Artificial Intelligence Adoption, Innovation Efficiency, and Governance Mechanisms: Evidence from China

The rapid development of artificial intelligence (AI) is reshaping innovation models and enterprises’ competitive advantages. However, existing research has not systematically examined whether AI adoption enhances enterprise innovation or identified its influencing factors. Using panel data from Chinese A-share listed companies between 2012 and 2023, this study constructed an index measuring the extent of AI adoption based on annual report texts and analyzed its impact on enterprise innovation efficiency and underlying mechanisms. The results indicate that AI adoption significantly improves innovation efficiency. Further analysis shows that institutional ownership, executives’ digital background (EDB), and media attention positively moderate this effect. This study provides new evidence for the governance boundaries of AI-driven innovation, enriches enterprise innovation theory in the context of digital transformation, and offers managerial insights for enterprises seeking to realize the value of digital technologies.