The institutional forces behind artificial intelligence application in private corporations: empirical evidence from state capital participation
摘要
Using Chinese A-share listed private corporations over the period 2009-2024 as the estimation sample, this study investigates the association between state capital participation and corporate artificial intelligence application. The findings show that state capital participation substantially advances artificial intelligence application in private corporations, and that this facilitating effect is mainly realized through the expectation stabilization effect and the resource effect. Further analysis indicates that the promoting effect of state capital participation on artificial intelligence application is more marked among private corporations in which state shareholders appoint directors, the CEO has an information technology background, government-business relations are favorable, and media attention is greater. At the theoretical level, this study not only refines the analytical framework concerning the mechanisms of state capital participation, but also fills a gap in the literature on the determinants of artificial intelligence application. At the practical level, it furnishes a theoretical basis and empirical evidence for how private corporations can advance artificial intelligence application.