全国统一大市场建设视域下人智协同与企业异地投资
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国家社会科学基金项目(23BGJ090)


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    摘要:

    人智协同驱动的资本跨区域流动,是破除全国统一大市场建设中区域分割阻滞、激活资本要素全域优化配置的新质引擎,更是智能技术赋能中国式现代化经济体系构建的关键跃迁机制。基于2009—2023年中国A股上市公司面板数据,实证探究人智协同对企业异地投资的影响。研究发现:人智协同能够显著推动企业开展异地投资,且推动作用存在长期效应,并随着时间推移而逐渐放大。其在民营、高市场地位以及技术含量低企业中推动效果更好。人智协同主要通过降低内外部交易成本、提高企业市场竞争地位和减少企业不确定性感知来推动企业开展异地投资。进一步分析发现,异地投资能够显著促进母公司高质量发展,重要的是,人智协同对于异地投资的推动并非来自对本土市场的挤出。

    Abstract:

    Human-AI synergy-driven cross-regional capital flows serve as a new quality engine for breaking regional segmentation barriers in the construction of the national unified market and activating the optimal allocation of capital factors nationwide. It is also a key leapfrog mechanism for intelligent technology to empower the building of a Chinese-style modern economic system. Based on panel data of Chinese A-share listed companies from 2009 to 2023, this paper empirically investigates the impact of human-AI synergy on enterprises' cross-regional investment. The study finds that human-AI synergy significantly promotes enterprises' cross-regional investment, and this promoting effect exhibits a long-term nature that gradually amplifies over time. This effect is more pronounced in private enterprises, enterprises with high market position, and low-technology enterprises. Human-AI synergy facilitates cross-regional investment primarily by reducing internal and external transaction costs, enhancing enterprises' market competitive position, and alleviating their perceived uncertainty. Further analysis reveals that cross-regional investment significantly boosts the high-quality development of parent companies. Importantly, the promoting effect of human-AI synergy on cross-regional investment does not stem from the crowding-out of the local market.

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郑天翔,范 敏,陆芝熙.全国统一大市场建设视域下人智协同与企业异地投资[J].南京审计大学学报,2026,23(4):90-99

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  • 在线发布日期: 2026-07-24
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