Looking in the rear‐view mirror: Evidence from artificial intelligence investment, labour market conditions and firm growth
研究了AI投资对企业增长的影响，发现AI投资增加10%仅带来0.04%的增长，且该效应受劳动力生产率、成本和份额等市场条件显著调节。
Abstract This paper presents evidence of the impact of AI investment on firm growth and how the relationship is sensitive to labour market conditions. Using the generalized method of moments (GMM) estimation on 1950 unique American firms over 1996–2016, we show that a 10% increase in AI investment leads to an increase in firm growth by 0.04%. However, this result is highly sensitive to labour market conditions, as labour productivity can positively impact firm growth, but labour cost and labour share negatively influence firm growth. These results offer original insights into an essential channel via which investment in AI may mediate firm growth.