智能制造、创新文化与企业成本粘性  

Intelligent Manufacturing,Innovation Culture and Corporate Cost Stickiness

作　　者：惠丽丽[1] 谢获宝[2] Hui Lili;Xie Huobao(Management School,Whan University of Technology,Wuhan 430071;Economic and Management School,Wuhan University,Wuhan 430071)

机构地区：[1]武汉理工大学管理学院,武汉430071 [2]武汉大学经济与管理学院,武汉430071

出　　处：《管理评论》2024年第5期178-193,共16页Management Review

基　　金：教育部人文社会科学研究项目(23YJA630103);国家自然科学基金青年项目(71803146)。

摘　　要：成本粘性反映企业资本、劳动力和技术等生产资源的配置效率。本文基于2010—2020年A股制造业上市公司财务数据,引入机器学习方法,用词嵌入模型度量微观智能制造程度,研究智能制造对企业成本粘性的影响及其后果。研究发现:智能制造有助于缓解成本粘性;在企业创新文化程度较高的情形下,该效应更加显著。在替换主要变量和检验方法、增加控制变量进行稳健性检验,采用固定效应、工具变量、PSM倾向性匹配等方法缓解内生性问题后,上述结论依然成立。机制检验发现,技术赋能和信息赋能是智能制造缓解成本粘性的重要机制;异质性检验发现,在经济政策不确定性强和行业竞争性强的环境中,智能制造缓解企业成本粘性的效应更强。本文结合非正式制度因素,揭示智能制造改善企业资源配置效率的后果及其过程,为制造业智能制造转型升级提供启示。Cost stickiness reflects the enterprise resource allocation efficiency and firm risk.Based on financial data of the listed manu⁃facturing companies over the period 2010—2020,we use the word embedding model of machine learning method to research the impact of the application of intelligent manufacturing technology on cost stickiness.The results show that the application of intelligent manufac⁃turing technology helps to alleviate cost stickiness,which mainly occurs in enterprises with high innovation culture.The above conclu⁃sions still exist after replacing the main variables and testing methods,adding control variables for robustness tests,and using methods such as fixed effects,instrumental variables,and propensity score matching methods to alleviate endogeneity issues.The mechanism test shows the technology empowerment and information empowerment are the important path between the relation of intelligent manufacturing technology and cost stickiness.Heterogeneity test shows the above effect will be more pronounced in an environment of strong economic policy uncertainty and strong industry competitiveness.

关 键 词：智能制造 成本粘性 创新文化 机器学习 

分 类 号：F49[经济管理—产业经济] F425F406.72F273.1