数据资产与金融市场稳定——基于股价崩盘风险视角  

Data Assets and Financial Market Stability——Based on a Stock Price Crash Risk Perspective

作　　者：原盼盼 张子微 Yuan Panpan;Zhang Ziwei(School of Accounting,Henan University of Economics and Law,Zhengzhou 450000,Henan,China)

机构地区：[1]河南财经政法大学会计学院,河南郑州450000

出　　处：《金融发展研究》2025年第3期3-13,共11页Journal Of Financial Development Research

基　　金：河南省软科学研究计划项目“数据资产赋能河南国有企业关键核心技术突破的机制研究”(252400412049);河南省高等学校重点科研项目“数据资产的资本市场效应研究:基于股价同步性视角”(25A790008);河南省哲学社会科学规划年度项目“数据资产赋能河南省国有企业高质量发展的机制研究”(2024CJJ110)。

摘　　要：数据资产是企业重要的战略性资源,但对资本市场稳定性的影响尚未得到关注。本文利用2007—2023年我国A股非金融上市公司样本,研究发现数据资产能显著降低公司股价崩盘风险。其中的作用机制是数据资产缓解了公司信息不对称,改善了公司基本面。进一步从地理区域环境、行业竞争环境、公司信息环境三个层面进行横截面异质性检验的结果显示,数据资产的股价崩盘缓解效应在东部地区企业、行业竞争较激烈的企业、信息透明度较低的企业中更显著。本文不仅丰富了数据资产经济后果和股价崩盘风险影响因素方面的研究,还为引导拓展数据资产应用场景、防范化解金融风险提供了重要理论借鉴。Data assets are important strategic resources for firms,but their impact on capital market stability has not yet received attention.Using a sample of China's A-share non-financial listed companies from 2007 to 2023,this paper finds that data assets can significantly reduce the risk of a company's stock price collapse.The mechanism of action is that data assets mitigate firm information asymmetry and improve firm fundamentals.The results of further crosssectional heterogeneity tests at three levels:geographic region environment,industry competition environment,and firm information environment show that the stock price crash mitigation effect of data assets is more significant among firms in the eastern region,firms with more competitive industries,and firms with lower information transparency.This paper not only enriches the research on the economic consequences of data assets and the factors influencing the risk of stock price crashes,but also provides important theoretical references to guide the expansion of data asset application scenarios and the prevention and resolution of financial risks.

关 键 词：数据资产 股价崩盘风险 信息不对称 公司基本面 

分 类 号：F832.51[经济管理—金融学]