Artificial intelligence (AI) industry plays an important role in promoting the transformation and upgrading of China’s economic structure and promoting high-quality economic development. The report of the 20th National Congress pointed out that a new generation of information technology, artificial intelligence and other new growth engines should be built. At present, the financing situation of AI enterprises is good, and the financing efficiency has become one of the key factors affecting the development of AI enterprises. Considering the competitiveness of enterprise financing, this paper builds a game cross efficiency model to measure the financing efficiency of AI enterprises, and uses Tobit method to build a model of factors affecting financing efficiency. The research shows that the overall financing efficiency of AI enterprises is not high, and there are obvious differences between enterprises. The enterprises are divided according to the average size, and the changing trend of high-, medium- and low-efficiency enterprises shows a high degree of consistency. From the perspective of timing, it showed an overall downward, sharp rise, slow downward trend from 2015 to 2020. The analysis of the factors affecting the financing efficiency of AI enterprises from the Tobit model shows that the scale, profitability and growth ability of enterprises all significantly positively affect the financing efficiency of AI enterprises, the level of creditor’s rights will significantly affect the financing efficiency, and the concentration of equity has no significant impact on the financing efficiency of AI enterprises. Finally, suggestions targeted for optimizing financing are put forward.