Intelligent Transformation And Capital-labor Ratio

The transformation and upgrading of digitalization and intelligence are profoundly affecting enterprise capital investment and labor employment,changing the allocation ratio of both capital and labor within enterprises.The capital-labor ratio of enterprises reflects the allocation structure of heterogeneous resources in enterprises,directly affecting enterprise productivity and industrial structure upgrading.The impact of enterprise intelligence transformation on capital investment and labor employment is different,how does it affect the allocation ratio of enterprise capital and labor?In the context of stable employment,are there differences in the performance of enterprises with different property rights?Further,how would the capital-labor ratio of enterprises affect factor productivity and enterprise performance?This study used empirical research methods to examine the impact,mechanism,and economic consequences of enterprise intelligent transformation on capital-labor ratio.Based on reviewing relevant research literature on intelligent transformation and capitallabor ratio,this study discussed the impact of enterprise intelligent transformation on capital labor allocation ratio and its impact path;Using the PSM-DID analysis method,this paper selected listed companies in the Shanghai and Shenzhen A-share manufacturing industry from 2010 to 2021 as research samples,and mainly studies,the following parts:First,the correlation between enterprise intelligent transformation and capital-labor ratio,as well as the differences in enterprises with different property rights;Secondly,the impact path of intelligent transformation on the capital-labor ratio of enterprises;Thirdly,further study the impact of intelligent transformation and capital-labor ratio on total factor productivity and corps analyzed from the perspective of factor intensity,financing constraints,and regional differences.The research found that:(1)Intelligent transformation significantly improved the capitallabor ratio of enterprises,while the impact of intelligent transformation on the capital-labor ratio of enterprises had a certain lag,and the research results have passed a series of robustness tests.(2)Due to the limitations of labor management and the task of "stabilizing employment"undertaken by state-owned enterprises,compared to private enterprises,intelligent transformation has no impact on the capital-labor ratio of state-owned enterprises.(3)By promoting enterprises to increase fixed assets investment and replace low skilled labor force,intelligent transformation had led to the improvement of capital-labor ratio of enterprises.(4)The increase in the capital-labor ratio of enterprises has promoted the positive impact of intelligent transformation on total factor productivity and enterprise performance.Compared to state-owned enterprises,intelligent transformation has significantly improved total factor productivity of private enterprises.(5)Labor intensive,weak financing constraints,and the capital-labor ratio of enterprises in the eastern region are greatly affected by intelligence.From the perspective of heterogeneous resource allocation in enterprises,this article explored the impact of intelligent transformation on the relative investment ratio of fixed capital to labor,i.e.,the capital to labor ratio,and the mechanism path.It would enrich the research on the economic consequences of intelligent transformation,especially considering the particularity of China’s institutional level,and studies the differences in the impact on enterprises with different property rights,formulating intelligent transformation plans for enterprises,and promoting intelligent transformation by the government promoting the upgrading of industrial structure provides empirical evidence and has certain theoretical and practical significance.