Abstract: The implementation of artificial intelligence policies is accelerating the digital transformation of businesses, but there is still no consensus on how and why this affects corporate human capital.To this end, drawing on data from Chinese A-share listed companies between 2012 and 2022, this paper uses the PSM-DID model to examine the impact of the implementation of artificial intelligence policies on corporate human capital.The study found that artificial intelligence policies significantly enhance firms human capital levels, and this conclusion holds up under a number of robustness tests.Mechanism tests indicate that artificial intelligence policies promote the enhancement of human capital within enterprises by accelerating their digital transformation, boosting their investment in research and development, and fostering breakthrough innovation.Heterogeneity analysis revealed that the spillover effect was more pronounced in state-owned enterprises, larger firms, high-tech enterprises, non-labour-intensive enterprises and technology-intensive enterprises.The findings of the study provide empirical evidence to inform the refinement of policies for the National Pilot Zones for the Innovation and Development of Next-Generation Artificial Intelligence, to promote the optimisation of corporate human capital, and to support high-quality economic development.

Key words: artificial intelligence policies, corporate human capital, digital transformation, R&D expenditure, breakthrough innovation