Artificial Intelligence and Vertical Specialization:From Evidence of Text Analysis
This study focuses on A-share listed firms from 2007 to 2022,utilizing text analysis to construct AI indicator at the firm level to empirically examine the effect of AI on vertical specializa-tion of enterprises.The results show that AI significantly enhances firms'vertical specialization and the conclusion is still valid under a series of robustness tests.Mechanism studies find that AI increa-ses the level of vertical specialization of firms by reducing their search costs,contracting costs,and losses due to counterparty defaults.Heterogeneity analyses demonstrate that the influence of AI on firms'vertical specialization is particularly significant among non-state-owned firms,manufacturing firms,and firms in coastal regions.Further research finds that AI promotes labour productivity and total factor productivity by promoting firms'vertical specialization and ultimately improves business performance.The article provides some references for promoting the deep integration of AI with the real economy and achieving high-quality development of the economy.
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