Capital or Technology? Which Is Better at Promoting the Value of AI Companies—Theoretical Analysis and Empirical Test

Abstract

Capital and technology gradually replace land and labor factors to become the important production factors of enterprises, especially for artificial intelligence enterprises. How to use capital and technology factors to enhance enterprise value becomes an important topic when artificial intelligence enterprises are affected by internal and external factors. Using data from 55 AI concept companies, a multiple regression model was constructed to verify the mediating role of capital and technology, judge the dynamics of the two elements dialectically, and explore the paths that shape the value enhancement of AI companies. The study found that both degree of enterprise attention and government support positively affect firm value, and that the mediating role of both capital and technology is more pronounced. However, compared to the technology element, the capital element plays a leading role in the value enhancement mechanism of AI companies, with physical capital being the most effective, and strengthening the capital element is a more sensible path choice to increase the value of companies in the short term. However, in the long term, as the business cycle and the external environment change, the technology element is a driving force that cannot be underestimated.