Sci-tech Finance and Technological Innovation of AI Computing Power Enterprises: Based on the Perspective of Financial Regulation

Jiaqi Dai, Guangkuo Gao
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Abstract

As the new round of technological revolution continues to evolve, computing power is progressively emerging as the "new qualitative productive force" in the era of digital economy; AI computing power, being the core component of computing power, has consequently garnered extensive attention. This study examines the impact of sci-tech finance on the technological innovation of AI computing power enterprises, the mechanism of action, and the role of financial regulation, using data from Chinese A-share listed AI computing power enterprises from 2014 to 2022. The findings are as follows: Firstly, the development of sci-tech finance significantly enhances the technological innovation capacity of AI computing power enterprises. Secondly, the alleviation of financing constraints partially mediates this effect. Thirdly, overall financial regulation exerts a negative regulatory effect on the relationship between sci-tech finance and technological innovation; specifically, financial regulation in the eastern region has a negative regulatory role, whereas in the non-eastern regions, it exhibits a positive regulatory role. These research conclusions hold certain implications and reference value for enhancing the sci-tech finance system, fostering the development of the computing power industry, and reforming the regulatory system.
科技金融与人工智能计算能力企业的技术创新:基于金融监管的视角
随着新一轮科技革命的不断演进,计算力正逐步成为数字经济时代的 "新质生产力",作为计算力核心组成部分的人工智能计算力也因此受到广泛关注。本研究利用2014年至2022年中国A股上市人工智能算力企业的数据,研究了科技金融对人工智能算力企业技术创新的影响、作用机理以及金融监管的作用。研究结果如下:首先,科技金融的发展显著提升了人工智能算力企业的技术创新能力。其次,融资约束的缓解部分地调解了这一效应。第三,整体金融监管对科技金融与技术创新之间的关系具有负向调节作用;具体而言,东部地区的金融监管具有负向调节作用,而非东部地区的金融监管则表现出正向调节作用。这些研究结论对完善科技金融体系、促进计算力产业发展和改革监管体制具有一定的启示和参考价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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