工业技术经济2026，Vol.45Issue(4)：123-132,10.DOI:10.3969/j.issn.1004-910X.2026.04.010
人工智能与企业非效率投资
Artificial Intelligence and Firms'Inefficient Investments
摘要
Abstract
The impact of China's Artificial Intelligence Innovation and Development Pilot Zone policy on the investment effi⁃ciency of micro-enterprises is the key to assessing the effectiveness of AI in empowering the real economy.Based on a sample of A-share listed companies from 2007 to 2024,this paper uses a multi-period double-difference method based on a quasi-natural ex⁃periment of the batch establishment of the National New Generation of Artificial Intelligence Innovation and Development Pilot Zones(AI Pilot Zones Establishment)to explore the impact of the AI Pilot Zones on the investment efficiency of enterprises.The study finds that the AI pilot zones are able to improve the investment efficiency of enterprises.The study finds that the AI pilot zones can inhibit the inefficient investment of enterprises.Mechanism analysis shows that AI pilot zones can inhibit enterprise inefficient in⁃vestment mainly through the"governance effect"and"information effect"-reducing agency costs,mitigating credit mismatch,and reducing the level of perceived economic policy uncertainty;Heterogeneity test reveals that the inhibitory effect is more signifi⁃cant in the samples of enterprises with a high proportion of technicians,high level of data element utilization,non-state-owned en⁃terprises and underinvestment enterprises.The above study provides empirical evidence for enterprises to optimise resource allocation and policy insights on how to further enhance the policy dividends of the establishment of AI pilot zones.关键词
人工智能试验区政策/企业非效率投资/代理成本/信贷错配/经济政策不确定性/数据要素利用水平/过度投资/投资不足Key words
artificial intelligence pilot zone policy/firms inefficient investment/agency costs/credit mismatch/economic policy uncertainty/level of data element utilisation/overinvestment/underinvestment分类
管理科学引用本文复制引用
郭军,王乐静,刘锦英..人工智能与企业非效率投资[J].工业技术经济,2026,45(4):123-132,10.基金项目
国家社会科学基金重点项目"专业化众创空间生态的共生发展机理与对策研究"(项目编号:21AGL007) （项目编号:21AGL007）
河南省软科学研究项目"数字化发展赋能企业ESG的机理、路径与对策研究"(项目编号:232400412020). （项目编号:232400412020）
