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Artificial intelligence, digital financial development, and corporate innovation performance

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  • Zhu, Yufei
  • Zhao, Xiaoxu
  • Liu, Yaqi

Abstract

This study analyzes Chinese A-share listed companies from 2014 to 2023 to explore the impact of corporate AI adoption on innovation performance and the moderating role of digital finance. Findings show that AI adoption significantly boosts innovation performance, with regional digital finance, particularly its coverage, usage, and digitalization—further enhancing this effect. Heterogeneity analysis indicates stronger effects in non-state-owned firms and high-tech industries. Additionally, AI exerts a greater influence on green innovation than on non-green innovation. The results offer theoretical insights and practical guidance for enterprises implementing AI and for policymakers designing innovation-supporting strategies.

Suggested Citation

  • Zhu, Yufei & Zhao, Xiaoxu & Liu, Yaqi, 2025. "Artificial intelligence, digital financial development, and corporate innovation performance," Finance Research Letters, Elsevier, vol. 86(PE).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pe:s154461232501894x
    DOI: 10.1016/j.frl.2025.108640
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    References listed on IDEAS

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