| 摘要: |
| 摘要：以工业机器人为代表的智能技术渗透到企业生产运作的各个环节，为充分发挥资源配置的决定性作用提供了新契机。基于中国制造业A股上市公司数据和IFR机器人数据，采用双向固定效应模型探究工业智能化对制造企业资本错配的影响。研究发现，工业智能化对制造企业资本错配存在显著的抑制作用，在经过一系列稳健性检验后上述结论依旧成立。机制分析表明，工业智能化通过抑制实体经济“脱实向虚”间接降低企业内部资本错配程度。异质性分析表明，工业智能化的去资本错配效应在民营企业、衰退期企业、资本技术密集型和高技术企业更加突出。研究结论聚焦微观企业层面，为“靶向”赋能工业智能化转型、提高要素宏观配置效率和防范实体经济“脱实向虚”提供了政策启示。 |
| 关键词: 关键词：工业智能化；资本错配；脱实向虚 |
| DOI： |
| 分类号:F406.71；F832.51 |
| 基金项目:基金项目：湖南省教育厅研究生科研创新重点项目“工业互联网促进城市经济增长动能转换的机理与对策研究”（CX20231015）；湖南省社科基金一般项目“提升我国城市经济韧性的机理与对策研究”（23YBA134）。 |
|
| Can Industrial Intelligence Mitigate Capital Misallocation in Manufacturing Firms? ——Evidence from the “Shift from the Real to the Virtual” Phenomenon |
|
WANG Dian，ZHANG Zhi-bin
|
|
（Hunan University of Science and Technology,School of Business）
|
| Abstract: |
| Abstract：The penetration of intelligent technologies,represented by industrial robots,into various stages of enterprise production and operations has created new opportunities to fully leverage the decisive role of resource allocation.Utilizing data from China’s A-share listed manufacturing companies and IFR robotics statistics,this study employs a two-way fixed effects model to investigate the impact of industrial intelligence on capital misallocation in manufacturing enterprises.The findings reveal that industrial intelligence significantly inhibits capital misallocation in manufacturing firms,and these conclusions remain valid after a series of robustness tests.Mechanism analysis demonstrates that industrial intelligence indirectly reduces internal capital misallocation by curbing the economic phenomenon of “real-to-virtual shift” in the physical economy.Heterogeneity analysis indicates that the capital misallocation-reducing effects of industrial intelligence are more pronounced in private enterprises,firms in decline stages,capital-and technology-intensive enterprises,and high-tech enterprises.Focusing on the micro-enterprise level,the research conclusions provide policy implications for targeted empowerment of industrial intelligent transformation, enhancing macro-level allocation efficiency of production factors,and preventing the real economy’s deviation towards virtual operations. |
| Key words: Key words：Industrial Intelligence；Capital Misallocation；Shift from the Real to the Virtual Economy |
