实体经济振兴:智能制造与制造业企业“脱实向虚”  

Revitalization of the Real Economy:Intelligent Manufacturing and Manufacturing Enterprises from "Real to Virtual"

作　　者：牛子恒 邹宗森 Niu Zi-heng;Zou Zong-sen

机构地区：[1]山东财经大学经济学院 [2]曲阜师范大学经济学院

出　　处：《经济学家》2024年第1期78-88,共11页Economist

基　　金：国家社会科学基金一般项目“双循环新发展格局下人民币汇率的资源配置效应研究”(21BJL015)。

摘　　要：制造业“脱实向虚”问题严重动摇了制造业的国民经济支柱地位。本文针对制造业“脱实向虚”问题,基于中国2011—2021年A股制造业上市公司面板数据,通过引入智能制造试点示范行动的准自然实验,综合探究了智能制造对制造业企业“脱实向虚”的影响。研究发现,智能制造能够遏制制造业企业“脱实向虚”且该结论在经过一系列稳健性检验和内生性处理后依然成立,其中,激励企业创新投资和提高实体资产收益率是重要作用机制。异质性分析表明,智能制造遏制制造业企业“脱实向虚”的作用效果仅存在于东部地区以及中、低行业竞争和融资约束环境中,在中西部地区以及高行业竞争和融资约束环境下作用效果不明显。进一步讨论证实,生产型智能制造模式和协同型智能制造模式均可以遏制制造业企业“脱实向虚”,但后者作用效果更强。本文相关研究结论提供了一项振兴实体经济的新证据并为推动我国智能制造发展提供了支撑依据。The problem of manufacturing industry from“real to virtual”has seriously shaken the status of manufacturing industry as the pillar of the national economy.Aiming at the problem of the manufacturing industry from“real to virtual”,based on the panel data of A-share manufacturing listed companies from 2011 to 2021,this paper introduces a quasi-natural experiment of intelligent manufacturing pilot demonstration action,comprehensively explores the impact of intelligent manufacturing on the manufacturing enterprises from“real to virtual”.It is found that intelligent manufacturing can prevent manufacturing enterprises from“real to virtual”,and this conclusion is still valid after a series of robustness tests and endogeneity processing,and encouraging enterprises to innovate investment and improving the return on real assets are important mechanism.Heterogeneity analysis shows that the effect of intelligent manufacturing on restraining manufacturing enterprises from“real to virtual”only exists in the eastern region and the environment of middle and low industry competition and financing constraints,and the effect is not obvious in the central and western regions and the environment of high industry competition and financing constraints.Further discussion confirms that both production-oriented intelligent manufacturing mode and collaborative intelligent manufacturing mode can curb manufacturing enterprises from“real to virtual”,but the latter effect is stronger.The relevant research conclusions of this paper provide a new evidence to revitalize the real economy and it also provide a supporting basis for promoting the development of intelligent manufacturing in China.

关 键 词：智能制造试点示范行动 制造业“脱实向虚” 创新投资 实体资产收益率 智能制造模式 

分 类 号：F424[经济管理—产业经济] F832.59