主题：Fake it till you make it? The Impact of Retail Investor AI Attention on Corporate AI Decoupling and Future Innovation
主讲人：李伟平 澳门城市大学
主持人：林智韬 暨南大学
时间：2026年6月2日（周二）上午10:00
地点：暨南大学石牌校区经济学院大楼（中惠楼）102室
摘要
This paper examines how retail investor attention to Artificial Intelligence (AI) influences corporate AI decoupling—the gap between AI-related disclosures and actual AI innovation. Utilizing a sample of Chinese A-share listed companies from 2014 to 2024, we find that heightened retail attention significantly increases AI decoupling, as firms’ technological disclosures outpace their immediate patenting activities. However, contrary to the prevailing “window-dressing” narrative, our empirical evidence reveals that this decoupling functions primarily as a strategic signaling mechanism rather than opportunistic AI-washing. Firms exhibiting higher initial decoupling subsequently demonstrate increased actual AI innovation and experience higher stock returns, despite profitability declines. These effects are particularly pronounced among resource-constrained firms facing intense R&D competition. Collectively, these findings demonstrate that in emerging, capital-intensive technology areas, retail attention drives preemptive linguistic signaling that catalyzes long-term substantive innovation as firms strive to fulfill market expectations and maintain legitimacy.
主讲人简介
李伟平，澳门城市大学金融学院副教授，博士生导师，泰山学院商学院特聘教授。主要研究兴趣是公司金融、绿色金融、数字金融和文化金融。目前已在Journal of Business Ethics, Journal of Financial Stability, Journal of International Financial Markets, Institutions and Money, 会计研究等国内外期刊发表多篇论文。主持广东省自然科学基金面上项目与澳门基金会项目，担任Economic Analysis and Policy等期刊的客座主编，China Journal of Accounting Research，Humanities and Social Sciences Communications等期刊的编委与，西南财经大学政府与审计研究中心特约研究员，会计学术联盟青年学者委员会委员。
校对 | 林智韬
责编 | 彭毅
初审 | 陈创练
终审发布 | 何凌云
（来源：暨南大学经济学院微信公众号）
