Corporate AI Safety Governance and Firm Productivity

This study uses Chinese A-share listed firms from 2019 to 2024 as the initial sample. The starting year corresponds to the establishment of China's National New Generation Artificial Intelligence Governance Expert Committee and the issuance of the Governance Principles for a New Generation of Artificial Intelligence, which formally introduced AI safety governance as a core topic in national policy and marked the beginning of China's systematic governance framework. We apply the following sample filters and exclude: (1) firms designated as Special Treatment during the sample period; (2) firms in the financial industry; (3) observations with missing values for relevant variables. All continuous variables are winsorized at the 1 percent level to mitigate the influence of outliers. The final sample consists of 18,637 firm-year observations covering 4,421 firms.
Patent text data are obtained from the IPRDB Intellectual Property Database. Annual report texts and corporate social responsibility report texts are collected from Cninfo . Official news text data and financial data are both obtained from the CSMAR database.

本研究以2019年至2024年中国A股上市公司作为初始研究样本。该起始年份恰逢中国国家新一代人工智能治理专业委员会成立，以及《新一代人工智能治理原则》正式印发，此举正式将人工智能安全治理列为国家政策核心议题，标志着中国系统化人工智能治理框架的正式起步。本研究通过如下规则进行样本剔除与筛选：(1) 样本区间内被实施特别处理（Special Treatment）的上市公司；(2) 金融行业上市公司；(3) 相关变量存在缺失值的观测样本。为缓解异常值对实证结果的干扰，我们对所有连续变量在1%水平上进行缩尾处理（winsorize）。最终有效样本共涵盖4421家上市公司的18637个公司-年度观测值。专利文本数据取自IPRDB知识产权数据库；年度报告文本与企业社会责任报告文本采集自巨潮资讯网（Cninfo）；官方新闻文本数据与财务数据均取自国泰安（CSMAR）数据库。