Impact of Industrial Robot Adoption on Trade Credit Financing in Manufacturing Firms

摘要

With the global pursuit of artificial intelligence as a key strategic objective, the in-depth development of industrial robots becomes crucial for fostering high-quality economic and social progress. This paper delves into the influence of industrial robot utilization on commercial credit financing, exploring the perspectives of corporate financing behavior. An empirical investigation is conducted using a research sample consisting of Chinese A-listed manufacturing companies spanning the years 2011-2019. The study reveals that the incorporation of industrial robots enhances the level of corporate commercial credit financing. Notably, attenuation is observed in firms that have higher textual similarity in their annual reports. By extending the examination of micro-firm effects caused by industrial robot use through a financing behavioral lens, this article aims to provide empirical evidence and targeted recommendations for the ongoing advancement of industrial robotics in China, fostering a conducive external financing environment for firms.