The Impact of New-generation Artificial Intelligence Policies on the Green Innovation Efficiency of Firms

Abstract This paper takes A-share listed companies from 2010 to 2023 as samples and adopts the multi-period difference-in-differences (DID) method to examine the impact of the new-generation artificial intelligence pilot zone policy on corporate green innovation efficiency. The results show that this policy significantly improves corporate green innovation efficiency, and exhibits significant positive effects in both green R&D efficiency and green achievement transformation efficiency. Mechanism tests indicate that the policy effectively promotes the improvement of corporate green innovation efficiency by alleviating financing constraints and increasing analysts' and media attention. The analysis of moderating effects reveals that public environmental attention and corporate information transparency can strengthen the promoting effect of the policy on green R&D efficiency, while the level of human capital can enhance the promoting effect of the policy on green achievement transformation efficiency. Heterogeneity analysis shows that the policy has a more significant effect on enterprises located in first-tier cities, non-resource-based enterprises, non-polluting enterprises, enterprises in the growth stage, as well as technology-intensive and labor-intensive enterprises. This study provides empirical evidence and policy implications for promoting the synergetic development of artificial intelligence policies and green innovation efficiency.