题　目：Firm-Specific Capital and Corporate Financing: Evidence from Generative AI

嘉　宾：丘步晖 (Buhui Qiu)，Professor,University of Sydney

主持人：傅仁辉，副教授，上海交通大学安泰经济与管理学院

时　间：2026年16日（周五）14:00-15:30

地　点：上海交通大学安泰经济与管理学院包兆龙图书馆A511

内容简介:

How does labor-substituting technology affect corporate debt capacity? Examining generative AI adoption, we show that firms' capital structure choices depend on the form of productive capital that replaces labor. We identify adoption from job postings for roles that build and integrate large-language-model systems at U.S. public firms and estimate staggered difference-in-differences models. Unlike conventional automation, which is associated with higher leverage, generative AI can shift production toward less redeployable capital. We find that following adoption, firms reduce leverage and raise interest coverage, with larger effects among firms more exposed to AI-substitutable labor and firms that already rely heavily on intangible and organizational capital. Deleveraging is strongest when the AI implementation is closely tied to the firm’s own business, where the resulting productive capital less transferable and redeployable.

演讲人简介：

Prof. Buhui Qiu is Professor of Business and Finance and Head of the School of Finance at the University of Sydney Business School. His research examines how technological change, labor-market conditions, information, financial networks, and climate risks shape corporate behavior and capital market outcomes, with recent focus on corporate innovation and firms’ responses to technological and labor-market change. His work has been published in leading journals including the Review of Financial Studies, The Accounting Review, Management Science, and Journal of Financial and Quantitative Analysis. He holds a PhD in Finance from the University of Cincinnati, an MA in Accounting from Sun Yat-sen University, and a BSc in Physics from Fudan University. Before joining Sydney, he was Assistant Professor at Rotterdam School of Management, Erasmus University, and previously worked as a Financial Analyst at Ford, PwC Consulting, and IBM. He currently serves as Associate Editor of the British Accounting Review, The Financial Review, and Abacus.

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