The impact of artificial intelligence on physical investment:Evidence from both macro and micro perspectives
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.
NETL
NSTL
万方数据
