讲座时间：2026年9月28日10:00-12:00

讲座地点：管理楼G506

讲座主题：Talk and Walk, How Does AI Affect Firm Performance?

讲座嘉宾简介

曹夏平，知名金融学者，博士毕业于美国波士顿学院，目前任香港恒生大学金融学教授、ESG中心副主任及中国事务总监。2008至2016年任职于新加坡管理大学李光前商学院金融系，发起并成立新加坡亚洲私募股权学院并担任首任学术院长；在新加坡工作期间，多次担任南洋理工大学科技创新创业中心客座教授和硕士导师。2018年发起成立麻省理工学院REAP广州中心并担任中心主任。博士学习期间师从哈佛大学商学院乔希·勒拿教授（风险投资，私募股权领域知名学者），其博士论文曾被《华尔街日报》《金融时报》等国际媒体报道。曹教授目前担任国际知名经济学期刊 Economic Modelling 副主编及国际知名金融期刊 Pacific-Basin Finance Journal 特刊主编，在国际金融、经济和管理学领域的顶级及知名期刊 JFE、JIE、MS、JFQA、JCF、JBF以及国内权威期刊《经济学（季刊）》《金融研究》等发表论文30余篇。曹教授曾长期在新加坡担任由新加坡金融管理局发起的新加坡投资者保护协会顾问和 My Money 客座教授，并投资多个高科技企业和金融科技公司，同时兼任多家上市公司的董事或顾问，为高科技企业提供股权融资、海外上市及并购等方面的咨询服务。

讲座摘要

Using novel firm-level AI metrics from a comprehensive dataset of Chinese listed firms, this study documents the short- and long-term effects of AI on corporate performance. We distinguish between “AI Talk” (textual commitments) and “AI Walk” (actual financial investments). Our findings reveal that while both AI Talk and Walk are associated with immediate market value increases, AI Walk (investment) initially depresses accounting performance due to substantial upfront costs and implementation frictions. This “J-curve” effect shows that it takes an average of 4.5 years for AI investment to improve profitability, driven by sustained sales growth and reduced administrative expenses. Crucially, the returns to AI are highly heterogeneous: positive long-term effects are pronounced only for younger firms, those with sound corporate governance, well-educated management teams, and clear strategic AI orientation. Our findings provide a rigorous empirical foundation for understanding the real economic effects of AI and the critical short- and long-term trade-offs firms face during technological transformation.