标准普尔500指数公司的人工智能采用情况
AI Adoption in S&P 500 Firms
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中文总结 AI 辅助
研究2016年至2025年标准普尔500指数公司人工智能采用情况，基于SEC 10-K文件开发新方法评估深度采用。发现2025年相关企业占比及采用率变化，盈利能力呈“J曲线”，技术公司中员工多、托宾q值高的公司采用率更高。
中文摘要 AI 辅助
大企业采用人工智能是提高总生产率和影响劳动力市场的重要潜在来源。我们研究了2016年至2025年期间标准普尔500指数公司的人工智能采用情况，在企业层面进行估算。虽然生成式人工智能工具适用于个人和专业应用，但我们关注的是人工智能在大企业业务流程中的深度整合。我们开发了一种基于美国证券交易委员会10-K文件的新方法来评估人工智能的深度采用情况。2025年，11%的标准普尔500指数企业将人工智能深度整合到其业务流程中，另有10%的企业在生产商品和提供服务中使用人工智能。人工智能采用率从2022年的5%增长了四倍多，非技术公司采用率缓慢上升，技术行业采用率很高。企业盈利能力呈现“J曲线”，但资本支出和生产率无差异。在技术公司中，员工更多、托宾q值更高的公司人工智能采用率更高。
英文摘要
The adoption of artificial intelligence (AI) by large enterprises is an important potential source of aggregate productivity improvement and labor market impact. We study AI adoption of S&P 500 firms over the period 2016 to 2025, estimating adoption at the enterprise level. While generative AI tools are useful for personal and professional applications, our focus is on the deep integration of AI in the business processes of large enterprises which are bellwethers for firm adoption more broadly. We develop a novel measure to assess deep AI adoption (and distinguish it from AI hype) that is based on SEC 10-K filings, where laws and regulations ``prohibit companies from making materially false or misleading statements." In 2025, 11% of S&P 500 enterprises had AI deeply integrated into their business processes, and a further 10% were using AI in the production of goods and delivery of services. AI adoption has more than quadrupled from 5% in 2022 with slowly accelerating adoption among non-technology firms but very aggressive adoption in the technology sector which accounts for two-thirds of deeply integrated enterprise adoption. Firm profitability shows a "J-curve" as firms move from no adoption to deep adoption, but we observe no differences in capex or productivity. Among technology firms, but not others, AI adoption is higher for firms with more employees and higher values of Tobin's q.
