{"title":"Artificial intelligence and corporate risk-taking: Evidence from China","authors":"","doi":"10.1016/j.cjar.2024.100372","DOIUrl":null,"url":null,"abstract":"<div><p>The deep integration of artificial intelligence (AI) into enterprises presents both opportunities and challenges, making it a focal point of current research. This study explores the impact of AI on corporate risk-taking, using data spanning 2010–2019 from A-share listed companies in China. Our findings suggest that AI significantly heightens companies’ level of risk-taking. Furthermore, financing constraints can amplify the relationship between AI and risk-taking, enhancing their sensitivity correlation. AI also significantly improves firms’ investment efficiency and mitigates their underinvestment issues. Finally, mediation tests indicate that AI enhances risk-taking by diminishing firms’ risk perception. Overall, we offer valuable insights into and references for accelerating the deep integration of AI into enterprises.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":"17 3","pages":"Article 100372"},"PeriodicalIF":1.9000,"publicationDate":"2024-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309124000303/pdfft?md5=0229d4a6f38a056adb4df35c0e533ead&pid=1-s2.0-S1755309124000303-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"China Journal of Accounting Research","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1755309124000303","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
The deep integration of artificial intelligence (AI) into enterprises presents both opportunities and challenges, making it a focal point of current research. This study explores the impact of AI on corporate risk-taking, using data spanning 2010–2019 from A-share listed companies in China. Our findings suggest that AI significantly heightens companies’ level of risk-taking. Furthermore, financing constraints can amplify the relationship between AI and risk-taking, enhancing their sensitivity correlation. AI also significantly improves firms’ investment efficiency and mitigates their underinvestment issues. Finally, mediation tests indicate that AI enhances risk-taking by diminishing firms’ risk perception. Overall, we offer valuable insights into and references for accelerating the deep integration of AI into enterprises.
人工智能（AI）与企业的深度融合既带来了机遇，也带来了挑战，因此成为当前研究的一个焦点。本研究利用中国 A 股上市公司 2010-2019 年的数据，探讨了人工智能对企业风险承担的影响。我们的研究结果表明，人工智能大大提高了企业的风险承担水平。此外，融资约束会放大人工智能与风险承担之间的关系，增强二者的敏感相关性。人工智能还能明显提高企业的投资效率，缓解投资不足问题。最后，中介测试表明，人工智能通过降低企业的风险意识来增强风险承担能力。总之，我们为加速人工智能与企业的深度融合提供了宝贵的见解和参考。
期刊介绍：
The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.
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