Kaiguo Zhou

Capital University of Economics and Business, Sun Yat-sen University

Papers

Total Citations

H-Index

About

Kaiguo Zhou is a leading scholar at the intersection of labor economics and corporate finance, with a primary focus on how technological disruption—particularly automation—reshapes firm financing and capital structure. His most cited work, "Labor-Replacing Automation and Finance" (2024, 11 citations), offers a groundbreaking empirical analysis of how industrial robot adoption influences corporate financial decisions. Using Chinese firm-level panel data, Zhou demonstrates that automation deployment significantly increases corporate leverage while reducing the cost of debt, challenging conventional assumptions about technology-induced financial risk. His earlier foundational paper, "Industrial Robots and Finance" (2020, 7 citations), laid the groundwork for this research agenda by establishing the theoretical and empirical links between robotization and corporate financing behavior. Zhou’s contributions are particularly notable for bridging two traditionally separate fields—labor economics and corporate finance—and for providing rigorous causal evidence using granular firm-level data. His work has important implications for understanding how the Fourth Industrial Revolution is reshaping not just labor markets but also the financial architecture of firms. As automation continues to accelerate globally, Zhou’s research offers critical insights for policymakers, investors, and corporate managers navigating the financial consequences of technological change.