工业互联网技术、标准化管理与公司特质风险——基于关键核心技术赋能视角  

Industrial Internet Technology,Standardized Management,and Firm Idiosyncratic Risk:From the Perspective of the Empowerment of Key Core Technology

作　　者：惠丽丽[1] 谢获宝[2] Hui Lili;Xie Huobao

机构地区：[1]武汉理工大学管理学院,湖北武汉430070 [2]武汉大学经济与管理学院,湖北武汉430072

出　　处：《证券市场导报》2025年第2期3-13,35,共12页Securities Market Herald

摘　　要：本文基于2010—2022年沪深A股制造业上市公司年报数据,运用Word2vec词嵌入模型度量工业互联网技术的微观应用程度,探究工业互联网技术对公司特质风险的影响。研究发现,工业互联网技术显著降低了公司特质风险。同时,当企业标准化管理程度较高时,工业互联网技术缓解公司特质风险的效应更强。上述结论在经过一系列稳健性和内生性检验后依然成立。机制分析表明,工业互联网通过关键核心技术的跨层协作来缓解公司特质风险,主要体现为企业决策效率提高、运营效能提升和用户服务能力增强。本文为缓解公司特质风险、推动上市公司高质量发展和维护资本市场稳定提供了启示。Based on the data of manufacturing firms listed on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2022,the paper uses the Word2vec word embedding model to measure the micro-level application of industrial internet technology and explores the impact of industrial internet technology on firm idiosyncratic risk.The paper finds that industrial internet technology significantly reduces firm idiosyncratic risk.Meanwhile,the mitigation effect of industrial internet technology on firm idiosyncratic risk is stronger when firms exhibit a higher degree of standardized management.The above findings remain robust after a battery of robustness and endogeneity tests.The mechanism analysis reveals that industrial internet technology alleviates firm idiosyncratic risk through cross-layer collaboration of key core technologies,primarily reflected in improved decision-making efficiency,enhanced operational efficiency,and strengthened customer service capabilities.This paper provides enlightenment for mitigating corporate idiosyncratic risk,promoting the high-quality development of listed companies,and maintaining the stability of the capital market.

关 键 词：工业互联网技术 关键核心技术 标准化管理 公司特质风险 

分 类 号：F832.51[经济管理—金融学] F407.6