关键词: 人工智能, 技术应用, 研发投入, ESG表现, 可持续发展

Abstract: In the era of digital economy, artificial intelligence (AI) has become a crucial driving force for enterprises to transform, upgrade, and achieve sustainable development. Against this backdrop, exploring the impact of AI on the internal resource allocation of enterprises from the perspective of AI is of great significance. Based on this, this study uses the data of A-share listed companies from 2013 to 2023 to empirically test the impact and mechanism of AI technology application on corporate dividend distribution policies. The research finds that the application of AI technology inhibits the probability and intensity of corporate dividend distribution. After a series of robustness tests, the conclusion remains consistent. Mechanism analysis shows that the application of AI technology inhibits corporate dividend distribution in three aspects: strengthening R&D investment, improving risk-taking levels, and enhancing ESG performance. Heterogeneity analysis indicates that the inhibitory effect of AI technology application on dividend distribution is more significant in small-scale enterprises, non-capital-intensive enterprises, and enterprises with low industry competition. Notably, the inhibition of AI technology application on the intensity of cash dividend distribution is significant regardless of the level of factor market development, while the inhibition on the propensity of cash dividend distribution is significant in the group with a high level of factor market development but not in the low-level group. This study theoretically expands the influence mechanism of dividend distribution policies and practically provides certain reference value and practical significance for the promotion of AI technology application and the promotion of sustainable enterprise development.

Key words: Artificial Intelligence, Technology Application, R&D Investment, ESG Performance, Sustainable Development