数据资产获得投资者偏好了吗?——基于权益资本成本视角  

Do Data Assets Gain Investor Preference:From the Perspective of Cost of Equity Capital

作　　者：牛彪 于翔[2] Niu Biao;Yu Xiang

机构地区：[1]中国财政科学研究院,北京100142 [2]南开大学商学院,天津300071

出　　处：《证券市场导报》2024年第7期68-79,共12页Securities Market Herald

摘　　要：数据资产是企业高质量发展的重要生产要素。本文基于2007—2021年沪深A股上市公司数据,从权益资本成本视角探究企业数据资产是否获得投资者的偏好。结果显示,企业数据资产获得了投资者偏好,具体表现为企业数据资产的标准差每增加1%,权益资本成本相对其平均值会减少1.36%。作用机制检验发现,数据资产通过“信息效应”“预期效应”和“价值赋能效应”降低了权益资本成本。异质性分析发现,数据资产对权益资本成本的降低作用在非国有性质、技术密集型行业和行业竞争程度高的企业中更加显著。本文从资本市场融资视角检验了企业数据资产的经济后果,为进一步推动企业数据资产的价值实现提供了启示和参考。Data assets are important production factors for the high-quality development of enterprises.Based on the data of A-share listed companies on Shanghai and Shenzhen Stock Exchanges from 2007 to 2021,this paper explores whether corporate data assets gain investor preference from the perspective of cost of equity capital.The results show that corporate data assets gain investor preference,which is reflected in that the cost of equity capital relative to its average value decreases by 1.36%for every 1%increase in the standard deviation of corporate data assets.The mechanism test shows that data assets reduce the cost of equity capital through the“information effect,”“anticipation effect,”and“value empowerment effect.”The heterogeneity analysis shows that the effect of data assets on reducing the cost of equity capital is more significant in non-state-owned enterprises,enterprises from technology-intensive industries,and enterprises with high levels of industry competition.This paper examines the economic consequences of corporate data assets from the perspective of capital market financing and provides insights and references for further promoting the value realization of corporate data assets.

关 键 词：数据资产 权益资本成本 投资者偏好 信息不对称 

分 类 号：F239.43[经济管理—会计学]