納斯達克成立經濟研究院，深度解析AI對全球資本市場的重塑效應

隨著全球金融體系經歷技術驅動的深層變革，市場對於中長期宏觀趨勢與結構性轉變的洞察需求日益迫切。近日，納斯達克宣佈正式啟動「納斯達克經濟研究院」（Nasdaq Economic Research Institute），此舉標誌著該交易所從單純的交易服務提供商，向具備深厚政策影響力與產業洞察能力的專業智庫轉型。該研究院將聚焦於定義未來市場結構的關鍵議題，並以人工智慧（AI）帶來的經濟範式轉移為切入點，為全球投資者及監管機構提供決策參考。

一、 戰略願景：三大核心研究支柱

研究院的成立旨在填補資本市場技術演進與監管適配之間的資訊缺口。其未來研究藍圖將圍繞三大長期方向展開，致力於提升全球金融生態的效率與穩健性：

資本形成（Capital Formation）： 深度剖析企業上市路徑，優化資本市場對接機制，旨在降低企業融資門檻，進一步激發市場活力，為優質企業進入公開市場提供更科學的路徑規劃。

市場現代化（Market Modernization）： 針對技術革新推動的市場形態轉型，探討配套的監管框架設計。重點提升全球市場的流動性、透明度與合規效率，確保市場結構與數位化進程同步。

金融韌性（Financial Resilience）： 基於全球市場動態風險，構建更完善的風險防範體系，增強金融生態在極端情境下的抗壓能力與穩定性。

二、 首期洞察：生成式AI對創業活動的結構性變革

作為首發研究專案，該研究院發佈了關於生成式AI對全球創業活動影響的深度分析。研究發現，AI已成為重塑經濟活力的核心驅動力，主要表現在以下三個維度：

創業門檻的顯著降低： 自2025年初以來，隨著智能代理（AI Agents）工具的普及，全球新企業註冊量呈現階梯式增長。這些自動化工具極大替代了傳統人力成本，使得創業者能以更低的資源投入完成複雜的工作流。

「單人企業」（Solopreneur）崛起： AI賦能使得「單人企業」成為當前創業潮的主流。獨立創業者無需依賴龐大的初創團隊，即可具備以往大型初創公司才擁有的市場開發與執行能力。

產業滲透聚焦： 新增創業主體集中在科技、金融及專業服務三大領域。數據顯示，這三大高滲透行業自2005年以來的年均生產力增速保持在2.2%的穩定區間，AI的介入有望進一步推高這一生產力水平。

三、 市場價值與戰略意義

納斯達克經濟研究院的定位不僅限於數據解讀，更側重於中長期、全局性的趨勢預判。對內，該機構將為納斯達克在AI技術應用、公私市場演變及數位資產業務的發展提供科學的戰略支撐；對外，研究院將依托其龐大的市場數據資源與業界影響力，構建廣泛的合作網絡，旨在為全球市場參與者提供極具價值的戰略導航。

官方強調，研究院的研究重心將保持動態調整，並透過專業編輯委員會的統籌，確保研究成果能與不斷演變的市場需求保持一致。這一舉措印證了AI已從單一技術創新上升為重塑全球經濟結構的核心力量。對於市場參與者而言，密切關注該機構的年度研究成果，將成為解讀未來五年全球資本市場走勢的關鍵指標。

Nasdaq Launches Economic Research Institute to Analyze AI’s Reshaping of Global Capital Markets

As the global financial system undergoes a profound, technology-driven transformation, the demand for insights into medium-to-long-term macroeconomic trends and structural shifts has become increasingly acute. Nasdaq has officially announced the launch of the Nasdaq Economic Research Institute, marking the exchange’s evolution from a transaction services provider into a professional think tank with significant policy influence and deep industrial foresight. The Institute will focus on pivotal issues defining future market structures, leveraging the economic paradigm shift catalyzed by Artificial Intelligence (AI) to provide decision-making intelligence for global investors and regulators.

I. Strategic Vision: Three Core Research Pillars

The Institute aims to bridge the information gap between technological evolution and regulatory adaptation in capital markets. Its research roadmap centers on three long-term objectives to enhance the efficiency and robustness of the global financial ecosystem:

Capital Formation: Analyzing corporate listing pathways and optimizing mechanisms for capital market connectivity. This objective aims to lower financing barriers, stimulate market vitality, and provide a more data-driven roadmap for high-quality companies entering public markets.

Market Modernization: Examining regulatory frameworks designed to accommodate market transformations driven by technological innovation. The focus is on enhancing global liquidity, transparency, and compliance efficiency to ensure market structures keep pace with digitalization.

Financial Resilience: Constructing comprehensive risk mitigation frameworks based on global market dynamics to strengthen the financial ecosystem’s stress-bearing capacity and stability under extreme scenarios.

II. Inaugural Insight: The Structural Transformation of Entrepreneurship by Generative AI

In its inaugural research project, the Institute released an in-depth analysis of how Generative AI is reshaping global entrepreneurial activity. The study identified AI as a core driver of economic vitality across three dimensions:

Significant Lowering of Barriers to Entry: Since early 2025, the proliferation of AI Agents has led to a step-function increase in new business registrations globally. These automation tools effectively substitute traditional human capital, enabling entrepreneurs to execute complex workflows with significantly reduced resource allocation.

Rise of the "Solopreneur": AI empowerment has positioned "solopreneurship" at the forefront of the current startup wave. Independent entrepreneurs can now execute market development and operational strategies previously exclusive to large startup teams.

Focus on Industrial Penetration: New entrepreneurial entities are concentrated in technology, finance, and professional services. Data indicates these sectors have maintained an average annual productivity growth rate of 2.2% since 2005; AI integration is expected to further accelerate this trajectory.

III. Market Value and Strategic Significance

The Nasdaq Economic Research Institute is positioned not merely as a data interpreter, but as a forecaster of long-term, holistic trends. Internally, it provides scientific strategic support for Nasdaq’s initiatives in AI integration, the evolution of public-private markets, and digital asset development. Externally, the Institute leverages its massive market data repository and industry influence to build a collaborative network, providing global market participants with high-value strategic navigation.

Nasdaq emphasized that the Institute’s research focus will remain dynamic. Overseen by a professional editorial board, the initiative ensures research output remains aligned with evolving market demands. This move underscores that AI has transitioned from a standalone technological innovation to a fundamental force reshaping the global economic structure. For market participants, monitoring the Institute’s annual research findings will be a critical indicator for interpreting the trajectory of global capital markets over the next five years.

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