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北京大学国家发展研究院

数字金融workshop:Firm Investments in Artificial Intelligence Technologies and Changes in Workforce Composition

发布日期：2023-05-18 12:00    来源：

第十一讲 Firm Investments in Artificial Intelligence Technologies and Changes in Workforce Composition

时间：5月18日 周四 北京时间 09:00-10:30

地点/Venue：请加入 Zoom 会议

https://us06web.zoom.us/j/82359576409?pwd=VHBUQzJJTVV5U2ZHU2o1MWlkZlFhQT09

会议号：823 5957 6409

密码：998306

主讲人/Speaker: 贺熹 Alex Xi He

主持人/Host：胡佳胤 Jiayin Hu           

摘要/Abstract:

1. Artificial Intelligence, Firm Growth, and Product Innovation

We study the use and economic impact of AI technologies. We propose a new measure of firm-level AI investments using worker resume data. Our measure reveals a stark increase in AI investments across sectors. AI-investing firms experience increased growth in sales, employment, and market valuations. This growth comes primarily through increased product innovation. Our results are robust to instrumenting AI investments using firms’ exposure to universities’ supply of AI graduates. AI-powered growth concentrates among ex-ante larger firms, leading to higher industry concentration. Our results highlight that new technologies like AI can contribute to growth and superstar firms through product innovation.

2. Firm Investments in Artificial Intelligence Technologies and Changes in Workforce Composition

We study the shifts in U.S. firms’ workforce composition and organization associated with the use of AI technologies. To do so, we leverage a unique combination of worker resume and job postings datasets to measure firm-level AI investments and workforce composition variables, such as educational attainment, specialization, and hierarchy. We document that firms with higher initial shares of highly-educated workers and STEM workers invest more in AI. As firms invest in AI, they tend to transition to more educated workforces, with higher shares of workers with undergraduate and graduate degrees, and more specialization in STEM fields and IT skills. Furthermore, AI investments are associated with a flattening of the firms’ hierarchical structure, with significant increases in the share of workers at the junior level and decreases in shares of workers in middle-management and senior roles. Overall, our results highlight that adoption of AI technologies is associated with significant reorganization of firms’ workforces.

主讲人介绍/Biography:

Alex Xi He is an Assistant Professor of Finance at the Smith School of Business at the University of Maryland. His primary research interest is in the area of empirical corporate finance including labor and finance, mergers and acquisitions, and entrepreneurship and innovation. He received his PhD in Economics from MIT and his BS in economics and mathematics with highest honors from Tsinghua University.

 


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