The Impact Mechanism of Artificial Intelligence Technology Application on Corporate Market Value: An Empirical Analysis of Listed Companies in China

Ruining Dong

doi:10.54691/dnp2mr28

Authors

Ruining Dong

DOI:

https://doi.org/10.54691/dnp2mr28

Keywords:

Artificial Intelligence (AI); Corporate Value; Production Costs; Inefficient Investment; R&D Innovation.

Abstract

Under the wave of digital transformation, artificial intelligence (AI) technology is profoundly transforming corporate production and operational models, with its role in shaping corporate value becoming a focal point of current research. Based on data from Chinese listed companies between 2015 and 2023, this paper investigates the impact of AI technology adoption on corporate market value. The study finds that the application of AI technology significantly enhances corporate market value, and this conclusion remains valid after robustness tests. Heterogeneity analysis reveals that the value-enhancing effect of AI is more pronounced in non-state-owned enterprises, companies audited by the Big Four accounting firms, and non-regulated industries. Mechanism tests indicate that AI elevates corporate market value through three pathways: reducing production costs, mitigating inefficient investment, and promoting R&D innovation. These findings hold significant implications for enterprises to rationally adopt AI technology, enhance corporate value, and advance digital transformation.

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