ChatGPT全球发布事件对中国基金市场的绩效研究——基于事件研究法

Study of ChatGPT Global Release on Performance of China's Fund Market

研究ChatGPT全球发布对中国基金市场的影响有助于了解人工智能对金融市场的影响,特别是在ChatGPT尚未向中国用户开放的情况下。本文以432只基金为样本,采用事件研究法探究ChatGPT发布事件对中国基金市场的影响。研究发现:与ChatGPT相关的基金在发布后两周内出现正向异常收益率。同时,从基金所属主题行业展开进一步分析发现;软件、电脑硬件、互联网和电子元器件行业短期内波动明显,长期呈现正向收益趋势。此外,本文以基金的资金净流量为视角,探讨了ChatGPT发布事件对基金市场冲击的内在机制。尽管ChatGPT并未进入中国市场,但也给国内高科技公司开发生成式人工智能产品带来机会,市场对这些公司的未来期望高,这也使得相关基金在ChatGPT全球发布后受到市场好消息影响并表现出色。

Studying the impact of ChatGPT global release on China's fund market can help understand the impact of AI on financial markets,especially when ChatGPT is not yet available to Chinese users.This paper takes 432 funds as a sample,and uses the event research method to explore the impact of ChatGPT release events on China's fund market.The research reveals that funds closely related to ChatGPT showed positive and abnormal returns within two weeks after their release.At the same time,further analysis from the theme industry of the fund found that the software,computer hardware,Internet and electronic components industry fluctuated significantly in the short term,and showed a long-term positive return trend.Furthermore,this paper analyzes internal mechanism of the impact of ChatGPT on the fund market from the perspective of the net flow of funds.Although ChatGPT has not entered the Chinese market,it also brings opportunities for domestic high-tech companies to develop generative artificial intelligence products,and the market has high expectations for the future of these companies,which also makes relevant funds influenced by the good news of the market and perform well after the global release of ChatGPT.