企业数据资源的价值——基于《通用数据保护条例》实施的准自然实验  

The Value of Corporate Data Resources: A Quasi-Natural Experiment Based on the Implementation of the General Data Protection Regulation

作　　者：吴武清[1] 田雅婧 叶康涛 赵越[1,3] 李祁恒 Wu Wuqing

机构地区：[1]中国人民大学商学院,100872 [2]北京国家会计学院,101312 [3]新加坡管理大学会计学院,178900

出　　处：《会计研究》2024年第9期76-90,共15页Accounting Research

基　　金：国家自然科学基金面上项目(72374201、 71871216)资助。

摘　　要：2020年中共中央、国务院正式将数据确定为核心生产要素之一,但受限于权属不明确、难以与数字技术价值分离等因素,数据资源是否具有价值仍有待实证检验。本文以2018年欧盟实施《通用数据保护条例》(GDPR)作为与个人信息相关的数据资源的外生冲击,实证检验了GDPR实施对企业价值的影响。研究发现,相比于控制组,处理组的企业价值在GDPR实施后显著下降,表明当企业拥有或控制的数据资源价值发生变动时,资本市场会将其反映在企业价值中。上述结论在平行趋势检验等稳健性测试中仍然成立。异质性分析发现,在更有可能被个人用户要求删除或限制使用数据的企业、对数据依赖程度更高的企业中,GDPR实施对企业价值的影响更为显著。进一步研究发现GDPR实施增加了企业的销售费用率和对数据合规管理的重视程度,降低了自由现金流和分析师关注度。本文从资本市场定价的角度为企业数据资源的价值性提供实证证据,也为数据要素立法、企业高质量发展等提供研究启示。In 2020, the Communist Party of China and the State Council officially identified data as one key factor of production. However, there is little empirical evidence on whether data resources per se have significant value. This could result from the challenges that the ownership of data resources is unclear, their value is hard to measure, and one cannot easily separate the value of data from that of digital technology. Therefore, we investigate the value of corporate data resources by introducing the implementation of the EU's General Data Protection Regulation(GDPR) in 2018 as an exogenous shock to corporate data resources related to personal information. The results indicate that firms affected by GDPR experience a decrease in their market value relative to firms in the control group, indicating that investors in the capital market will respond to such unfavorable changes in corporate data resources by adjusting firm value downwards. Our results still hold in a series of robustness tests including parallel trend tests, placebo tests and alternative matching tests. Cross-sectional analyses show that the effect is more pronounced for firms that are more likely to be required to delete data or restrict the use of data by individuals, and for firms that rely heavily on data resources. Further analyses show that the implementation of GDPR increases the sales expenses and corporate efforts in data protection, while decreases the free cash flow and analyst coverage. This paper provides causal evidence from the perspective of capital market pricing on how GDPR affects the value of data resources and sheds light on the legislation of data resources and corporate development with higher quality.

关 键 词：数据资源 企业价值 数据要素 高质量发展 合规管理 GDPR 

分 类 号：F27[经济管理—企业管理]