Against the backdrop of the ongoing global low-carbon transition and the continuous improvement of the green finance system, carbon-emission constraints are shifting from an environmental regulatory instrument to a key economic factor shaping corporate operating performance and the allocation of financial resources. Based on a sample of Chinese listed firms from 2008 to 2023, this paper examines the impact of artificial intelligence (AI) empowerment on the development of green finance from the perspective of carbon asset pricing. The results show that AI empowerment significantly affects carbon asset pricing, and the findings remain robust after a range of robustness tests. Mechanism analyses indicate that carbon accounting information disclosure and environmental protection investment play mediating roles between AI empowerment and carbon asset pricing. Further analysis finds that financing constraints have a moderating effect on the relationship between AI empowerment and carbon asset pricing. In addition, the impact of AI empowerment on carbon asset pricing is more pronounced in the eastern region and in technology-intensive industries. The conclusions provide empirical evidence for understanding the operating mechanisms of green finance under digital technologies.
Liu et al. (Sun,) studied this question.
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