AI, Human Capital, and Firm Performance: A Comparative Analysis of State-Owned and Non-State-Owned Enterprises

Both AI and HIC exert a more favorable impact on non-state-owned firms and growing firms, with the latter experiencing a significantly stronger enhancement in efficiency. In contrast, human capital is more effective in improving the input-output efficiency of state-owned firms. This could be because, compared with state-owned enterprises (SOEs), non-SOEs have stronger motivational drivers to reduce costs and increase efficiency, and are more likely to take advantage of opportunities for human-AI cooperation. For growing firms, as predicted by the firm's dynamic life cycle theory, newcomers and younger firms tend to increase productivity at a faster rate compared to older firms by learning through practical experience and quickly adopting advanced technology upon entering the market.