Zelin Huang;Pengcheng Jiang;

• 1:School of Public Administration and Policy
• 2: Shanghai University of Finance and Economics

Abstract：

This paper empirically examines the impact of intelligent applications on capital flows. The study finds that artificial intelligence(AI) has facilitated the establishment of subsidiaries by firms across diverse locations. Key mechanisms through which AI drives capital flows include reducing off-site investment management costs, expanding high-skilled employment, optimizing the skill structure of the workforce, enhancing the allocation efficiency of technological and scientific talent, and promoting the diffusion of technical knowledge. The off-site investment effect of AI is particularly significant in non-state-owned enterprises, manufacturing firms, and businesses located in regions with pronounced labor market segmentation and advanced digital infrastructure. Further analysis reveals that AI applications transcend spatial constraints, encouraging firms to invest in more distant cities. Additionally, AI applications contribute to the flow of capital from smaller to larger cities. This paper provides empirical evidence and policy insights on how intelligent transformation can facilitate the smooth flow of capital in the new era.

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Foundation: 国家哲学社会科学基金一般项目：“人工智能的技术进步偏向效应及其对劳动收入份额的影响研究”（编号：23BJL031）的资助

Authors: Zelin Huang;Pengcheng Jiang;

References：

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• (1)具体处理过程备索。 (2)限于篇幅,IV-2SLS估计结果未报告,备索。 (3)感谢审稿人给出的宝贵建议。 (4)专利数据均来自CNRDS数据库,由于该数据库披露的上市企业子公司的专利数据存在较大缺失,因此与基准数据匹配后,回归样本数减少。与此同时,虽然无法获取上市企业与异地子公司的合作专利数据,但是企业与外部其他企业之间的合作专利一定程度上可以反映出知识要素的流动。 (5)限于篇幅,异质性估计结果未报告,备索。 (6)我们只提取了262个城市的中心地理经纬度,因此样本量存在极少的损失。 (7)城市规模等级按照王书斌(2020)的做法,根据《关于调整城市规模划分标准的通知(2014)》进行划分。