The Impact of Artificial Intelligence on Corporate Green Value Co-creation—Empirical Evidence from China's Manufacturing Industry

Against the dual demands of green transformation and digital integration in the man-ufacturing industry, green value co-creation has become a core pathway for enterpris-es to integrate stakeholder resources and synergize ecological and economic values, with the widespread application of artificial intelligence (AI) providing critical ena-bling support. Drawing on panel data of Chinese A-share listed manufacturing firms on the Shanghai and Shenzhen Stock Exchanges from 2015 to 2024, this study investi-gates the impact of AI development on corporate green value co-creation and its intrinsic mechanism. The results demonstrate that: AI development exerts a signif-icantly positive effect on manufacturing enterprises’ green value co-creation, which is achieved by enhancing firms’ technological spillover capacity and total factor produc-tivity (TFP); financing constraints negatively moderate the aforementioned relation-ship, while corporate influence plays a positive moderating role; heterogeneity analysis reveals that this impact is more pronounced for enterprises under voluntary regula-tion, state-owned enterprises (SOEs), and high-pollution enterprises. This study eluci-dates AI’s role and mechanism in corporate green development at the micro level, provides empirical evidence for related research, and offers practical insights to pro-mote enterprise AI advancement and green value co-creation.