摘要
数据资产作为数字经济时代衡量企业竞争力的核心资产,其信息价值尚未得到充分关注。本文以2007—2022年A股上市公司为样本,利用文本分析法构建数据资产信息披露指标,检验数据资产信息披露水平对资本市场定价效率的影响。研究发现,数据资产信息披露能降低股价同步性,提高资本市场定价效率,该结论经过一系列稳健性检验后依然成立。机制分析发现,数据资产信息披露通过提高信息供给、增强信息扩散、加快信息融入三个方面来提升企业资本市场定价效率。异质性检验发现,在文本相似度更高、地区信息化水平更高及机构投资者注意力更高的样本中,其促进效果更为显著。上述研究为提升企业数据资产信息披露意愿、发挥数据资产价值提供了经验证据,也为监管机构进一步完善数据资产信息披露规范提供了政策启示。
With the rapid development of the digital economy and its increasingly prominent role in driving China's high-quality economic growth,data resources have emerged as a critical component within industries such as finance,healthcare,and energy.Unique data resources not only serve as an important asset in forecasting future economic inflows but also constitute a key determinant of enterprise value.Through proactively disclosing information about data assets,organizations can convey their dynamic comparative advantages in digital capabilities and innovation potential to external stakeholders,thereby attracting investors and enhancing capital market information efficiency.The Provisional Regulations on Accounting Treatment for Corporate Data Resources,implemented by the Ministry of Finance of China in 2024,clarify that data resources that meet the criteria for asset recognition may be identified as assets and quantified in financial statements,providing a potential pathway for realizing the value of data assets.However,under current accounting standards,only a limited number of firms can report data resources as assets.Certain specialized data cannot be accurately valued due to constraints on usage scenarios,making it difficult for investors to obtain a clear picture of a firm's data assets solely from financial statements.To alleviate the constraints,the regulation allows companies to voluntarily disclose additional information on data resources not recognized as assets,including their application scenarios,usage status,and methods for value creation.This allows firms to communicate the utilization and development potential of their data resources through financial reports.Advances in text mining and information processing technologies enable textual content to be quantified and leveraged to support investor decision-making.Using a sample of A-share listed companies in China from 2007 to 2022,this study employs textual analysis to construct the data assets disclosure index.Then,this study empirically examines the effect of data assets disclosure on capital market pricing efficiency.The results show that data assets disclosure significantly reduces stock price synchronicity,thereby enhancing pricing efficiency.The conclusion is robust across a series of robustness checks and remains significant after addressing potential endogeneity issues.Mechanism analysis reveals that data assets disclosure improves pricing efficiency by enhancing firm-specific information supply,facilitating information dissemination,and accelerating its incorporation into stock prices.Further heterogeneity analysis shows that the effect is more pronounced among firms with higher textual similarity in management discussion and analysis(MD&A),among those located in regions with higher informatization,and those receiving greater attention from institutional investors.This study contributes to existing literature in several ways.First,it extends the understanding of the economic consequences of data assets disclosure.Prior researches focus primarily on its impact on alleviating firms'financing constraints and enhancing competitiveness,and few studies investigate whether such disclosures can be effectively interpreted by capital markets to improve resource allocation.By examining its role in reducing stock price synchronicity,this study sheds light on the external economic consequences of data assets disclosure from the perspective of information efficiency.Second,it enriches the body of research on the determinants of capital market pricing efficiency and provides new empirical evidence on how the disclosure of qualitative textual data,especially non-financial information,can enhance market efficiency.Lastly,this study provides both theoretical framework and empirical support for the role of data assets as a productive factor in driving high-quality economic development.By voluntarily disclosing data assets information,firms can demonstrate their capacity for data integration and application,bolster investor confidence,and contribute to efficient resource allocation in capital markets,thereby facilitating the integration of the digital economy with the functions of the capital market.
作者
李世刚
邵宏彬
方芳
卢福财
LI Shi-gang;SHAO Hong-bin;FANG Fang;LU Fu-cai(School of Accounting,Jiangxi University of Finance and Economics)
出处
《中国工业经济》
北大核心
2025年第7期138-155,共18页
China Industrial Economics
基金
国家社会科学基金重大招标项目“数据要素驱动经济增长的理论与政策研究”(批准号23&ZD073)
国家自然科学基金地区项目“民营企业IPO前‘掏空式分红’、审核问询与原始股东减持”(批准号72462021)
江西省教育科学“十四五”规划课题“江西优秀传统文化与当代大学生社会主义核心价值观塑造:理论逻辑与作用机理”(批准号22YB051)。
关键词
数据资产信息披露
资本市场定价效率
股价同步性
公司特质信息
信息效率
information disclosure of data assets
capital market pricing efficiency
stock price synchronicity
company-specific information
information efficiency
