Can Industrial Robot Applications Enhance Corporate Capital Allocation Efficiency?—Based on the Perspective of Cash Holdings

IF 2.7 3区经济学 Q2 ECONOMICS

Managerial and Decision Economics Pub Date : 2025-11-18 DOI:10.1002/mde.70046

Lin Liang, Peng Liang

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引用次数: 0

Abstract

Industrial robots play a vital role in transforming and upgrading the manufacturing industry. They harness automation technologies to drive industrial production and enhance their value through innovations in production tools and knowledge. This paper analyzes annual data from China's A-share nonfinancial manufacturing listed companies during the period from 2007 to 2019, examining the impact of industrial robot applications on corporate cash holdings. The study discovers that the application of industrial robots notably reduces corporate cash holdings, thereby confirming the effect of capital allocation. The analysis rules out the possibility that this reduction occurs through alleviating agency problems. Mechanism analysis reveals that the application of industrial robots reduces cash holdings for precautionary motives by reducing labor leverage and enhancing labor productivity and operational efficiency. Additional tests reveal that the reduction in corporate cash holdings due to industrial robot applications is more pronounced in enterprises with intense market competition, labor-intensive and nonstate-owned enterprises. This study deepens the research focus on industrial robot applications and corporate cash holdings, providing a theoretical basis for policymakers to promote technological innovation and industrial advancement.

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工业机器人应用能提高企业资金配置效率吗？基于现金持有量的视角

工业机器人在制造业转型升级中发挥着至关重要的作用。他们利用自动化技术来推动工业生产，并通过生产工具和知识的创新来提高其价值。本文分析了2007 - 2019年中国a股非金融制造业上市公司的年度数据，考察了工业机器人应用对企业现金持有量的影响。研究发现，工业机器人的应用显著降低了企业的现金持有量，从而证实了资本配置的效果。分析排除了通过缓解代理问题来实现这种减少的可能性。机理分析表明，工业机器人的应用通过降低劳动杠杆，提高劳动生产率和运营效率，减少了出于预防动机的现金持有量。额外的测试表明，工业机器人应用导致的企业现金持有量减少在市场竞争激烈的企业、劳动密集型企业和非国有企业中更为明显。本研究深化了对工业机器人应用与企业现金持有量的研究重点，为政策制定者推动技术创新和产业进步提供理论依据。

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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来源期刊

Managerial and Decision Economics Multiple-

CiteScore

1.40

自引率

18.20%

发文量

242

期刊介绍： Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.