西安交通大学管理学院   管理科学前沿讲座

Dark Side of AI: Firm-specific Al use, Bankruptcy Risk and Performance

讲座专家：冯绪 教授

时间：2023.12.13 14:30

地点：管理学院417会议室

主办：管理科学系

摘要：We examine the impact of firms’ use of artificial intelligence (Al) technologies on bankruptcy risk and performance. We obtain a firm's AI use by conducting a textual analysis of firms' annual reports and find that Al use increases bankruptcy risk and decreases performance. We show that firm-specific Al use, measured by a deviation of a firm's Al use from the market trend of Al use, causally causes this relationship. We find that firms with a greater motive for risk preference and policy catering, or with executives who are tech-savvy, or with more industrial competitors will overuse in Al and experience a bigger rise (decline) in bankruptcy risk (performance).Furthermore,firm-specific Al use will face a higher probability of failure in firms with low-quality data and fewer talents. Further analysis indicates that firm-specific Al use leads to lower cash flow, higher cash flowvolatility, and higher leverage, which increases bankruptcy risk and decreases performance.

个人简介：冯绪，天津大学管理与经济学部教授，博导，入选国家级青年人才计划。研究方向为金融文本分析，人工智能与金融。在Journal of Management Information Systems、Journal of Money, Credit and Banking、《管理科学学报》、《管理世界》等国内外期刊发表论文50余篇。担任《管理科学学报(英文版)》协调编辑、Finance Research Letters副主编。担任中国系统工程学会青年工作委员会副主任委员、中国系统工程学会金融系统工程委员会副秘书长等职务。

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信息来源：http://som.xjtu.edu.cn/info/1056/10227.htm