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.本研究旨在探究智能技术转型对金融可得性的影响。现有研究大多关注外部金融对创业活动、生产效率及人工智能（Artificial Intelligence）的影响，但鲜有研究探讨智能技术转型如何影响企业的金融可得性。本文基于2015年以来中国推行的智能制造试点项目，采用双重差分模型（Difference-in-Differences，简称DID），检验智能技术转型对企业银行贷款可得性的提升效应。分析结果表明，应用智能制造技术的企业能够从银行获得更多贷款。机制分析显示，智能技术转型通过显著提升企业声誉、强化竞争能力，改善了企业的银行贷款可得性。上述研究结果阐明了智能转型活动在企业获取金融资源过程中的作用。