| Artificial Intelligence is a new strategic technology leading the future,and an important force driving the new round of technological revolution and industrial transformation.Since the release and implementation of the New Generation Artificial Intelligence Development Plan in 2017,facing the impact of US technology blockade and the new coronavirus pandemic,driven by deep technology innovation,China’s AI technology and industry have made great progress,but there are still problems of difficult financing and low financing efficiency.Therefore,it is urgent to measure and evaluate the effectiveness of financial assistance for the artificial intelligence sector,the underlying causes of its imperfect development.This paper starts from the micro-enterprise level,studies the real value of financial support efficiency of China’s new generation AI industry and the influencing factors of financial support efficiency of enterprises themselves.The study sample comprises 816 artificial intelligence companies located across 30 provinces and cities.Taking 2016-2021 as the research period,the index system of the three-stage DEA-SFA model is first determined,and the SFA method is used to eliminate the influence of environmental variables and random interference to obtain the real level of financial support efficiency of the AI industry.The research found that due to the influence of environmental variables such as economic development level and marketization degree,the comprehensive efficiency and pure technical efficiency of financial support for China’s AI industry were underestimated,while the scale efficiency was overestimated,that is,the ability of enterprises to allocate financial resources,management ability and technical level invested by the market and the government were underestimated,while the influence brought by the production scale of enterprises was overestimated.At the same time,factors such as management and technology of enterprises are the key to the efficiency of financial support for China’s AI industry;from the perspective of heterogeneity,the differences in the utilization efficiency of financial support for AI enterprises in different economic regions and different enterprise attributes are mainly caused by different external environmental conditions.From the perspective of total factor productivity change,the improvement of total factor productivity of China’s AI industry from 2016 to 2021 is actually a overall change brought by the development of external environmental conditions,and the technical efficiency and technological progress of the AI industry have experienced a regressive change,that is,the industry itself has shown a stagnant or even regressive development.From the perspective of internal influencing factors of enterprises,only when the R&D investment of enterprises reaches a certain proportion,the financial support efficiency of AI enterprises will increase with the increase of R&D investment.At the same time,the current debt ratio and main business cost ratio of AI enterprises are too high,the internal financing rate and equity concentration,as well as the scale of enterprises still have room for enhancement,and the capital structure should be ameliorated,the production and operation costs should be regulated,the internal funds should be reinvested,the equity concentration should be ameliorated,and the size of the company should be aggrandized,as a means of achieving ameliorate the financial support efficiency.With the aim of fostering the advancement of the artificial intelligence industry,the market,the government and the enterprise subject should work together to build a financial support system and service system with the coordinated action of the market and the government,and accelerate the self-reform of enterprises. |
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