The impact of artificial intelligence on the financing efficiency of the real economy:Theoretical mechanism and empirical test
The financing efficiency of physical enterprises is a key indicator for measuring the quality of real economic development and has a profound impact on business operations.By constructing an evaluation index for financing efficiency from such three aspects as financing costs,financing benefits,and financing risks,and by selecting data from Chinese listed companies from 2000 to 2022,this paper explores the impact of artificial intelligence on the financing efficiency of the real economy and its mechanism of action.The study finds that artificial intelligence significantly enhances the financing efficiency of physical enterprises,and this result remains robust even after controlling for endogeneity issues using instrumental variable 2SLS and dynamic panel-system GMM methods.Mechanism analysis indicates that artificial intelligence can improve the financing efficiency of the real economy by reducing information asymmetry between capital providers and capital demanders,alleviating corporate financing constraints,and intensifying competition among enterprises.Heterogeneity analysis shows that the impact of artificial intelligence on the financing efficiency of physical enterprises in the eastern region is more significant,while its impact on the financing efficiency of physical enterprises in the central,western,and northeastern regions is not apparent.Further subgroup analysis based on enterprise ownership attributes reveals that the impact of artificial intelligence on the financing efficiency of physical enterprises is significantly positive,while its effect on private enterprises is relatively weaker.
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