人工智能如何重塑股票市场对公共信息的反应?OA

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.