Artificial intelligence technology and corporate innovation financing: A perspective on R&D efficiency

This study explores the impact of Artificial Intelligence Technology (AITECH) on Corporate Innovation Financing (INF) and analyzes the mediating role of R&D efficiency in this context. Through empirical analysis of data from China's A-share listed companies from 2010 to 2023, the research finds that: firstly, investment in AITECH significantly enhances a company's level of INF; secondly, R&D efficiency serves as a mediating factor between AITECH and INF; thirdly, there is heterogeneity in the impact of AITECH on INF for state-owned enterprises (SOEs) versus non-state-owned enterprises (NSOEs); finally, government financial support plays a significant positive moderating role between AITECH and INF. The findings provide theoretical foundations and practical suggestions for policymakers and businesses on how to leverage AITECH to enhance financing capabilities.