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Will Network Infrastructure Optimization Make Manufacturing Enterprises "Out of Real to Virtual"? --- A Quasi-Natural Experiment from the "Broadband China" Policy
- 1 Yunnan Normal University, Digital Finance Development and Management Laboratory of Yunnan Provincial Education Department
- 2 Yunnan Normal University, Digital Finance Development and Management Laboratory of Yunnan Provincial Education Department
- 3 Yunnan Normal University, Digital Finance Development and Management Laboratory of Yunnan Provincial Education Department
* Author to whom correspondence should be addressed.
Abstract
Manufacturing is the most important component of the real economy, and the application of modern network information technology can effectively improve the operational efficiency of manufacturing enterprises. In the context of "Made in China 2025", it is particularly important to prevent manufacturing enterprises from deviating from their main business and becoming excessively financialized. Maintaining the essential business activities of manufacturing enterprises is of great importance to China's economic development. Based on the operating data of all A-share listed manufacturing companies from 2010 to 2020 and combining the "Broadband China" demonstration city policy, this paper uses a multi-point double-differenced model to explore the relationship between network infrastructure optimization and excessive financialization of manufacturing enterprises. The research shows that: 1) Network infrastructure optimization will make manufacturing enterprises increase their financialization level, and this effect is mainly manifested through optimizing accounts receivable management. 2) From the perspective of enterprise size, compared with small and medium-sized manufacturing enterprises, large manufacturing enterprises are more likely to improve their financialization level through network infrastructure optimization. 3) From the perspective of the degree of diversified operations, manufacturing enterprises with high diversified operations are more likely to take advantage of network infrastructure to improve their financialization level. This study provides reference and guidance for later researchers on the impact of "new infrastructure" represented by network infrastructure construction on the business model of manufacturing enterprises.
Keywords
Broadband China, degree of financialization, multi-time did, propensity matching score
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Cite this article
Ren,X.;Chen,C.;Nie,Q. (2024). Will Network Infrastructure Optimization Make Manufacturing Enterprises "Out of Real to Virtual"? --- A Quasi-Natural Experiment from the "Broadband China" Policy. Journal of Applied Economics and Policy Studies,9,84-96.
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