The effects of Artificial intelligence orientation on inefficient investment: Firm-level evidence from China's energy enterprises

IF 13.6 2区经济学 Q1 ECONOMICS Energy Economics Pub Date : 2024-11-17 DOI:10.1016/j.eneco.2024.108048

Minhan Zhai , Wenqing Wu , Sang-Bing Tsai

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Abstract

The development of Artificial Intelligence (AI) has brought both opportunities and challenges for energy enterprises to make investment decisions. This paper considers an Artificial intelligence orientation (AIO) indicator that reflects AI introduction and deployment to analyze whether and how AIO affects inefficient investment in energy enterprises. By using machine learning methods to construct AIO indicators, this paper finds that AIO can effectively alleviate ineffective investments in energy enterprises. Furthermore, this paper explores the moderating effects of the absorbed slack resources and conducts heterogeneity analysis based on enterprises ownership and lifecycle. The research results indicate that absorbed slack resources can weaken the alleviating effect of AIO on investment inefficiency. Besides, heterogeneity analysis also reveals that AIO can significantly alleviate investment inefficiency in the non-state-owned energy enterprises and those in the growth stage. These findings are important for energy enterprises to adopt and deploy AI technologies.

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人工智能导向对低效投资的影响：来自中国能源企业的公司层面证据

人工智能（AI）的发展给能源企业的投资决策带来了机遇和挑战。本文从反映人工智能引入和部署情况的人工智能导向（AIO）指标入手，分析人工智能导向是否以及如何影响能源企业的无效投资。通过使用机器学习方法构建 AIO 指标，本文发现 AIO 可以有效缓解能源企业的无效投资。此外，本文还探讨了吸收性闲置资源的调节作用，并根据企业所有制和生命周期进行了异质性分析。研究结果表明，吸纳的闲置资源会削弱AIO对投资低效的缓解作用。此外，异质性分析还表明，AIO 能够显著缓解非国有能源企业和处于成长期的能源企业的投资效率低下问题。这些结论对于能源企业采用和部署人工智能技术具有重要意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.