国内人工智能竞争：DeepSeek是中国人工智能公司的竞争对手还是催化剂？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-19 DOI:10.1016/j.frl.2025.108005

Jiaying Ge , Xing Yang

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引用次数: 0

摘要

本研究以DeepSeek的人工智能（AI）突破为重大事件，考察了中国人工智能公司如何应对国内颠覆性竞争。我们发现了一个反向的u型市场反应：最初的下跌是由于对竞争的担忧，中期的上涨是由创新炒作驱动的，长期的逆转是由于乐观情绪的消退。研发能力较强的企业表现出持续的正回报，而国有企业（SOEs）尽管有短期政策驱动的收益，但表现不佳。这些发现突显出，人工智能行业的持续增长需要的不仅仅是总体创新——它取决于强大的研发基础设施和机构灵活性。

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Domestic AI competition: Is DeepSeek a competitor or catalyst to Chinese AI firms?

Using DeepSeek’s artificial intelligence (AI) breakthrough as a significant event, this study examines how Chinese AI firms respond to domestic disruptive competition. We find an inverse U-shaped market reaction: initial declines due to competitive concerns, medium-term gains driven by innovation hype, and long-term reversals as optimism fades. Firms with stronger R&D capacity exhibit sustained positive returns, while state-owned enterprises (SOEs) underperform despite short-term policy-driven gains. These findings highlight that sustained AI sector growth requires more than headline innovation—it hinges on robust R&D infrastructure and institutional agility.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance