Talk, Walk, and Market Response: Multimodal Measurement of AI Washing and Its Capital Market Consequences in China
As artificial intelligence and generative large language models drive industrial upgrading, capital markets increasingly focus on AI-themed listed firms. Information asymmetry and technological opacity lower the cost of exaggerating AI capabilities relative to genuine R&D, spurring widespread AI Washing. Using China's A-share market from 2018Q1 to 2025Q2, we advance literature in measurement and mechanism testing. We construct a multimodal AI Washing Risk Score (AWRS) via Qwen-VL to assess text-image consistency in annual reports and roadshows, and a Material Real-Investment Matching Index (MRMI) from patent quality, AI intangible asset capitalization, and technical personnel compensation...
| Authors | Wen Zhanjie, Guo Jingqiao |
|---|---|
| Primary category | cs.CY |
| Published | 22 March 2026 |
| Last updated at source | 22 March 2026 |
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