The Impact of Artificial Intelligence Development on the Market Value of Enterprises: An Empirical Study based on Chinese Listed Companies

Against the backdrop of the accelerating development of the digital economy, artificial intelligence (AI) has increasingly emerged as a key driver of enterprise transformation, efficiency improvement, and value creation. Based on a sample of Chinese A-share listed companies from 2015 to 2023, this study constructs a firm-level indicator of AI development by extracting and quantifying AI-related information disclosed in annual reports. Employing a two-way fixed effects model, the paper systematically investigates the relationship between corporate AI development and firm market value. The empirical results show that firms with a higher degree of AI adoption and development exhibit significantly higher market valuations, indicating that AI serves as an important source of value enhancement in capital markets. Further mechanism analysis reveals that this positive valuation effect is primarily driven by improvements in total factor productivity and enhanced information transparency, which help reduce information asymmetry and optimize resource allocation. In addition, heterogeneity analysis suggests that the market value premium associated with AI development is more pronounced among firms operating in high-technology industries and among larger enterprises, reflecting differences in technological absorption capacity and scale advantages. Overall, this study provides robust empirical evidence for enterprises to optimize their digital transformation strategies and offers valuable insights for investors seeking to evaluate firm value in the context of rapid digital and intelligent economic development.