Econ Papers Daily / 期刊论文
生成式人工智能与企业价值
Generative AI and Firm Values
摘要
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.
中文摘要
生成式人工智能（AI）的最新进展如何影响企业价值？我们构建了首个衡量企业劳动力对生成式AI暴露程度的指标，并发现“人工减人力”投资组合在ChatGPT发布后的两周内获得了5%的收益。劳动力暴露效应在拥有更多数据资产的企业中更为显著，并且与企业产品对AI的暴露效应不同。我们根据暴露任务属于核心任务还是辅助任务，评估暴露的劳动力是被生成式AI替代还是互补。考察ChatGPT发布后企业的劳动力需求和盈利能力，结果支持劳动力—技术替代渠道。