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Enterprise's R&D and Innovation Management

Artificial Intelligence Technology and Innovation Performance of  Specialized, Refinement, Differential, and Innovation Enterprises 

—Based on the Perspectives of Risk-taking Level and Financing Con⁃ straints 

Pan Hongliang, Yan Chengcheng 

(School of Economics and Management, Yanshan University, Qinhuangdao 066000, China）

Abstract: Artificial Intelligence (AI), through its technological empowerment, has become a  core engine driving economic growth, industrial transformation, and social progress. Its deep ap⁃ plication is expected to further enhance production efficiency, optimize resource allocation, and  continuously unleash innovative potential in the future. As a nascent force empowering the rapid  development of various industries, AI technology is progressively permeating enterprises, trans⁃ forming their operational processes comprehensively. Against the backdrop of a complex and se⁃ vere global background characterized by slowing economic growth and prevailing trade protec⁃ tionism, Specialized, Refinement, Differential, and Innovation (SRDI) enterprises, which have  long been deeply rooted in specific industry segments, have demonstrated strong innovative capa⁃ bilities and development potential in recent years. The application of AI technology by SRDI en⁃ terprises is crucial for China to overcome various technological challenges and achieve highlevel, self-reliant scientific and technological advancement. To explore long-term mechanisms  for promoting innovation in SRDI enterprises, this paper utilizes panel data from 937 A-share  listed SRDI enterprises in China from 2013 to 2022. Based on risk preference theory and dy⁃ namic capability theory, a fixed-effects model is constructed to empirically examine the impact  of AI technology on the innovation performance of SRDI enterprises and its underlying mecha⁃ nisms. The results indicate the following: ①AI technology has a significant positive impact on the innovation performance of SRDI enterprises, meaning that a higher level of AI application  corresponds to a greater enhancement of their innovation performance. This conclusion holds af⁃ ter a series of endogeneity and robustness tests. ②Mechanism analysis indicates that AI technol⁃ ogy improves the innovation performance of SRDI enterprises by enhancing their risk-taking ca⁃ pacity and alleviating financing constraints. ③Heterogeneity analysis reveals that the promoting  effect of AI technology on innovation performance of SRDI enterprises is more pronounced  among enterprises in Eastern and Western regions, non-state-owned enterprises, large-scale en⁃ terprises, and high-tech enterprises. The findings of this study enrich the research on the rela⁃ tionship between AI technology and the innovation performance of SRDI enterprises, provide a  new perspective for understanding how AI technology empowers their innovation performance, and offer theoretical references and decision-making insights for promoting the intelligent trans⁃ formation of SRDI enterprises. Finally, based on the conclusions, practical implications are pro⁃ posed from three aspects: Firstly, how to foster the development of SRDI enterprises from policy  and innovation perspectives, making them a new driving force for alleviating China's key tech⁃ nology "bottleneck" problems; Secondly, how to accelerate the application and penetration of AI  technology in SRDI enterprises in the intelligent era; Third, how to leverage the deep application  of AI technology to dynamically enhance the risk-bearing capacity of SRDI enterprises and miti⁃ gate financing constraints to improve innovation performance. 

Key words: artificial intelligence (AI) technology; Specialized, Refinement, Differential, and  Innovation (SRDI) enterprises; innovation performance; risk-taking capacity; financing con⁃ straints; digital transformation; digital economy; new quality productive forces