人工智能与企业投资效率提升

摘要/Abstract

摘要： 逆全球化背景下,人工智能(AI)技术作为数字经济的核心驱动力,有望为推动中国经济结构转型、实现全面高质量发展注入新动能。本文基于2007—2023年沪深A股上市企业数据,系统考察了AI技术应用对企业投资效率的影响及其作用机制。研究发现,AI技术应用显著提升了企业投资效率。机制检验表明,AI技术应用主要通过抑制管理层短视、缓解融资约束以及提升经营效率这三种途径赋能企业投资效率提升。进一步研究发现,在市场化程度较高的地区、高技术行业以及信息不对称严重、绿色发展意识较弱的企业中,AI技术应用对投资效率的促进作用更为突出。本研究从资本配置效率角度深化了对AI经济影响的理解,为数字经济背景下引导企业借助数字技术优化投资决策,推动经济可持续高质量发展的相关实践提供了经验启示。

关键词: 数字经济, 人工智能, 企业投资, 资本配置

Abstract: Against the backdrop of deglobalization, artificial intelligence (AI) technology, as a core driver of the digital economy, holds the promise of injecting new impetus into China's economic structural transformation and high-quality development. This paper examines the impact of AI adoption on firm investment efficiency and its underlying mechanisms by using the data of Chinese A-share listed companies from 2007 to 2023. We find that AI adoption significantly improves investment efficiency. Mechanism tests reveal that AI enhances investment efficiency primarily through three channels: mitigating managerial myopia, easing financing constraints, and improving operational efficiency. Further analysis reveals that the positive impact of AI on investment efficiency is more pronounced in firms with higher market orientation, those in high-technology industries, and those facing severe information asymmetry or exhibiting weaker green development awareness. This study deepens our understanding of the economic impact of AI from the perspective of capital allocation efficiency and offers valuable empirical insights for guiding firms to leverage digital technologies to optimize investment decisions and promote sustainable, high-quality economic development in the context of the digital economy.

Key words: Digital Economy, Artificial Intelligence, Corporate Investment, Capital Allocation

中图分类号:

F276

刘志伟, 张秋生. 人工智能与企业投资效率提升[J]. 财经论丛, 2026, 42(2): 78-88.

LIU Zhiwei, ZHANG Qiusheng. Artificial Intelligence and Corporate Investment Efficiency[J]. Collected Essays on Finance and Economics, 2026, 42(2): 78-88.

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