企业数据资产化与资本市场稳定  

Enterprise Data Assetization and Capital Market Stability

作　　者：牛彪 于翔[2] 苑泽明 NIU Biao;YU Xiang;YUAN Ze-ming

机构地区：[1]中国财政科学研究院 [2]南开大学商学院,天津300071 [3]天津财经大学会计学院 [4]天津财经大学无形资产评价协同创新中心

出　　处：《现代金融研究》2025年第4期53-63,77,共12页Journal of modern finance

摘　　要：本文以2007-2022年沪深A股上市公司为研究对象,从资本市场稳定视角实证检验了企业数据资产化的经济后果。研究发现,数据资产化可以显著降低股票市场价格波动风险,验证了“价值利器”假说。机制检验表明,数据资产化通过信息传递效应、内部治理效应和风险缓释效应降低股票市场价格波动。进一步研究发现,数据资产化对股票市场价格波动的降低作用在分析师关注度高、行业竞争程度高和地方政府对数字经济关注度高时更加显著。Using A-share listed companies on Shanghai and Shenzhen stock exchanges from 2007 to 2022 as the research sample,this study examines the economic consequences of enterprise data assetization from the perspective of capital market stability.The findings reveal that data assetization significantly reduces the fluctuation risk of stock market,supporting the“value tool”hypothesis.Mechanism tests indicate that data assetization mitigates the fluctuation risk through information transmission effect,internal governance effect and risk mitigation effect.Further analysis shows that the risk-reducing effect of data assetization is more pronounced under conditions of higher analyst attention,more intense industry competition,and stronger emphasis on the digital economy by local governments.

关 键 词：数据资产化 资本市场稳定 信息不对称 

分 类 号：F830.9[经济管理—金融学]