Can artificial intelligence applications increase the intensity of corporate R&D investment? —Based on a dual perspective of operational risk and financing constraints

Abstract

As one of the emerging technologies, artificial intelligence is being widely applied to various aspects of corporate development at an unprecedented pace, and its role in reshaping corporate production models, management methods, and innovation pathways is becoming increasingly prominent. This paper takes A-share listed companies in Shanghai and Shenzhen from 2014 to 2023 as the research object and empirically examines the impact of artificial intelligence application on corporate R&D intensity. The findings reveal that the application of artificial intelligence significantly enhances corporate R&D intensity, and this conclusion remains valid after undergoing a series of robustness tests. In terms of mechanisms, artificial intelligence exerts its influence through two pathways: reducing operational risks and strengthening financing constraints. Heterogeneity analysis indicates that the nature of the enterprise and its geographical location influence the promotional effects of artificial intelligence application. This study provides empirical evidence for understanding how artificial intelligence empowers corporate innovation and offers reference value for the formulation of technology innovation policies.

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