探索人工智能与法律的交汇点 | Exploring the Intersection of AI and Law
AI与法律领域研究者,致力于人工智能与法律交叉领域的探索与实践。
AI and Law researcher, dedicated to exploring the intersection of artificial intelligence and law.
Abstract: Leveraging a sample of Chinese A-share listed companies from 2007 to 2024, this study examines the impact of artificial intelligence (AI) adoption on corporate investment efficiency. Using the Richardson (2006) residual model to measure investment inefficiency and constructing a firm-level AI adoption indicator through annual report text analysis, the findings reveal that AI adoption significantly reduces investment inefficiency. The mechanism tests show that AI attracts greater analyst attention and increases research report coverage. Notably, the efficiency-enhancing effect is more pronounced among firms with lower financing constraints. Heterogeneity analysis further demonstrates that the positive impact is concentrated in non-state-owned enterprises and non-high-tech industries, suggesting diminishing marginal returns of AI in already technology-intensive settings.
Keywords: Artificial Intelligence; Investment Efficiency; Financing Constraints; Ownership Structure
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