通用大语言模型的部署与公司价值：来自股票市场的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-10-02 DOI:10.1016/j.frl.2025.108625

Li Dong , Junxian Liu , Jinghan Yang , Xin Zhang

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引用次数: 0

摘要

本研究通过分析中国股市对上市公司披露深seek配置信息的反应，探讨配置普通法学硕士对公司价值的影响。结果表明，在围绕披露的事件窗口内，股票的累积异常收益显著为正，表明配置一般llm提高了公司价值。与本地部署相比，API访问的积极效应更强，在高科技服务行业、数字技术水平较高的企业和非国有企业中更为明显。本研究为普通法学硕士对企业价值的影响提供了直接的实证证据。

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The deployment of general large language models and corporate value: Evidence from the stock market

This study investigates the impact of deploying general LLMs on corporate value by analyzing the Chinese stock market's reaction to listed companies' disclosures of DeepSeek deployment. The results show that within the event window surrounding the disclosures, the cumulative abnormal returns of the stocks are significantly positive, indicating that deploying general LLMs improves corporate value. The positive effect is stronger for API access compared to local deployment, and more pronounced in high-tech service industries, firms with higher digital technology levels, and non-state-owned enterprises. This study provides direct empirical evidence of the impact of general LLMs on corporate value.

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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