| 产业政策试点、信息环境与企业权益资本成本——来自人工智能先导区准自然实验的证据 |
投稿时间：2025-12-31 修订日期：2026-04-17  点此下载全文 |
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| 中文摘要:基于2008—2023年沪深A股上市公司数据，将国家人工智能创新应用先导区的设立视为一项准自然实验，运用多期双重差分模型系统考察了产业政策试点对企业权益资本成本的影响及其微观机理。结果表明人工智能先导区政策显著降低了试点地区企业的权益资本成本；机制分析表明，政策并非依赖传统的“资源获取”路径，而是通过“信息环境重构”发挥作用, 即同时扩充了信息供给数量并提升了信息供给质量；异质性检验表明，人工智能先导区政策的降本效应在非国有企业、小规模企业及市场认知分歧较大的企业中更为显著，呈现出“精准滴灌”的普惠特征。鉴于此，应充分发挥产业政策的信息赋能功能，以信息环境优化驱动新质生产力发展与金融资源配置效率提升。 |
| 中文关键词:产业政策 人工智能先导区 权益资本成本 双重差分 |
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| Industrial Policy Pilot, Information Environment, and Corporate Cost of Equity Capital: Evidence from a Quasi-Natural Experiment of AI Pilot Zones |
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| Abstract:Taking the establishment of China’s AI Innovative Application Pioneer Zones as a quasi-natural experiment, and using a sample of A-share listed companies in Shanghai and Shenzhen from 2008 to 2023, this paper constructs a multi-period difference-in-differences model to analyze the impact of industrial policy pilots on corporate financing choices. The results show that the implementation of this policy significantly reduces the cost of equity capital for firms and increases the proportion of long-term borrowing. The policy works primarily by promoting the application and R&D investment in artificial intelligence technologies within firms, releasing positive signals to the market, improving the information environment, and thereby alleviating financing constraints. Heterogeneity analysis further reveals that the policy effect is more pronounced among firms with lower financing constraints. At the regional level, the reduction in the cost of equity capital is mainly observed in eastern China, whereas the increase in the proportion of long-term borrowing is significant in both eastern and western regions. Accordingly, this paper proposes that policymakers should emphasize the signaling and resource-allocation functions of industrial policies and focus on building a financial support system compatible with the characteristics of technological innovation. |
| keywords:Industrial policy AI pilot zone Cost of equity capital Difference-in-Differences |
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