The Influence of Artificial Intelligence on Firm Value: An Empirical Study

Artificial intelligence has emerged as a pivotal driver in developing China's new quality productive forces, serving as a critical catalyst for corporate digital transformation and high-quality growth. Based on a sample of China's Shanghai and Shenzhen A-share listed firms from 2001 to 2022, this study employs firm-level AI data to empirically examine the impact of AI on enterprise value and its underlying mechanisms. The results demonstrate that AI significantly enhances firm value, a finding that remains robust across a battery of rigorous tests. Heterogeneity analysis further reveals that the value-enhancing effect of AI is more pronounced among private enterprises. This paper provides micro-level empirical evidence on the value creation effects of AI, offering important theoretical and practical implications for facilitating the effective integration of AI into corporate operations and achieving sustainable value appreciation.