Research on the Impact of Short Selling System on Enterprise Artificial Intelligence Application

Abstract

This study employs a quasi-natural experiment of incremental expansion in margin trading and short selling systems, analyzing the impact of short-selling mechanisms on corporate AI adoption using a DID model with a sample of A-share listed companies from 2015 to 2025. The findings demonstrate that short-selling mechanisms significantly enhance corporate AI adoption, partially mediating this effect through increased R&D investment. Robustness tests using alternative indicators such as AI patents further validate the primary conclusions. The research indicates that capital market institutions can drive corporate intelligent transformation through external governance mechanisms.