摘要
企业数据资产化不仅是增加数据资产,更是充分挖掘和利用数据资产的价值,从而更好地以数据赋能企业可持续发展。利用沪深A股上市公司2009—2023年的面板数据分析表明:数据资产化显著改善了企业的ESG表现及其3个维度(环境绩效、社会责任、公司治理);自用型数据资产化和交易型数据资产化都能改善企业ESG表现,其中自用型数据资产化的改善效应更大;数据资产化可以通过缓解融资约束、促进价值链升级和降低信息不对称3条渠道改善企业ESG表现;数据资产化的ESG表现改善效应具有普遍性,能显著改善各类企业的ESG表现,但作用效果存在异质性,表现为对国有企业、机构投资者持股比例较高企业、高科技行业企业、重污染行业企业的ESG表现改善作用更强。因此,一方面,政府和监管部门应完善数据资产及ESG相关制度,推动企业数据资产化,并为充分发挥数据资产化的ESG表现改善作用提供良好的制度和市场环境;另一方面,企业应积极提高数据资产化水平,不断改善数据资产信息和ESG信息披露质量。
The report of the 20th National Congress of the Communist Party of China states,“We should adhere to sustainable development,unswervingly follow a civilized development path that is environmentally friendly,and achieve the sustainable development of the Chinese nation”.Corporate ESG performance,as an evaluation framework assessing environmental(E),social(S),and governance(G)dimensions of enterprises,aims to chart a course for enterprise growth that is environmentally sustainable,socially harmonious,and governed effectively,thereby continuously advancing corporate sustainable development.As China enters the digital economy era,data has become a core driver of digital economic growth,and data assets have emerged as a strategic resource under this new paradigm,offering novel pathways to enhance corporate sustainability.How enterprises utilize and manage data assets to empower their sustainable development has thus become an urgent practical issue.Yet,few studies have examined how data assets can be leveraged to improve corporate ESG performance.This paper draws on data from CNRDS,CSMAR,WIND,and the China Urban Statistical Yearbook,and adopts the method of measuring the data assetization level of enterprises proposed by He Ying et al.(2024)to measure the data assetization level and ESG performance of enterprises.Empirical results show that data assetization significantly enhances corporate ESG performance.Mechanism tests indicate that data assetization can enhance the ESG performance of enterprises by alleviating financing constraints,promoting the upgrading of the value chain,and reducing information asymmetry.Heterogeneity analyses reveal that the positive impact of data assetization on ESG performance is more pronounced among enterprises with higher institutional ownership,state ownership,and those in high-tech and heavily polluting industries.This study contributes to the literature in two respects.First,it extends research on the economic consequences of data assetization.While empirical studies from a micro perspective on how enterprises realize the value of data assets remain limited,even fewer have focused on the link between data assetization and ESG performance.This paper theoretically and empirically analyzes the effect of data assetization on the ESG performance of enterprises,expanding the micro empirical research on the value of data assets for enterprises.Second,it enriches the research on how enterprises improve their ESG performance through internal initiatives.As ESG performance and sustainable development are increasingly recognized by society,improving the ESG performance of enterprises has become an important practical issue.This paper shows from the internal perspective of enterprises that data assetization can be an important driver of ESG performance,and it achieves this through three paths:alleviating financing constraints,promoting the upgrading of the value chain,and reducing information asymmetry.In doing so,this study unpacks the“black box”between data assetization and corporate ESG performance,offering a new perspective for enterprise to improve their ESG outcomes.This research not only helps enterprises better harness the value of data assets to implement ESG practices and foster their own sustainable development,thereby contributing a fresh perspective to the integration of the digital and real economies,but also provides policy implications for government agencies in designing differentiated policies on data assets and ESG.Such policies can offer institutional support for enterprises to leverage data assets in advancing sustainability and accelerate the development of a unified national market for data as a production factor.
作者
杨杰
虞朝圣
YANG Jie;YU Chao-sheng(School of Economics,Yunnan Normal University,Kunming 650500,Yunnan,China)
出处
《西部论坛》
北大核心
2025年第5期30-44,共15页
West Forum
基金
国家社会科学基金一般项目(19BSH032)
云南省教育厅重点实验室项目:数字金融开发与管理。
关键词
数据要素
数据资产
数据资产化
ESG表现
融资约束
价值链升级
信息不对称
data element
data asset
data assetization
ESG performance
financing constraint
value chain upgrading
information asymmetry
