讲座题目：The Impact of Generative Artificial Intelligence on Individual Manual Investment Decisions: Empirical Evidence from Mutual Funds（生成式人工智能顾问与个人投资人的投资决定：来自共同基金的实证分析）

主讲人：佟思亮 新加坡南洋理工大学

讲座时间：2024年5月8日15:00

讲座地点：学院513

主办单位：44118太阳成城集团市场营销与旅游管理系

讲座主要内容：

The rapid ascent of generative artificial intelligence (GAI) has led individual investors to increasingly use GAI-based consulting tools such as GAI-based investment consultants (GAICs). Despite warnings from some institutions about the risks of solely relying on GAICs for investment advice, there is limited empirical research on their impact on individual investors’ market investments. To fill this gap, we collaborated with Ant Fortune, Ant Group’s investment team, analyzing data related to the rollout of their GAIC, Zhi Xiaobao. Our analyses offer the first empirical evidence that GAICs positively influence investment decisions, redemption activities, and overall investment profit. Interestingly, our findings challenge the belief that novice investors benefit most from AI tools, showing that experienced investors benefit more significantly from GAICs by utilizing their financial acumen. Additionally, we found that the platform’s influence on investment profit is more pronounced for risk-seeking investors, suggesting GAICs enhance their market decision-making efficacy. However, novice and risk-averse investors, despite being more active in redemption behaviors, do not attain equivalent profit compared to their experienced and risk-seeking counterparts. This underscores the importance of financial literacy in harnessing GAICs’ economic benefits. In summary, while GAICs improve decision-making for experienced and risk-tolerant investors, they offer limited advantages for novices and risk-averse individuals. Our research provides essential insights for platform managers considering GAIC applications and guides policymakers in enhancing the use of GAICs, especially for vulnerable investor segments. This highlights the need for tailored financial education to fully leverage the potential of these advanced AI tools in diverse investment contexts.

生成人工智能（GAI）的迅速崛起促使个人投资者越来越多地使用基于GAI的咨询工具，如基于GAI的投资顾问（GAICs）。尽管一些机构对仅仅依赖GAICs提供的投资建议的风险提出了警告，但对其对个人投资者市场投资的影响的实证研究有限。为填补这一空白，我们与蚂蚁金服旗下的投资团队蚂蚁财富合作，分析了与其GAIC“支小宝”推出相关的数据。我们的分析提供了新颖的实证证据，即GAICs积极影响投资决策、赎回活动和整体投资利润。有趣的是，我们的分析结果显示出有经验的投资者通过运用他们的财务头脑更显著地从GAICs中受益，这与传统信念中初学者投资者最能从AI工具中受益相反。此外，我们发现，该平台对于寻求风险的投资者的影响更为显著，表明GAICs增强了他们的市场决策效力。然而，尽管初学者和风险厌恶型投资者在赎回行为上更为活跃，但与有经验和寻求风险的投资者相比，他们并未获得相当的利润。这凸显了在利用GAICs的经济利益方面的财务素养的重要性。总之，虽然GAICs改善了有经验和风险容忍的投资者的决策能力，但对于初学者和风险厌恶的个人而言，它们的优势有限。我们的研究为考虑使用GAIC应用的平台管理者提供了重要见解，并指导政策制定者加强对GAICs的使用，特别是针对脆弱的投资者群体。这突显了需要量身定制的金融教育，以充分利用这些先进的AI工具在不同的投资环境中的潜力。

主讲人简介：

佟思亮博士于2021年2月1日加入南洋理工大学南洋商学院信息技术与运营管理系。他于2020年获得天普大学福克斯商学院市场营销博士学位。佟博士是一位实证建模学者，对人工智能、移动应用营销和共享经济等实质性领域感兴趣。佟博士曾多次参加PACIS、AMA会议、ISMS Marketing Science会议并获得最佳论文奖。他的研究成果发表在Strategic Management Journal、Marketing Science、Journal of Marketing以及Journal of the Academy of Marketing Science上。在加入学术界之前，他有6年的数字营销和网络分析管理经验，并于2016年获得威斯康星大学麦迪逊分校的MBA学位。