Assessment of the impact of artificial intelligence on the substantive innovations of enterprises

The digitalization of industry is a hot topic marking the entry into a new era of industrialization. The combination of enterprise management and digital technology has become an important task of modern enterprise management. Against such a backdrop, the application of various digital technologies has changed the production, marketing and other functions of enterprises. Artificial intelligence is an important means of realizing the digitalization of enterprises. At the international online conference AI Journey 2022, the President of the Russian Federation Vladimir Putin stated the need to implement artificial intelligence in the economy, social sphere and in the activities of government agencies. According to him, "the importance of breakthroughs in the field of artificial intelligence is colossal". At present, scientific research to assess the impact of the introduction of artificial intelligence technologies on the innovative activity of enterprises is of great interest. The purpose of the study is to substantiate the impact of the adoption of artificial intelligence technologies on the performance of substantive innovation enterprises based on the data of Chinese exchange-listed enterprises from 2012 to 2019. Based on the literature analysis, the main hypothesis of the paper is that artificial intelligence technologies have a positive impact on the substantive innovation in enterprises. To assess the impact of artificial intelligence technologies, the paper uses a statistical model with fixed effects. The fixed effects model was constructed based on the Ordinary Least Squared (OLS) method. To decide on the selection of initial, control and resultant variables, the research results of Li Wenqian et al. were used. The results of the study showed that artificial intelligence technology has a positive effect the substantive innovation in enterprises. These findings were confirmed by the result of robustness and non-homogeneity test. The results of the non-homogeneity test showed significant differences in the impact of AI technologies on substantive innovations in enterprises with different forms of ownership. The most significant influence of AI technologies on substantive innovation was found in private enterprises, followed by the second most significant influence on substantive innovation in state-owned enterprises and insignificant influence in Sino-foreign joint ventures. The results of this study can be used to evaluate the effectiveness of the application of artificial intelligence technology in other industries.