Generative AI and Firm Values

IF 12.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2026-10-09 DOI:10.1111/jofi.70089

ANDREA L. EISFELDT, GREGOR SCHUBERT, MIAO BEN ZHANG, BLEDI TASKA

引用次数: 0

Abstract

How do recent advances in Generative Artificial Intelligence (AI) affect firm value? We construct the first measure of firms' workforce exposures to Generative AI and show that an “Artificial‐Minus‐Human” portfolio earned 5% in the two weeks following the release of ChatGPT. The labor‐exposure effect is more pronounced for firms with greater data assets and is distinct from the effect of firms' product exposures to AI. We assess whether exposed workforces are substituted or complemented by Generative AI based on whether their exposed tasks are core or supplemental. Examining firms' labor demand and profitability following the release of ChatGPT supports a labor‐technology substitution channel.

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生成式人工智能与企业价值观

生成式人工智能（AI）的最新进展如何影响公司价值？我们构建了公司劳动力暴露于生成式人工智能的第一个度量，并表明在ChatGPT发布后的两周内，“人工-减去-人类”投资组合获得了5%的收益。对于拥有更多数据资产的公司来说，劳动力暴露效应更为明显，并且与公司产品暴露于人工智能的影响不同。我们根据暴露的任务是核心任务还是补充任务，评估暴露的劳动力是被生成式人工智能取代还是补充。在ChatGPT发布后，考察企业的劳动力需求和盈利能力支持劳动力-技术替代渠道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

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