Labor-Replacing Automation and Finance

The authors thank Yi Chen, Xin Deng, Hanming Fang, Haoyu Gao, Po-Hsuan Hsu, Hong Luo, Han Ma, Dino Palazzo, Robert Seamans, Wei Si, Pengfei Wang, Qian Wang, Qijian Wang, Wenya Wang, Zigan Wang, Hong Wu, Kai Wu, Xinran Zhang, Yapei Zhang, Yuan Zhang, seminar participants at Fudan University, Shanghai University of Finance and Economics, ShanghaiTech University, and Sun Yat-Sen University, and conference participants in AIEA-NBER conference on Innovation and Entrepreneurship, China Banking and Corporate Finance Conference, Chinese Finance Scholars Forum, Econometric Society China Meeting, Financial Management Association annual conference, and International Young Finance Scholars Conference for their insightful comments. The authors acknowledge that our research team was granted the legal access to China Enterprise General Survey data. All authors contributed equally to this research.