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Industrial robots and inter-industry capital allocation: the moderating role of financing constraints

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  • Wu, Chunxia
  • Wang, Shaoguo
  • Gao, Jing
  • Ju, Guoyan

Abstract

Industrial robots, as a form of skill-biased technological capital, drive inter-industry differences in capital allocation. This study, based on a CES production function, constructs a theoretical model, and applies a two-way fixed effects model and provincial-level panel data from China from 2008 to 2021 for empirical testing. The results indicate that industrial robot penetration and intelligence induce capital allocation toward high-end manufacturing, and industrial productivity differentiation is definitely a critical transmission mechanism. Furthermore, financial constraints amplify the capital allocation effect of industrial robots. Industrial robots improve capital allocation efficiency predominantly through inter-industry capital allocation.

Suggested Citation

  • Wu, Chunxia & Wang, Shaoguo & Gao, Jing & Ju, Guoyan, 2026. "Industrial robots and inter-industry capital allocation: the moderating role of financing constraints," Finance Research Letters, Elsevier, vol. 99(C).
    • Handle: RePEc:eee:finlet:v:99:y:2026:i:c:s1544612326005064
    DOI: 10.1016/j.frl.2026.109977
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