经济管理学院,210094 [3]山西财经大学会计学院,030006

出　　处：《会计研究》2022年第11期102-117,共16页Accounting Research

基　　金：国家自然科学基金资助项目(71372008);财政部会计名家工程项目(财会2019-19)

摘　　要：智能制造深度融合了多项先进技术,是实现质量变革、效率变革、动力变革,进而提高企业运营效率的重要抓手。本文以价值链理论和利益相关者理论为基础,分析了智能制造对企业运营效率的影响机理,以及市场化程度在其中的调节作用,并以我国A股制造业上市公司为研究样本,采用文本挖掘法衡量上市公司的智能制造水平,进而对研究样本进行实证检验。研究结果发现:(1)智能制造与企业运营效率存在显著正相关关系;(2)市场化程度强化了智能制造与企业运营效率的正相关关系;(3)相比于规模较小的企业,在规模较大企业中智能制造对运营效率的促进作用更强。市场化程度对智能制造与企业运营效率关系的调节作用仅在国有企业和规模较小企业显著;(4)智能制造通过降低生产成本、降低销售费用率、提升员工人均专利数、降低客户波动性、增加政府技术补助、降低应付账款周转率等路径提高了企业运营效率。本文的研究结论在进行一系列稳健性检验之后依然成立,为企业更好地实施智能制造战略提供了理论支撑。Intelligent manufacturing deeply integrates a number of advanced technologies and is an important way to realize the change in quality,change in efficiency,and change in power,and then improve enterprise operational efficiency.Based on the value chain theory and stakeholder theory,this paper analyzes the mechanism of intelligent manufacturing's impacts on enterprise operational efficiency and the moderating effect of marketization degree in it.Taking China's A-share manufacturing listed firms as research samples,this paper uses text mining methods to measure the intelligent manufacturing level for further empirical examination.The study has found that:(1)there is a significant positive relationship between intelligent manufacturing and enterprise operational efficiency;(2)the degree of marketization strengthens the positive relationship between intelligent manufacturing and enterprise operational efficiency;(3)compared with smaller-scale enterprises,intelligent manufacturing has a stronger effect in promoting the operational efficiency of larger-scale enterprises.the degree of marketization strengthens the positive relationship between intelligent manufacturing and enterprise operational efficiency only in state-owned enterprises and smaller enterprises;(4)intelligent manufacturing improves the enterprise operational efficiency by reducing production costs,reducing sales expense ratio,enhancing number of patents per employee,reducing customer volatility,increasing government technology subsidies,and reducing accounts payable turnover.The conclusions of this paper are still valid after a series of robustness tests,which provide theoretical support for enterprises to better implement intelligent manufacturing strategies.

关 键 词：智能制造 运营效率 市场化程度 文本挖掘 

分 类 号：F425[经济管理—产业经济] F49F832.51