| 摘要: |
| 摘要：人工智能技术的快速发展正在重塑信息的生产、处理与传播方式，并深刻影响资本市场的价格形成机制。基于2007－2023年中国A股上市公司数据，从股价同步性视角考察人工智能发展对股票价格中公共信息与公司特质信息相对权重的影响。研究发现，人工智能发展水平的提升显著提高股价同步性，表明宏观与行业等公共信息在价格形成中的比重增大，而公司特质信息的相对影响有所弱化。机制分析显示，人工智能通过提升分析师关注度、提高信息透明度以及增强市场对公共信息的敏感性，强化公共信息在股价形成中的作用。进一步分析表明，当企业位于国家新一代人工智能创新发展试验区或企业高管团队具备信息技术背景时，上述效应更为显著，且两种情境叠加可进一步提高股价同步性。异质性检验结果显示，该效应在高新技术企业、大规模企业以及位于东部、中部和东北地区的企业中更为明显。为理解人工智能背景下资本市场信息反应结构提供新的经验证据，并为相关政策制定与市场实践提供有益参考。 |
| 关键词: 关键词：人工智能发展；股价同步性；公共信息；信息产生效率；价格发现 |
| DOI： |
| 分类号:F832.48 |
| 基金项目:基金项目：国家社会科学基金重点项目“企业数据资产信息披露行为选择、经济后果与对策研究”（24AJY034）；江苏省社会科学基金一般项目“数据要素赋能新质生产力下江苏省数据交易市场体系构建与价值实现路径研究”（24ZHB008）。 |
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| How Does Artificial Intelligence Reshape the Stock Market’s Response to Public Information?——An Empirical Test Based on Stock Price Synchronicity |
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LI Zhe,ZHANG Xin-yu
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（School of Business,Nanjing Normal University,Nanjing,Jiangsu 210023）
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| Abstract: |
| Abstract：The rapid development of artificial intelligence (AI) is reshaping the production,processing,and dissemination of information,with important implications for price formation in capital markets.Using data on Chinese A-share listed companies from 2007 to 2023,this study examines how AI development affects the relative weighting of public and firm-specific information in stock price formation from the perspective of stock price synchronicity.The results reveal that higher levels of AI development significantly increase stock price synchronicity,indicating a greater weight of macroeconomic and industry-level public information and a weakened role of firm-specific information in price formation.Mechanism analysis shows that AI strengthens the role of public information by elevating analyst attention,improving the accessibility of public disclosures,and enhancing market sensitivity to systematic factors.Further analysis demonstrates that these effects are more pronounced for firms located in the National New-Generation Artificial Intelligence Innovative Development Pilot Zones and for firms whose top management teams have information technology backgrounds,with the effects being further amplified when both conditions are present.Heterogeneity tests show that the promoting effect of AI development on stock price synchronicity is stronger among high-tech firms,large-scale enterprises,and companies located in the eastern,central,and northeastern regions of China.This study deepens the understanding of how AI reshapes the information response structure of capital markets and provides empirical evidence for policy-making and market practice. |
| Key words: Key words：Artificial Intelligence；Stock Price Synchronicity；Public Information；Information Processing Efficiency；Price Discovery |
