Research On The Impact Of Factor Capital On The Digital Enabling Effect Of Industrial Internet Enterprises

In recent years,China has been gradually promoting the high-quality development of the manufacturing industry.As an important cornerstone and key support of the fourth industrial Revolution,the industrial Internet plays an extremely important role in the process of upgrading the manufacturing industry.Through the comprehensive interconnection of various production factors,the industrial Internet can realize the convergence of innovation resources across regions,across time and space and across industries,promote the formation of new services and production and manufacturing systems,give full play to the potential capacity of manufacturing processes,materials and equipment,improve the production efficiency of enterprises,and empower the transformation and upgrading of the manufacturing industry.Therefore,how to make industrial Internet enterprises develop better and play the enabling effect more efficiently has become the focus of academic attention.As the basic element of enterprise composition,factor capital reflects the resources of an enterprise in human,material,technology,innovation,social relations and other dimensions,and is the core driving force of enterprise growth and development.The reasonable allocation of all kinds of factor capital can effectively improve the utilization efficiency of enterprise resources,improve the ability of enterprises in all aspects,and promote the growth and development of enterprises.As the embodiment of the comprehensive ability of industrial Internet enterprises,the allocation of factor capital also has a direct impact on the play of the enabling effect of industrial Internet enterprises.Therefore,how to rationally allocate factor capital to optimize the digital enabling effect of industrial Internet enterprises is the core issue of this study.In addition,according to different development backgrounds,industrial Internet enterprises can be roughly divided into manufacturing genes and Internet genes.Different development paths make these two types of industrial Internet enterprises have obvious differences in factor capital distribution and digital enabling mechanism.Based on this,this study first reviews the literature on factor capital,industrial Internet enterprises and their enabling effects.Then,based on the existing research,it defines the concepts of industrial Internet enterprises,digital enabling effects and factor capital,and discusses the theoretical basis for the research.Secondly,this study sorted out the internal logic of the relationship between various factor capital and digital enabling effect,analyzed the influence mechanism of factor capital on digital enabling effect,and proposed the corresponding research hypothesis based on the mechanism analysis.Then,this study takes industrial Internet enterprises in China’s A-share listed companies from 2016 to 2021 as samples,and uses factor analysis method to construct the index of enterprise factor capital.Finally,this study focuses on the influence of factor capital on the digital enabling effect of industrial Internet enterprises and the difference of the influence of factor capital under different development paths on the digital enabling effect of industrial Internet enterprises,and verifies the reliability of the results through robustness test.The main conclusions of this study are as follows:(1)The allocation of innovation capital and supply chain relational capital helps industrial Internet enterprises to better play the digital enabling effect,while excessive allocation of material capital will hinder industrial Internet enterprises to play the digital enabling effect.(2)Industrial Internet enterprises with manufacturing genes and industrial Internet enterprises with Internet genes have obvious differences in the influence of factor capital allocation on digital enabling effect.For industrial Internet enterprises with manufacturing genes,the allocation of human capital,innovation capital,supply chain relational capital and enterprise relational capital has a significant positive impact on the digital enabling effect.For industrial Internet enterprises with Internet genes,only the allocation of innovation capital should have a significant positive impact on digital energy efficiency,while the allocation of enterprise relationship capital should have a significant negative impact on digital energy efficiency.Finally,based on the research conclusions,this paper puts forward corresponding research countermeasures from four aspects: actively disposing of non-performing assets,increasing innovation capital investment,actively distributing supply chain and enterprise relationship,and paying attention to enterprise background differences,in order to improve the digital enabling effect of industrial Internet enterprises by optimizing factor capital allocation.