Artificial Intelligence and Capital Flows Across Regions——Based on the Perspective of Firms'Off-site Investments
As an important driving force of the new round of technological revolution and industrial change,artifi-cial intelligence has become a key force influencing the flow of capital across regions.Based on this,using Chinese A-share listed companies as a sample from 2014 to 2023,text mining technology is used to construct a comprehensive in-dex 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 sub-sidiaries 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 pro-duction and operations;third,the enhancing effect of AI on capital flows across regions is stronger among non-state-owned 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.
artificial intelligencecapital flows across regionstransaction costsproduction and business effi-ciency
万方数据
