The Capital Market Reaction and the Influencing Mechanism of the Establishment of the Data Basic Institutional System  

作　　者：Liu Bai Zhang Ailian 

机构地区：[1]School of Business and Management,Jilin University

出　　处：《Social Sciences in China》2024年第1期134-156,共23页中国社会科学（英文版）

基　　金：the project"Research on the Verification Method and Value Evaluation of Digital Assets in Enterprises"(No.22YJA630047),funded by the Humanities and Social Sciences Fund of the Ministry of Education,China。

摘　　要：This study uses a sample of A-share listed companies to investigate the impact of China's Data Basic Institutional System on capital market reactions and the mechanism by which it exerts influence.The findings reveal that within a 5-day period before and after the policy announcement,listed companies with high data resources experience a significantly higher abnormal return compared to those with low data resources.Moreover,this difference becomes more pronounced as enterprise technology intensity increases.Furthermore,the policy enhances the capital market's perception of the value of data resources and its potential for generating multiplier effects.Additional tests confirm that post-implementation of the policy,the capital market reevaluates the long-term value of enterprises associated with data resources.This comprehensive examination contributes empirical evidence to support academic research,inform policy formulation,and guide strategic planning in relevantindustries.

关 键 词：data resources technology intensity market value event study abnormal return 

分 类 号：F830.9[经济管理—金融学]