人工智能技术应用与企业债务违约风险OA

As a powerful engine that fosters new productive forces in enterprises,whether artificial intelligence's data analysis and intelligent decision-making capabilities can be effectively embedded into the enterprise risk governance system to prevent and resolve debt default risks has become an important proposition to be urgently tested in the era of the digital economy.Using a sample of Chinese A-share non-financial listed firms from 2016 to 2023,this study measures AI application and empirically examines its impact on debt default risk and relevant mechanism.The results show that AI application significantly lowers corporate debt default risk,and the finding remains robust to instrumental variable estimation,propensity score matching,and alternative model specifications.Mechanism analysis indicates that AI technology primarily exerts its influence through two pathways:first,accurately identifying investment opportunities and risks via big data analysis,thereby restraining inefficient investment to alleviate agency problems and cash flow pressure;second,enhancing enterprises'dynamic capabilities to strengthen risk response resilience by reinforcing environmental perception and resource reconfiguration.Heterogeneity analysis indicates that the risk-reducing effect is stronger among firms with weaker managerial ability,those with executives having overseas or political ties,and those in regions with poorer business environments and intellectual property protection.This study expands the research boundary of the economic consequences of AI technology from the perspective of risk governance,reveals the dual-path mechanism through which digital technology affects corporate debt risk,and provides targeted decision-making references for enterprises'digital transformation strategies and governments'differentiated policy design.