The impact of industrial robot adoption on firm’s trade credit
摘要
Informal financing methods like trade credit have emerged as a key approach to ease corporate financial constraints. Based on the data of A-share listed manufacturing companies from 2011 to 2019, we empirically investigate the influence and mechanism of industrial robot adoption on a firm’s trade credit. The findings show that the industrial robot adoption enhances a firm’s trade credit, specifically functioning through strengthening the firm’s supply chain resilience, enhancing operational efficiency, and easing financing constraints. Further analysis shows that the impact is more pronounced in firms with a higher degree of technical matching, in non-SOEs, and in firms facing fierce competition. Our study broadens the understanding of how artificial intelligence is reshaping corporate financial behavior. It supplements the literature on the firm-level economic consequences of industrial robot adoption and the influencing factors of trade credit. The study also holds important practical implications for cultivating high-quality productivity and empowering corporate high-quality development.