“两业”融合与先进制造业全要素生产率.

Currently, the level of localization and autonomy in advanced manufacturing in China is relatively lagging behind developed countries, and there are still many areas where “we are inferior to others in technology” and “we are still dependent on others”. Modern service industry and advanced manufacturing industry represent the direction of “modernization” and “progressiveness” of China's industrial development. “Two industries” convergence is an important point for China to participate in great power competition and industrial competition, and an important way to achieve high-quality development of advanced manufacturing industry. Based on this background, this paper classifies and summarizes the modern service industry and advanced manufacturing industry by using statistical relevant data from the two major industries. Firstly, to measure the degree of integration between advanced manufacturing and modern service industries in different provinces and industries in China, this study builds an index system and a coupling coordination degree model, therefore, the measurement of coupling degree in different industries is more detailed and accurate. Secondly, using data from A-share listed companies in China from 2003 to 2021, this study empirically tests the impact of the integration of the two industries on the total factor productivity(TFP)of advanced manufacturing. This research has shown that the integration of the two industries has significantly improved the TFP of advanced manufacturing industry, and this result still holds true after a series of endogeneity treatments and robustness tests. Heterogeneity analysis shows that the integration of the two industries has more significant impact on the TFP of advanced manufacturing in state-owned enterprises and large enterprises. Besides, the integration of some specific industries like specialized equipment manufacturing, computer, communication, and other electronic equipment manufacturing with modern service industries can significantly improve industry TFP. The possible contributions of this article are as follows: firstly, this paper theoretically explains the logical relationship between the integration of “two industries” and TFP of advanced manufacturing industry and reveals the influence mechanism of “two industries” integration on TFP of advanced manufacturing industry mainly from three aspects: promoting technological innovation through technological integration, alleviating financing constraints through the integration of digital economy and real economy, and optimizing resource allocation through market integration. Secondly, this paper matches macro province-industry data with micro enterprise data, as the different dimensions of data measurement to some extent avoid endogeneity issues of reverse causality. This is because individual enterprise behavior usually cannot affect the degree of integration between provinces and industries. Thirdly,heterogeneity analysis was conducted on advanced manufacturing enterprises in different industries. Based on the above conclusions, this article finally proposes policy recommendations from the aspects of actively developing the digital economy and modern service industry, encouraging collaborative innovation among enterprises, and reducing barriers to factor mobility. [ABSTRACT FROM AUTHOR]