人工智能政策、信息环境与企业权益资本成本OACHSSCD

Taking A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2023 as the research sample,this paper leverages the quasi-natural experimental set-ting formed by the phased establishment of national artificial intelligence innovation application pilot zones and adopts a multi-period difference-in-differences model to systematically examine the impact of artificial intelligence policies on corporate cost of equity capital and their underlying mechanisms.The empirical results show that the artificial intelligence pilot zone policy signifi-cantly reduces the cost of equity capital of enterprises in pilot regions.Mechanism analysis indi-cates that the policy achieves the cost-reduction effect by improving the regional information envi-ronment,increasing information supply,and enhancing information credibility.Heterogeneity a-nalysis reveals that the effect of this policy is more pronounced among enterprises with lower in-stitutional shareholding proportions,higher intangible asset density,and greater analyst forecast dispersion and bias.Based on the above findings,we propose that the artificial intelligence pilot zone policy should be further improved,information disclosure standards for data assets,techno-logical applications,and scenario verification should be established to enhance the verifiability and comparability of corporate information,reduce the valuation uncertainty faced by investors,and improve the pricing efficiency of capital markets for technology-based enterprises.