The Impact and Mechanism of Artificial Intelligence Applications on Enterprise Innovation:Evidence from Chinese A-Share Listed Companies
Artificial intelligence is essential for driving the Fourth Industrial Revolution,injecting new momentum into the economy and society.Whether enterprises can enhance their innovation capabilities through artificial intelligence technology has become the key factor in improving core competitiveness.However,despite the new development opportunities provided by artificial intelligence technology,the effectiveness of most enterprises in practical applications is not ideal.Therefore,systematic research on the relationship between the application of artificial intelligence technology and enterprise innovation,in-depth exploration of the impact and path of artificial intelligence on enterprise innovation,and whether this effect has heterogeneity in different dimensions,has important theoretical value and practical significance.This paper constructs a framework for knowledge,talent,and capital analysis.Based on panel data from 3 622 A-share listed companies in China from 2009 to 2020,regression analysis is used to empirically test the impact and path of artificial intelligence on corporate innovation.In the research design,the natural logarithm of the number of invention patents is used to measure corporate innovation,and the natural logarithm of the frequency of words related to artificial intelligence technology in the annual reports of listed companies is employed to measure the application of artificial intelligence technology in enterprises.The empirical analysis results show that artificial intelligence has a significant positive impact on enterprise innovation,as well as on both independent innovation and collaborative innovation models,with a greater impact on independent innovation.Artificial intelligence can promote knowledge spillover,upgrade human capital structure,and optimize the allocation of innovation factors,which together have a positive impact on enterprise innovation.Furthermore,the differential impact of artificial intelligence applications on enterprise innovation under different groups is examined from three dimensions of technological level,media attention,and R&D investment intensity.It shows that this enhancement effect is heterogeneous,with artificial intelligence technology having a more significant promoting effect on non-high tech enterprises,and enterprises with higher media attention and higher R&D investment.Based on this,the government needs to accelerate the construction of an artificial intelligence innovation ecosystem,gather innovative resources such as talents,funds,and technology,and promote the upgrading of the structure of innovation elements.Moreover,more detailed and targeted guidance for enterprises with different levels of technological advancement,media attention,research and development intensity when formulating and implementing artificial intelligence policies should be formulated.
artificial intelligenceenterprise innovationknowledge spilloverhigh-quality talentsinnovation factor allocationhuman capital structure
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