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Financial Constraint, Market Structure and Servitization of

Manufacturing Industry

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GU Naihua , HU Xiaodan & HU Pinping
(1. Institute of Industrial Economics, Jinan University, Guangzhou, Guangdong 510632, China;
2. Guangdong Institute of Scientific & Technical Information, Guangzhou, Guangdong 510000, China)

Abstract: Servitization of manufacturing industry is an important means and a realistic choice for the transformation and up鄄
grading of China蒺s real economy under New Normal era. Based on the Chinese input鄄output data of the WIOD database during the
years from 2000 to 2014, this paper examines the effect of financial constraints in China蒺s 18 manufacturing sectors and market
structure on their servitization. The study finds that the internal and external financial constraints faced by manufacturing sectors
will significantly inhibit their servitization. The highest鄄end servitization of professional technology, the low鄄end servitization of
transport and warehousing, and the servitization of wholesale and retail suffer a more pronounced inhibitory effect, while the high鄄
end and mid鄄end servitization of information communication have a “crowding鄄in effect冶. Market competition will aggravate the
restraint effect of financial constraint on the servitization of manufacturing industry, but it will not affect the relationship between
internal financial constraint and servitization of manufacturing industry. Further analysis shows that financial constraints are not
conducive to improving the innovation capabilities of manufacturing industry. Therefore, under the background of market鄄oriented
reform to promote competition, we should impel the reform of financial system and strengthen its ability to serve the real economy
so as to reduce the external financial constraints of manufacturing industry.
Key Words: financial constraint; market structure; servitization of manufacturing industry; crowding鄄in effect; innovation;
real economy
(本文责编摇 邓摇 艳)

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