人工智能对企业金融化的影响：劳动生产率的中介效应

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-06-24 DOI:10.1016/j.iref.2025.104322

Jing Zhang , Ming Piao

{"title":"人工智能对企业金融化的影响：劳动生产率的中介效应","authors":"Jing Zhang , Ming Piao","doi":"10.1016/j.iref.2025.104322","DOIUrl":null,"url":null,"abstract":"<div><div>This paper delves into the intrinsic connections and mechanisms between artificial intelligence, labor productivity, and corporate financialization based on data from Chinese listed companies from 2010 to 2023. The study finds that the application of artificial intelligence technology significantly enhances the level of financialization in enterprises, while improvements in labor productivity also play a positive role in promoting corporate financialization. Notably, there is a clear heterogeneity in the financialization effects of artificial intelligence technology across enterprises of different sizes. Furthermore, labor productivity serves as a mediating factor between artificial intelligence and corporate financialization, meaning that artificial intelligence technology boosts labor productivity, which in turn drives the increase in corporate financialization levels; this mediating effect also exhibits variability among enterprises of different sizes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104322"},"PeriodicalIF":5.6000,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The impact of artificial intelligence on firms' financialization: The mediating effects of labor productivity\",\"authors\":\"Jing Zhang , Ming Piao\",\"doi\":\"10.1016/j.iref.2025.104322\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper delves into the intrinsic connections and mechanisms between artificial intelligence, labor productivity, and corporate financialization based on data from Chinese listed companies from 2010 to 2023. The study finds that the application of artificial intelligence technology significantly enhances the level of financialization in enterprises, while improvements in labor productivity also play a positive role in promoting corporate financialization. Notably, there is a clear heterogeneity in the financialization effects of artificial intelligence technology across enterprises of different sizes. Furthermore, labor productivity serves as a mediating factor between artificial intelligence and corporate financialization, meaning that artificial intelligence technology boosts labor productivity, which in turn drives the increase in corporate financialization levels; this mediating effect also exhibits variability among enterprises of different sizes.</div></div>\",\"PeriodicalId\":14444,\"journal\":{\"name\":\"International Review of Economics & Finance\",\"volume\":\"102 \",\"pages\":\"Article 104322\"},\"PeriodicalIF\":5.6000,\"publicationDate\":\"2025-06-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Economics & Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S105905602500485X\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S105905602500485X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文以2010 - 2023年中国上市公司数据为基础，探讨人工智能、劳动生产率与企业金融化之间的内在联系和机制。研究发现，人工智能技术的应用显著提升了企业的金融化水平，而劳动生产率的提高也对企业金融化起到了积极的促进作用。值得注意的是，在不同规模的企业中，人工智能技术的金融化效应存在明显的异质性。劳动生产率是人工智能与企业金融化之间的中介因素，即人工智能技术提高了劳动生产率，进而推动了企业金融化水平的提高；这种中介效应在不同规模的企业中也表现出可变性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The impact of artificial intelligence on firms' financialization: The mediating effects of labor productivity

This paper delves into the intrinsic connections and mechanisms between artificial intelligence, labor productivity, and corporate financialization based on data from Chinese listed companies from 2010 to 2023. The study finds that the application of artificial intelligence technology significantly enhances the level of financialization in enterprises, while improvements in labor productivity also play a positive role in promoting corporate financialization. Notably, there is a clear heterogeneity in the financialization effects of artificial intelligence technology across enterprises of different sizes. Furthermore, labor productivity serves as a mediating factor between artificial intelligence and corporate financialization, meaning that artificial intelligence technology boosts labor productivity, which in turn drives the increase in corporate financialization levels; this mediating effect also exhibits variability among enterprises of different sizes.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.