AN EMPIRICAL STUDY ON THE DEVELOPMENT LEVEL OF ARTIFICIAL INTELLIGENCE INVESTMENT THROUGH THE COMBINATION OF INDUSTRY AND FINANCE - BASED ON CHINA’S A-SHARE LISTED COMPANIES

Abstract

This study is based on the perspective of the integration of financial institutions and companies, and examines the impact of Chinese listed companies’ financial institutions’ shareholding entities on the development level of artificial intelligence investment. This article uses the data of China's A-share listed companies from 2011 to 2021 as the research scope, uses the FEM (fixed effects model) to verify the industry-finance integration’s impact on the development of artificial intelligence investment, and verifies the mechanism of action between the two. After empirical testing, it was found that financial institutions' shareholding in entity enterprises has significantly improved the company's own artificial intelligence investment and development level. Secondly, financing constraints have a certain intermediary effect on the two. Financial institutions' shareholding in entity enterprises can ease the financing of enterprises. Constraints are used to promote the level of companies’ artificial intelligence investment development. At the article’s ending, robustness tests are conducted through bootstrap and other methods, and endogeneity problems are eliminated by using the instrumental variable method. Therefore, China should pay attention to the measure of financial institutions holding shares in entity enterprises, and increase the complementarity and cooperation between the two, thereby promoting the development of artificial intelligence in enterprises. This article enriches the research between the two and also promotes the development of enterprises. Provided some advice and support.

Keywords

• a-share listed companies in china
• the combination of industry and finance
• artificial intelligence investment development level
• financing constraints
• intermediary effect