人工智能技术应用与金融市场稳定——基于企业股价崩盘风险的视角  

Application of Artificial Intelligence Technology and Financial Market Stability

作　　者：余志君 任晓怡[2] 车德欣 Yu Zhijun;Ren Xiaoyi;Che Dexin

机构地区：[1]广东金融学院广东区域金融政策研究中心 [2]广东金融学院国家金融学学院,广东广州510521 [3]中国科学技术大学长三角信息智能创新研究院,安徽芜湖241003

出　　处：《企业经济》2024年第11期140-149,共10页Enterprise Economy

基　　金：国家自然科学基金青年项目“金融科技对企业数字化转型的效应评估、机制分析与策略优化研究”(项目编号:72202046);国家社会科学基金青年项目“财政科技支出对企业数字化转型的效应评估、机制分析与策略优化研究”(项目编号:22CJY009);广东省哲学社会科学规划青年项目“产业政策对企业数字化转型的效应评估、机制分析与策略优化研究”(项目编号:GD23YYJ09)。

摘　　要：金融系统的稳定运行是推动我国实体经济持续繁荣的重要保障。本文基于沪深两市A股上市企业2008-2022年数据集,采用OLS回归模型实证检验人工智能技术对企业股价崩盘风险的影响。研究发现,企业人工智能技术应用强度越大,自身股价崩盘风险越低。人工智能技术应用对于高不确定性环境的企业、东部地区企业以及民营企业具有显著风险治理效应。人工智能技术应用能够优化企业财务状况、提升创新活力并改善内外部预期,降低企业股价崩盘风险。特别地,人工智能技术应用还具有较为显著的行业溢出效应,能够展现出更为显著的金融风险抑制效果。政府应通过强化政策支持、制定差异化政策、推动跨行业合作以及加强监管评估等方式,全面促进人工智能技术在企业风险治理中的应用。The stable operation of the financial system is an important guarantee to promote the sustainable prosperity of China's real economy.Based on the dataset of A-share listed companies in Shanghai and Shenzhen from 2008 to 2022,this paper uses OLS regression model to test the impact of artificial intelligence technology on the risk of enterprise stock price crash.It is found that the greater the application intensity of artificial intelligence technology,the lower the risk of their own stock price crash.The application of artificial intelligence technology has a significant risk governance effect for enterprises with high uncertainty environment,enterprises in the eastern region and private enterprises.The application of artificial intelligence technology can optimize the financial situation of enterprises,enhance the innovation vitality,improve the internal and external expectations,and reduce the risk of enterprise stock price crash.In particular,the application of artificial intelligence technology also has a relatively significant industry spillover effect,which can show a more significant financial risk suppression effect.The government should comprehensively promote the application of AI technology in enterprise risk governance by strengthening policy support,formulating differentiated policies,promoting cross-industry cooperation and strengthening supervision and evaluation.

关 键 词：人工智能 金融市场 股价崩盘风险 

分 类 号：F062[经济管理—政治经济学]