Artificial Intelligence and Corporate Green Transition--Evidence From China's AI Innovation Development Pilot Zones

In the context of the synergistic promotion of the digital economy and green transition, the impact of AI development on enterprises' green transition is receiving increasing attention. Based on data on A-share listed companies in Shanghai and Shenzhen from 2010 to 2023, this paper constructs a quasi-natural experiment using the AI pilot test zone policy and employs a double-difference model to systematically identify the impact of AI policy on enterprises' green transition behaviour. It is found that the construction of AI pilot zone significantly promotes the improvement of enterprises' green transition level, and this conclusion still holds under multiple robustness tests. Mechanism analyses show that AI policies primarily promote corporate green transition through multiple pathways, including increasing corporate green investment, strengthening credit availability, improving the efficiency of green innovation, and reducing agency costs. The heterogeneity test based on the TOE analysis framework further reveals that the above policy effects are more significant in firms with a higher degree of digital transformation, a sufficient reserve of high-tech talent, better internal governance and better ESG performance; meanwhile, the policy promotion effect is further enhanced in regions with higher intensity of intellectual property rights (IPR) protection systems and environmental regulations. This paper reveals the mechanisms by which AI policies promote green transition at the micro-firm level, providing new empirical evidence for understanding AI-driven green development.