人工智能与公司债券信用利差

Artificial Intelligence and Corporate Bond Credit Spreads

摘要:

推进“人工智能+”行动是培育新质生产力的重要抓手,评估其微观经济后果对优化资本市场资源配置具有重要现实意义。以2010—2024年沪深A股上市公司发行的公司债和企业债为研究对象,实证检验了人工智能对公司债券信用利差的影响及其微观机理。研究发现,人工智能能够显著降低公司债券信用利差。机制分析表明,缓解信息不对称和降低债务违约风险是人工智能释放信用治理效应的重要微观渠道。异质性分析表明,人工智能对公司信用利差的抑制作用在信息环境较差和风险环境较差的企业样本中更为显著,呈现出明显的“雪中送炭”式边际治理效应。具体而言,从信息环境看,人工智能对公司债券信用利差的降低作用在信息披露水平低和规模小的企业中更加显著;从风险环境看,人工智能对公司债券信用利差的降低作用对处于地区市场化水平低和内部控制水平差的企业更加显著。研究结论不仅拓展了资产定价与技术转型的交叉研究,也为全面实施“人工智能+”行动、驱动实体经济高质量发展提供了经验证据与政策启示。

Abstract:

Promoting the “ artificial intelligence plus” initiative is considered a crucial leverage for cultivating new quality productive forces, and evaluating its microeconomic consequences is of substantial practical significance for optimizing capital market resource allocation. Corporate bonds and enterprise bonds issued by Shanghai and Shenzhen A-share listed companies from 2010 to 2024 were used as the research sample. The impact of artificial intelligence ( AI) on corporate bond credit spreads and its underlying micro-mechanisms were empirically examined. The findings indicate that AI adoption significantly reduces corporate bond credit spreads. Mechanism analysis reveals that mitigating information asymmetry and suppressing debt default risks are vital micro-channels through which AI exerts its credit governance effects. Heterogeneity analysis demonstrates that the mitigating effect of AI on credit spreads is more pronounced among firms with poorer information environments and higher risk exposure, reflecting a distinct “ timely assistance” marginal governance effect. Specifically, the reduction in corporate bond credit spreads driven by AI is more significant for enterprises with low levels of information disclosure and smaller firm sizes. Furthermore, this reduction is more prominent for enterprises located in regions with low marketization levels and those with poor internal control systems. The cross-disciplinary research between asset pricing and technological transformation is extended. Empirical evidence and policy implications are provided for the comprehensive implementation of the “ artificial intelligence plus” initiative and the promotion of high-quality development in the real economy.