AI in Corporate Disclosure: IR Survey Evidence, Legal Risks, and Research Opportunities
基于投资者关系专业人士调查，研究AI在企业披露中的谨慎应用（如摘要和行政支持），分析其带来的法律、监管和治理风险，并指出AI虽能提升披露质量，但治理仍是关键。
SYNOPSIS Artificial intelligence (AI) is reshaping corporate disclosure practices, offering new efficiencies while raising regulatory, governance, and ethical challenges. We examine AI’s impact on disclosure through three lenses: practitioner insights from investor relations (IR), legal and regulatory developments, and academic research on capital markets. Drawing on a survey of IR professionals, we document cautious AI adoption, concentrated in low-risk tasks such as summarization and administrative support, alongside concerns over selective disclosure, bias, and information governance. We review emerging literature on AI’s influence on disclosure quality, internal controls, and the role of analysts and regulators. Our findings imply that although AI can enhance disclosure quality and efficiency, there remains a substantial role for governance in mitigating legal, regulatory, and informational risks. Data Availability: Data are available from the authors upon request. JEL Classifications: G14; K22; M41; M42; M48.