摘要
中国人工智能创新发展试验区政策对微观企业投资效率的影响是评估人工智能赋能实体经济成效的关键。本文基于2007~2024年A股上市公司样本,以国家新一代人工智能创新发展试验区的分批设立(简称“人工智能试验区”)为准自然实验,采用多期双重差分法,探讨人工智能试验区对企业投资效率的影响。研究发现:人工智能试验区能够抑制企业非效率投资;机制分析表明,人工智能试验区主要通过“治理效应”和“信息效应”——降低代理成本、缓解信贷错配和降低经济政策不确定性感知水平来抑制企业非效率投资;异质性检验发现,在技术人员占比高、数据要素利用水平高、非国有企业和投资不足的企业样本中,其抑制效果更为显著。上述研究为企业优化资源配置提供了经验证据,也为如何进一步提高人工智能试验区的政策红利提供了政策启示。
The impact of China's Artificial Intelligence Innovation and Development Pilot Zone policy on the investment effi⁃ciency of micro-enterprises is the key to assessing the effectiveness of AI in empowering the real economy.Based on a sample of Ashare listed companies from 2007 to 2024,this paper uses a multi-period double-difference method based on a quasi-natural ex⁃periment of the batch establishment of the National New Generation of Artificial Intelligence Innovation and Development Pilot Zones(AI Pilot Zones Establishment)to explore the impact of the AI Pilot Zones on the investment efficiency of enterprises.The study finds that the AI pilot zones are able to improve the investment efficiency of enterprises.The study finds that the AI pilot zones can inhibit the inefficient investment of enterprises.Mechanism analysis shows that AI pilot zones can inhibit enterprise inefficient in⁃vestment mainly through the“governance effect”and“information effect”-reducing agency costs,mitigating credit mismatch,and reducing the level of perceived economic policy uncertainty;Heterogeneity test reveals that the inhibitory effect is more signifi⁃cant in the samples of enterprises with a high proportion of technicians,high level of data element utilization,non-state-owned en⁃terprises and underinvestment enterprises.The above study provides empirical evidence for enterprises to optimise resource allocation and policy insights on how to further enhance the policy dividends of the establishment of AI pilot zones.
作者
郭军
王乐静
刘锦英
Guo Jun;Wang Lejing;Liu Jinying(School of Business,Henan University,Kaifeng 475000,China)
出处
《工业技术经济》
北大核心
2026年第4期123-132,共10页
Journal of Industrial Technology and Economy
基金
国家社会科学基金重点项目“专业化众创空间生态的共生发展机理与对策研究”(项目编号:21AGL007)
河南省软科学研究项目“数字化发展赋能企业ESG的机理、路径与对策研究”(项目编号:232400412020)。
关键词
人工智能试验区政策
企业非效率投资
代理成本
信贷错配
经济政策不确定性
数据要素利用水平
过度投资
投资不足
artificial intelligence pilot zone policy
firms inefficient investment
agency costs
credit mismatch
economic policy uncertainty
level of data element utilisation
overinvestment
underinvestment
