光華講壇——社會(huì)名流與企業(yè)家論壇第6689期

主題：Enhancing Investor Engagement with AI-Summarized DisclosuresAI賦能上市公司與投資者互動(dòng)溝通

主講人：西南財(cái)經(jīng)大學(xué) 會(huì)計(jì)學(xué)院 易陽(yáng)副教授

主持人：西南財(cái)經(jīng)大學(xué) 會(huì)計(jì)學(xué)院 代婧副教授

時(shí)間：12月20日10:00-11:30

會(huì)議地點(diǎn)：柳林校區(qū)誠(chéng)正樓650

主辦單位：習(xí)近平經(jīng)濟(jì)思想研究院（新時(shí)代中國(guó)特色財(cái)務(wù)與會(huì)計(jì)理論創(chuàng)新與方法體系研究團(tuán)隊(duì)） 會(huì)計(jì)學(xué)院 科研處

主講人簡(jiǎn)介：

易陽(yáng)，西南財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院副教授，副院長(zhǎng)，博士生導(dǎo)師，財(cái)政部高層次財(cái)會(huì)人才素質(zhì)提升工程入選者。研究領(lǐng)域?yàn)橹袊?guó)特色制度、會(huì)計(jì)與治理問(wèn)題，已在《世界經(jīng)濟(jì)》《會(huì)計(jì)研究》《南開(kāi)管理評(píng)論》Nature旗下期刊Humanities & Social Sciences Communications，Journal of Comparative Economics，Corporate Governance: An International Review, 等國(guó)內(nèi)外權(quán)威期刊發(fā)表中國(guó)特色制度、會(huì)計(jì)與治理的跨學(xué)科研究二十余篇，研究成果被聯(lián)合國(guó)世界衛(wèi)生組織（WHO）收錄轉(zhuǎn)印，兼職國(guó)家自然科學(xué)基金匿名評(píng)審專家，《管理世界》、《會(huì)計(jì)研究》等權(quán)威期刊審稿人。

內(nèi)容簡(jiǎn)介：我們開(kāi)展了一項(xiàng)實(shí)地實(shí)驗(yàn)，在虛擬電話會(huì)議期間為投資者提供由人工智能生成的年報(bào)摘要。我們發(fā)現(xiàn)，為投資者提供年報(bào)摘要會(huì)提高他們?cè)陔娫挄?huì)議期間的參與度。與對(duì)照組公司相比，收到人工智能生成摘要的實(shí)驗(yàn)組公司投資者提問(wèn)數(shù)量增加了46%。投資者向?qū)嶒?yàn)組公司提出的問(wèn)題內(nèi)容與摘要中呈現(xiàn)的主題更為契合。實(shí)驗(yàn)組公司收到的問(wèn)題更有可能來(lái)自經(jīng)驗(yàn)較少的投資者。這些摘要促使管理層給出篇幅更長(zhǎng)、內(nèi)容更詳細(xì)的回答。研究結(jié)果表明，人工智能生成的摘要能夠?yàn)橥顿Y者與管理層之間更活躍的對(duì)話提供焦點(diǎn)，從而提升投資者的參與度。

We conduct a field experiment where we provide investors with an AI-generated summary of annual reports during virtual conference calls. We find that providing investors with annual report summaries increases investor participation during the calls. Treatment firms with AI-generated summaries experience a 46% increase in the number of investor questions, relative to control firms. The content of investors' questions directed toward the treatment firms is more aligned with the topics presented in the summaries. The treatment firms’ questions are more likely to come from less experienced investors. The summaries lead management to provide longer and more detailed answers. The findings suggest that AI-generated summaries can lead to greater investor engagement by providing focal points for more vibrant conversations with management.