摘要
人工智能是一场深刻而广泛的技术革命,其必然会对经济系统产生诸多影响,其中,人工智能与实体投资的关系是人们关注的重要问题之一。我们从宏观省级层面和上市企业微观层面两个视角实证检验了人工智能与实体投资的关系。研究发现,无论是从宏观层面还是微观层面,人工智能发展对实体投资率都具有显著的正向作用,在稳健性检验和内生性处理后结果依然稳健。机制分析表明,人工智能主要通过促进企业全要素生产率和提升投资回报率以及改善信息不对称方式促进资本流向实体经济。异质性分析表明,人工智能对实体投资的促进作用在制造业、高技术产业、大型工业企业中表现得更为明显,同时,对于东部和中部地区的促进作用强于西部和东北部地区。此外,我们发现以资本市场为主导的金融体系和企业金融资产配置在人工智能促进资本流向实体经济中发挥了正向调节作用。因此,在构建现代产业体系的关键时期,中国应持续推进人工智能发展,运用人工智能等技术实现实体经济高质量发展。
Artificial intelligence is a profound and extensive technological revolution,which is bound to have many impacts on the economic system.We empirically test the relationship between artificial intelligence and real investment from two perspectives:macro provincial level and micro level of listed enterprises.The study finds that whether from the macro level or the micro level,the development of artificial intelligence has a significantly positive effect on the capital flow to the real economy and the real investment rate of enterprises,and the results are still robust after the robustness test and the endogeneity test.The mechanism analysis shows that artificial intelligence promotes capital flow to the real economy mainly by promoting enterprises'total factor productivity and return on investment,developing digital finance and improving information asymmetry.Heterogeneity analysis shows that the promotion effect of artificial intelligence on real investment is more obvious in manufacturing,high-tech industries,and large industrial enterprises.In addition,we find that the capital market and corporate financial asset allocation play a positive moderating role in the promotion of capital flow to the real economy by AI.Therefore,in the critical period of building a modern industrial system,China should continue to promote the development of artificial intelligence and use artificial intelligence and other technologies to achieve high-quality development of the real economy.
作者
韩青江
李旭升
陈雁云
QINGJIANG HAN;XVSHENG LI;YANYUN CHEN(Institute of Applied Economics,Jiangxi University of Finance and Economics;Institute of Economic and Social Development,Jiangxi University of Finance and Economics)
出处
《产业经济评论》
CSSCI
2024年第6期5-26,共22页
Review of Industrial Economics
基金
教育部人文社会科学研究青年基金项目“人工智能驱动现代产业体系优化升级研究:机制、效应与政策仿真”(21YJC790041)
国家自然科学基金项目“环境规制与技术创新:理论机制、时空分异及国际竞争”(72064014)
江西省教育厅科学技术研究项目“新一代人工智能技术进步评估及对经济增长的影响研究”(GJJ210514)
中国博士后科学基金面上资助项目“数字技术应用与中国制造业高质量发展研究”(306895)。
关键词
人工智能
实体经济
高质量发展
artificial intelligence
high-quality development
real economy
