Jianwen Ji, Junfeng Liu, Song Nie
Existing research has not sufficiently explored the mechanisms underlying how Artificial Intelligence (AI) investment affects corporate markup rates. Against the backdrop of enterprises pursuing high-quality development, the causal pathways by which AI enhances markup rates require urgent clarification. This study empirically examines the impact of AI investment levels on firm markup rates using panel data from Chinese A-share listed companies from 2010 to 2023. Benchmark regression results reveal that AI investment significantly and positively promotes firm markup rates. Mediating effect analysis indicates that AI investment enhances markup rates through three pathways: inventory management efficiency, capital utilization efficiency, and marketing efficiency. Heterogeneity tests reveal that this effect is stronger among enterprises in central and western China, non-competitive industries, and labor-intensive enterprises. Further analysis indicates that the degree of managerial myopia and the intensity of government subsidies negatively moderate this relationship, suggesting that internal governance and external policies may distort the returns on AI investment. This study provides rigorous empirical insights to strengthen economic resilience and sustainable development in emerging economies.