善用其器:人工智能技术应用与公司市场价值——基于中共二十大数字中国建设的微观识别  

Fully Leveraging Tools:The Application of Artificial Intelligence Technology and Companies’Market Value Micro-level Identification of the Construction of a Digital China based on the 20^(th) National Congress of the Chinese Communist Party Report

作　　者：邓云峰 张年华 Deng Yunfeng;Zhang Nianhua

机构地区：[1]华南理工大学经济与金融学院 [2]上海财经大学金融学院

出　　处：《金融经济学研究》2023年第1期100-112,共13页Financial Economics Research

基　　金：国家自然科学基金青年项目(72202046);国家社会科学基金一般项目(19BJY254);广东省重点建设学科科研能力提升项目(2021ZDJS125);广东区域金融政策研究中心委托课题(2021-GDJD-0101)。

摘　　要：人工智能技术作为智能化制造的核心驱动力,为增进公司经营绩效和提升市场价值提供了持续动能。以2007—2019年中国A股上市公司年报为样本,利用大数据文本分析方法构建人工智能技术应用的代理指标体系,以检验人工智能技术应用对公司市场价值的影响。研究结果表明,人工智能技术应用对公司市场价值的提升具有促进作用,但因企业自身所在行业、所有制属性和所处区域异质性影响而不同。人工智能技术应用通过优化创新要素投入、提升公司营运效率、维护财务环境稳定和改善公司内外预期,驱动公司市场价值提升。进一步研究表明,人工智能技术应用在劳动力错配情景中也可有效助力公司发展。基于此,相关部门应完善人工智能技术相关基础设施建设,提升创新要素行业间配置效率,构建企业内外部多元联动保障机制,推动人工智能技术应用与实体企业生产经营相融合,助力数字中国建设。As the core driving force of intelligent manufacturing,artificial intelligence technology provides continuous momentum for improving company performance and market value.Using the annual reports of Chinese companies listed with A-shares from 2007 to 2019 as samples,a proxy indicator system for the application of artificial intelligence technology was constructed with big data text analysis methods to test the impact of artificial intelligence technology on companies’market value.The results showed that the application of artificial intelligence technology can promote the promotion of a company’s market value,but it varies because of the heterogeneity of the company’s own industry,ownership attributes,and regions.The application of artificial intelligence technology drives the increase in a company’s market value by optimizing the input of innovation factors,improving the company’s operating efficiency,maintaining the stability of the financial environment,and improving the company’s internal and external expectations.Further research showed that the application of artificial intelligence technology can also effectively help companies develop when faced with labor mismatch scenarios.Therefore,relevant departments should improve the construction of infrastructure related to artificial intelligence technology,improve the allocation efficiency of innovative elements among industries,build a safeguard mechanism with multiple linkages within and outside the company,and promote the integration of artificial intelligence technology applications and the production and operation of physical enterprises,thereby facilitating the construction of a digital China.

关 键 词：人工智能技术应用 公司价值 文本识别 劳动力错配 

分 类 号：F062.9[经济管理—政治经济学]