摘要
近年来,人工智能已成为推动全球经济增长的关键因素,其影响范围广泛且多维。企业作为人工智能技术的开发者和用户,在这一领域扮演着核心角色。在此背景下,人工智能对股票流动性也产生了重要影响。鉴于近年来经济下行压力加大,提高股票流动性对于提升市场效率、吸引投资者、稳定市场、促进企业发展及推动整体经济增长都发挥着至关重要的作用。从人工智能角度出发,以2007—2023年沪深两市A股上市公司为研究样本,深入探讨人工智能对股票流动性的影响、作用机理、异质性表现及二者对资本市场定价效率和企业价值的影响,旨在为企业提供结合自身资源禀赋科学制定人工智能使用策略的理论参考,并为政府积极有效引导企业人工智能的发展提供借鉴。同时,帮助企业更好地进行顶层设计,推动企业人工智能的升级和数字经济的建设。
AI has become a key driver of global economic growth,and its impact is broad and multi-dimensional.Enterprises,as developers and users of AI technologies,play a central role in this field.In this context,AI is also having an important impact on liquidity in the stock market.Given the increasing downward pressure on the economy in recent years,improving equity liquidity plays a crucial role in enhancing market efficiency,attracting investors,stabilizing markets,promoting corporate development and driving overall economic growth.Therefore,from the perspective of artificial intelligence,this paper will take A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2023 as research samples,and deeply discuss the impact of artificial intelligence on stock liquidity,action mechanism,heterogeneity,and the impact of both on capital market pricing efficiency and enterprise value.Through this research,the purpose is to provide reference for enterprises to formulate scientific AI use strategies in combination with their own resource endowments,and provide reference for the government to actively and effectively guide the development of AI in enterprises.At the same time,it is expected that these results can help enterprises better carry out top-level design,promote the upgrading of enterprise artificial intelligence and the construction of digital economy.
作者
黄兰兰
孙云云
HUANG Lanlan;SUN Yunyun(Business School(Overseas Chinese College),Lishui College,Lishui Zhejiang 323000,China;Accounting Institute,Henan University of Economics and Law,Zhengzhou Henan 450046,China)
出处
《技术经济与管理研究》
北大核心
2025年第6期83-89,共7页
Journal of Technical Economics & Management
基金
河南省软科学研究项目“资本市场开放背景下企业委托贷款对全要素生产率的影响”(242400412015)
广东省高等职业教育教学质量与教学改革工程项目“广东职业本科会计人才培养路径探索——基于‘专本协同’育人实践”(2023JG039)。
关键词
人工智能
股票流动性
资本市场定价效率
企业价值
Artificial intelligence
Stock liquidity
Capital market pricing efficiency
Enterprise value
