The impact of the integration of artificial intelligence and data assetization on enterprise total factor productivity: Evidence from China

In the era of the digital economy, data and artificial intelligence (AI) are reshaping firms’ core competitiveness. Using Chinese A-share listed firms from 2013 to 2023 as the sample, this study constructs a firm-level measure of AI-data assetization (DA) integration based on a coupling coordination degree model and examines its impact on enterprise total factor productivity (TFP) as well as the underlying mechanisms. The research findings show that AI-DA integration significantly promotes enterprise TFP, and this conclusion still holds after various robustness tests. Mechanism tests indicate that AI-DA integration promotes TFP by reducing operating costs, strengthening firms’ innovation capability, and improving investment efficiency. Moreover, the positive effect of AI-DA integration on TFP is more pronounced among firms with low financing constraints, high degree of digital transformation, those operating in highly competitive markets, and those in non-high-tech industries. This study provides micro-level empirical evidence on enhancing enterprise TFP amid the digital economy, and offers policy implications for improving data property rights and circulation mechanisms, refining AI-related institutional arrangements, and fostering an institutional environment conducive to advancing AI-DA integration.