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制造业服务扩展与公司价值之间存在U型关系。本文通过对我国159家制造业上市公司2003—2008年的面板数据分析,发现我国制造业服务扩展对公司价值具有负面影响。笔者以资源基础观为基础,从公司和行业两个层面进行分析,发现公司层面的资源充足率和市场份额影响为负或者不显著,在行业层面的行业增长率呈正相关,行业竞争程度呈负相关,最后结合中国市场特征与上市公司财务特征对此进行解读。
There is a U-shaped relationship between the expansion of manufacturing services and the value of the company. This paper analyzes the panel data of 159 manufacturing listed companies in China from 2003 to 2008 and finds that the expansion of manufacturing services in our country has a negative impact on corporate value. Based on the resource-based view, the author analyzes the two aspects of the company and the industry and finds that the resource adequacy ratio and the market share at the company level have a negative or insignificant effect. The industry growth rate at the industry level is positively correlated with the industry’s competition being negative Relevant, finally with the Chinese market characteristics and the financial characteristics of listed companies to interpret this.