人工智能与资本跨地区流动——基于企业异地投资视角  

Artificial Intelligence and Capital Flows Across Regions——Based on the Perspective of Firms'Off-site Investments

作　　者：赵丽 路一帆 Zhao Li;Lu Yifan(School of Finance,Xinjiang University of Finance and Economics,Urumqi 830012,Xinjiang,China;Xinjiang Fiscal and Financial Collaborative Innovation Center,Urumqi 830012,Xinjiang,China)

机构地区：[1]新疆财经大学金融学院,新疆乌鲁木齐830012 [2]新疆财政金融协同创新中心,新疆乌鲁木齐830012

出　　处：《金融发展研究》2024年第11期36-46,共11页Journal Of Financial Development Research

基　　金：新疆人文社会科学重点项目“财政金融协同支持新疆营商环境建设研究”(XJEDU2022J018)。

摘　　要：作为新一轮科技革命和产业变革的重要推动力,人工智能成为影响资本跨地区流动的关键力量。基于此,以2014—2023年中国A股上市公司为样本,运用文本挖掘技术构建企业人工智能综合指标,探讨了人工智能在企业的应用对资本跨地区流动的影响及作用机制。研究发现:第一,人工智能可以显著促进上市公司设立异地子公司,加速资本跨地区流动;第二,机制分析表明,人工智能通过降低交易成本以及提高生产经营效率进而促进资本跨地区流动;第三,人工智能对资本跨地区流动的提升作用在非国有企业、高市场竞争企业以及中心城市企业中更强;第四,人工智能的发展促进企业新增异地子公司的同时不会对本地子公司产生挤出效应,存在帕累托改进。研究加深了对人工智能在资本跨地区流动中所扮演角色的理解和认识,为推进国内统一大市场建设提供了新的微观路径。As an important driving force of the new round of technological revolution and industrial change,artificial intelligence has become a key force influencing the flow of capital across regions.Based on this,using Chinese Ashare listed companies as a sample from 2014 to 2023,text mining technology is used to construct a comprehensive index of corporate AI,and the impact and mechanism of the application of AI in corporations on the flow of capital across regions are explored.The study finds that,first,AI can significantly promote the establishment of off-site subsidiaries by listed companies and accelerate the flow of capital across regions;second,the mechanism analysis shows that AI facilitates capital flows across regions by reducing transaction costs as well as improving the efficiency of production and operations;third,the enhancing effect of AI on capital flows across regions is stronger among non-stateowned firms,firms with high market competition,and firms in central cities;fourth,there is a Pareto improvement in the development of AI facilitating firms to add new off-site subsidiaries without crowding out local subsidiaries.The study deepens the understanding and knowledge of the role played by AI in the movement of capital across regions,and provides new micro-paths to promote the construction of a unified domestic market.

关 键 词：人工智能 资本跨地区流动 交易成本 生产经营效率 

分 类 号：F830[经济管理—金融学]