Does Intelligent Technological Transformation Matter for Access to Finance?

This study investigates the impact of intelligent technological transformation on financial access. Existing literature mostly focuses on the influence of external finance on entrepreneurship, productivity, and artificial intelligence, with limited research assessing how intelligent technological transformation affects their access to finance. Using China's Smart Manufacturing Pilot Program since 2015, we employ difference-in-differences model to examine the promoting effect of intelligent technological transformation on access to bank loans. Our analysis reveals firms with smart manufacturing technologies obtain more loans from banks. Channel analysis shows that significantly amplifying firm reputation and strengthening competitive capabilities from intelligent technological transformation improves their access to bank loans. These findings shed light on the role of intelligent transformation activities in access to finance resources.

本研究旨在探讨智能技术变革对金融可及性的影响。现有文献主要关注外部金融对创业、生产力和人工智能的影响，而对智能技术变革如何影响其金融可及性的研究则相对匮乏。自2015年起，我们利用中国智能制造业试点项目，采用双重差分模型来检验智能技术变革对银行贷款可及性的促进作用。我们的分析表明，拥有智能制造技术的企业能够从银行获得更多贷款。渠道分析显示，通过智能技术变革显著提升企业声誉和增强竞争优势，有助于提高其获得银行贷款的可及性。这些发现揭示了智能技术变革活动在金融资源可及性中所扮演的角色。