以人为本的AI降低企业特有风险，助力金融风险管理。
Exploring the relationship between human-centric AI and firm idiosyncratic risks
- 将人机协同作为情境化AI策略，缓解伦理风险并提升协作效率。
- 中国上市公司数据表明，人本AI使企业特有风险下降，尤其在数字化与高管持股时更显著。
- 适合关注AI治理与企业风控的管理者及研究者阅读。
尽管工业5.0中对以人为本人工智能（HCAI）的讨论广泛，其对企业特有风险（IR）的影响仍缺乏深入研究。本文结合情境化AI理论与社会技术系统理论，将HCAI视为一种降低人工智能伦理风险、促进人机协同的企业战略，从而通过满足利益相关者多元期望来减少企业特有风险。同时，数字化程度、运营效率、高管持股及拥有IT背景的CEO等社会技术因素可能调节该关系。基于2015至2023年中国上市企业多源面板数据，研究发现HCAI与较低的特有风险相关。其中，数字化和高管持股强化此效应，而运营效率和具备IT背景的CEO反而削弱了该关系。研究为人工智能时代的伦理治理与企业财务风险管理提供了理论与实践启示。
原文摘要 · Abstract (English)
Despite the extensive discussions of human-centric AI (HCAI) in Industry 5.0, its effects on firms' idiosyncratic risks (IR) remains underexplored. This is an imperative issue for firms navigate financial risks during the current technological revolution, as IR reflects investor reactions to corporate heterogeneous AI strategies and implementations by isolating firm-level stock volatility from systematic factors. Integrating situated AI theory with social-technical systems theory, we conceptualise HCAI as a situated AI strategy that reduces AI-related ethical risks and fosters AI-Human synergies in firms' business operations, ultimately reducing IR by aligning with stakeholders' diverse expectations. Moreover, socio-technical factors, namely digitalisation, operational efficiency, executive shareholding, and CEOs with IT background, may moderate the HCAI-IR relationship. Using a multi-source panel dataset of Chinese listed firms from 2015 to 2023, we find that HCAI is associated with lower firm IR. Furthermore, digitalisation and executive shareholding strengthen this risk-reducing effect, whereas operational efficiency and CEOs with IT background surprisingly attenuate it. Our findings offer theoretical contributions and practical insights for both ethical AI governance and firm financial risk management in the AI era.
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