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The Market Value of Generative AI: Evidence from China Market

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发布日期：2024年04月18日上次修订日期：2024年04月18日

Rui Li lir@pcl.ac.cn Peng Cheng Laboratory Minghai Xu minghai.xu@connect.polyu.hk The Hong Kong Polytechnic University Wenzhi Ding wenzhi.ding@polyu.edu.hk The Hong Kong Polytechnic University

摘要

Our study explored the rise of public companies competing to launch large language models (LLMs) in the Chinese stock market after ChatGPTs' success. We analyzed 25 companies listed on the Chinese Stock Exchange and discovered that the cumulative abnormal return (CAR) was high up to 3% before LLMs' release, indicating a positive view from insiders. However, CAR dropped to around 1.5% after their release. Early LLM releases had better market reactions, especially those focused on customer service, design, and education. Conversely, LLMs dedicated to IT and civil service received negative feedback.

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关键词：

Large language model Market value management Market reaction Event study Artificial intelligence Stock markets

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