数据资产信息披露与企业战略选择  

Data asset information disclosure and corporate strategic choice

作　　者：陈晓珊 李晗菲 刘洪铎[2] CHEN Xiaoshan;LI Hanfei;LIU Hongduo(School of Accounting/School of Intelligent Finance&Accounting Management,Guangdong University of Finance and Economics,Guangzhou 510320,China;School of Economics and Trade,Guangdong University of Foreign Studies,Guangzhou 510006,China)

机构地区：[1]广东财经大学会计学院/智能财会管理学院,广东广州510320 [2]广东外语外贸大学经济贸易学院,广东广州510006

出　　处：《产业经济研究》2024年第6期100-113,共14页Industrial Economics Research

基　　金：国家社会科学基金一般项目(21BGL121);广东省自然科学基金面上项目(2023A1515011823);广东省自然科学基金联合基金项目(2021A1515110498);广东省哲学社会科学规划一般项目(GD24CYJ08);广东省普通高校创新团队项目(2020WCXTD009)。

摘　　要：在数字经济时代,数据资产作为经济主体数字化转型中的新兴资产类型,已成为推动企业高质量发展的重要战略资源。基于战略管理理论,以2010—2022年沪深A股上市公司为研究对象,系统考察数据资产信息披露与企业战略选择之间的关系及作用机制。研究表明,数据资产信息披露水平较高的企业更倾向于选择较高激进度的战略,且数据资产信息披露主要通过缓解融资约束、抑制管理层短视和增强企业合作文化这三条路径发挥作用。进一步分析表明,数据资产信息披露与企业战略激进程度之间的正向关系在非国有企业、高科技企业和非衰退期企业中更明显。经济后果分析表明,数据资产信息披露可以较好地增强企业战略激进程度对企业研发投入、企业数字化转型速度和企业价值的积极影响。研究结论不仅从企业战略的全局视角拓展了数据资产信息披露经济后果的研究,同时也为企业加强数据资产全过程管理和动态调整发展战略等提供了经验证据。In the digital economy era,data assets have emerged as a crucial strategic resource in the digital transformation of economic entities,playing a pivotal role in fostering high-quality corporate development.Drawing on strategic management theory,this study focuses on listed companies from Chinese A-share markets between 2010 and 2022,systematically investigating the interplay and underlying mechanisms between data asset information disclosure and corporate strategic decisions.It is revealed that firms with robust data asset disclosure are more likely to adopt aggressive strategies,and data asset information disclosure mainly plays a role through three avenues:easing financial constraints,mitigating managerial myopia,and enhancing corporate cooperative culture.Further analysis suggests that the positive correlation between data asset disclosure and strategic aggressiveness is particularly pronounced among non-state-owned,high-tech,and non-recessionary firms.Economic consequence analysis indicates that data asset disclosure significantly amplifies the positive effects of strategic aggressiveness on corporate R&D investment,the pace of corporate digital transformation,and overall corporate value.The research outcomes not only broaden the understanding of the economic implications of data asset disclosure from a holistic corporate strategy perspective but also offer empirical support for businesses to enhance comprehensive data asset management and dynamically adjust their development strategy.

关 键 词：数据资产信息披露 战略激进程度 融资约束 管理层短视 合作文化 

分 类 号：F062.9[经济管理—政治经济学]