On October 20, 2026, the Faculty of Business at City University of Macau welcomed Professor Buhui Qiu, Head of the School of Finance at the University of Sydney Business School, for an academic visit and seminar. Held in HG03, the seminar featured Professor Qiu's research entitled "Firm-Specific Capital and Corporate Financing: Evidence from Generative AI," offering faculty members and students valuable insights into the relationship between emerging technologies and corporate financing decisions.

During the seminar, Professor Qiu explored how the adoption of generative artificial intelligence (Generative AI) influences corporate capital structure and financing decisions. Traditional perspectives suggest that replacing human labor with automation technologies generally increases firms' holdings of tangible, collateralizable assets, thereby enhancing their debt financing capacity. However, generative AI differs fundamentally from conventional automation. Its implementation often relies on proprietary data, internal workflows, and organizational knowledge, creating firm-specific capital that is difficult to transfer or redeploy outside the organization.

Drawing on recruitment and financial data from U.S. publicly listed firms, Professor Qiu employed empirical methods, including difference-in-differences analysis, to examine how firms adjust their financing decisions following generative AI adoption. His research revealed that, unlike conventional automation, generative AI adoption is associated with reductions in corporate leverage and improvements in interest coverage. These effects are particularly pronounced among firms with greater potential for AI-driven labor substitution, higher intangible asset intensity, and AI applications more closely integrated with their core business operations.

The study further highlighted that the financing implications of technological advancement depend not only on whether technology substitutes for human labor, but also on the nature of the productive capital that replaces it. As firms increasingly rely on proprietary data, organizational processes, and knowledge capital that cannot easily be transferred or redeployed, their corporate financing decisions adjust accordingly. These findings provide a new perspective on understanding corporate capital structure in the era of artificial intelligence.

Throughout the seminar, participating faculty members and students engaged in academic discussions on AI adoption, firm-specific capital, research design, and empirical identification strategies. Drawing on his extensive research experience, Professor Qiu shared insights into identifying theoretically meaningful research questions from real-world economic phenomena and conducting high-quality academic research through innovative data and rigorous empirical methodologies. His presentation provided valuable inspiration for faculty members and students interested in advancing research in business and management.

The seminar demonstrated the Faculty of Business's continued commitment to promoting international academic exchange and collaboration. Through direct engagement with internationally renowned scholars, the Faculty further broadened the academic perspectives of its faculty members and students in emerging research areas, including artificial intelligence, corporate finance, and business management. The event also provided a valuable opportunity to strengthen research capabilities, foster international academic partnerships, and cultivate a vibrant academic research environment.

Professor Buhui Qiu currently serves as Head of the School of Finance at the University of Sydney Business School. He has made significant contributions to research in corporate finance, corporate governance, and financial markets. His research has been published in leading international academic journals, including Review of Financial Studies, The Accounting Review, Management Science, Production and Operations Management, and Journal of International Business Studies, as well as other prestigious journals such as Journal of Financial and Quantitative Analysis, Journal of Management Studies, Review of Accounting Studies, and Contemporary Accounting Research.

In addition, Professor Qiu currently serves as Editor of Corporate Governance: An International Review, Associate Editor of The British Accounting Review, The Financial Review, and Abacus, and Academic Editor of PLOS ONE. His research has been presented at major international academic conferences, including the American Economic Association (AEA), American Finance Association (AFA), Western Finance Association (WFA), European Finance Association (EFA), and American Accounting Association (AAA). His research findings have also attracted attention from prominent international media outlets, including Bloomberg and The Economist.