Artificial Intelligence Adoption and Corporate ESG Performance
基于中国上市公司年报，用机器学习构建AI词典并测度企业AI使用水平，发现AI通过缓解融资约束、提升信息透明度和创新来改善ESG表现，且在要素市场发达地区、资产密集型和高竞争行业效果更显著。
ABSTRACT Based on the annual report of Chinese listed companies, we use machine learning methods to generate an artificial intelligence (AI) dictionary, and then construct firm‐level AI measurements. Our empirical findings suggest that the use of AI by companies can significantly improve their environmental, social, and governance (ESG) performance by alleviating the financing constraints, improving information transparency, and improving corporate innovation. Further, our heterogeneity analysis shows that the impact of the use of AI on firms' ESG performance is more pronounced in regions with highly developed factor markets, in asset‐intensive industries, and in industries characterized by high levels of competition. This paper contributes to the existing research on corporate ESG performance and provides a theoretical foundation for companies to advance the development and application of AI technology.