人工智能与中国企业跨国并购:新一轮技术红利存在吗?

Artificial Intelligence and Chinese Firms’Cross-border Mergers and Acquisitions:Is There a New Round of Technological Dividends?

人工智能发展产生的新一轮技术红利开始显现,成为构筑我国企业跨国并购竞争优势的核心模块之一。本文结合Zephyr全球并购交易数据库、国际机器人联合会数据库和国泰安上市公司财务数据库,并采用二元选择Probit模型就人工智能与企业跨国并购之间的关系展开系统分析。研究发现,人工智能是推动我国企业跨国并购的重要因素。异质性分析表明,人工智能发展能够促进技术红利替代人口红利,对不同企业跨国并购行为带来差异化影响。并且,机器代人能够促进企业劳动力结构优化,产生资源配置的倒金字塔效应。机制分析显示,用工成本削减效应、管理效率提升效应、聚集知识溢出效应是人工智能作用于企业跨国并购的具体机制。此外,本文在考虑跨国并购样本选取、核心指标稳健性、计量模型设定等多方面问题后进行稳健性检验,以及控制内生性问题后,人工智能发展对跨国并购的促进作用依然显著。

Arising from the development of artificial intelligence,a new round of technological dividends have begun to emerge,which has become an important module for constructing the competitive advantage of Chinese firms in cross-border mergers and acquisitions.In this context,this article combines the Zephyr global M&A transaction database,the International Robot Federation database and the Guotaian listed company financial database with the binary choice Probit model to conduct a systematic analysis on the relationship between artificial intelligence and firms’cross-border mergers and acquisitions.Research has found that artificial intelligence is an important factor in promoting cross-border mergers and acquisitions of Chinese firms.The analysis of heterogeneity shows that the development of artificial intelligence can promote technological dividend to replace demographic dividend,which has a heterogeneous effect on the cross-border mergers and acquisitions of different enterprises.Furthermore,the machine replaceing labor can promote the optimization of the firms’labor structure and produce the inverted pyramid effect of resource allocation.Mechanism analysis shows that labor cost reduction effects,management efficiency enhancement effects,and agglomeration knowledge spillover effects are the specific mechanisms through which artificial intelligence affects firms’cross-border mergers and acquisitions.In addition,this article considers the robustness test of cross-border mergers and acquisitions sample selection,core indicator robustness,measurement model setting,etc.,and controls endogenous problems.The tests find the role of artificial intelligence in promoting cross-border mergers and acquisitions is still significant.