当代金融研究2026，Vol.9Issue(1)：32-48,17.DOI:10.20092/j.cnki.ddjryj.2026.01.003
人工智能如何重塑股票市场对公共信息的反应?
How Does Artificial Intelligence Reshape the Stock Market's Response to Public Information?
摘要
Abstract
The rapid development of artificial intelligence(AI)is reshaping the pro-duction,processing,and dissemination of information,with important implications for price formation in capital markets.Using data on Chinese A-share listed compa-nies from 2007 to 2023,this study examines how AI development affects the rela-tive 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 system-atic 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 infor-mation technology backgrounds,with the effects being further amplified when both conditions are present.Heterogeneity tests show that the promoting effect of AI de-velopment on stock price synchronicity is stronger among high-tech firms,large-scale enterprises,and companies located in the eastern,central,and northeastern re-gions of China.This study deepens the understanding of how AI reshapes the infor-mation response structure of capital markets and provides empirical evidence for policy-making and market practice.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Key words
Artificial Intelligence/Stock Price Synchronicity/Public Information/In-formation Processing Efficiency/Price Discovery分类
管理科学引用本文复制引用
李哲,张新钰..人工智能如何重塑股票市场对公共信息的反应?[J].当代金融研究,2026,9(1):32-48,17.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) （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). （24ZHB008）
