The Impact of Financing Structures on Total Factor Productivity in AI-Listed Companies

DOI

10.2991/978-94-6239-787-3_53How to use a DOI?

Keywords

Artificial Intelligence; Listed Companies; Financing Structure; Total Factor Productivity (TFP)

Abstract

The rationality of financing structures in the artificial intelligence (AI) industry plays a crucial role in shaping firms’innovation capacity and total factor productivity (TFP). Using panel data of AI-listed companies in China, this study constructs a fixed-effects model to systematically examine the impact of various financing channels on enterprise TFP. The empirical results reveal that internal financing, debt financing, firm age, and operational performance exert significant positive effects on TFP, whereas firm size shows a significant negative relationship. In contrast, government support, equity financing, R&D intensity, and ownership concentration are found to be statistically insignificant. Further analysis identifies several structural issues in the financing of AI enterprises, including the dominance of internal funds, limited access to debt financing, low efficiency of equity capital utilization, and insufficient conversion of policy support into productivity gains. Accordingly, this paper proposes several policy recommendations—optimizing corporate capital structures, expanding debt financing channels, improving the effectiveness of equity financing, and refining the system of government support—to enhance the financing efficiency and productivity of AI-listed firms in China.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Zhongyi Xue
PY  - 2026
DA  - 2026/09/29
TI  - The Impact of Financing Structures on Total Factor Productivity in AI-Listed Companies
BT  - Proceedings of the 2026 4th International Conference on Management Innovation and Economy Development (MIED 2026)
PB  - Atlantis Press
SP  - 526
EP  - 539
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-787-3_53
DO  - 10.2991/978-94-6239-787-3_53
ID  - Xue2026
ER  -