企业数据资产与资本市场价值发现  

Data Assets and Capital Market Value Discovery

作　　者：苑泽明 黄灿 李萌 尹琪 YUAN Ze-ming;HUANG Can;LI Meng;YIN Qi(School of Accounting,Tianjin University of Finance and Economics,Tianjin,300222,China)

机构地区：[1]天津财经大学会计学院,天津300222

出　　处：《经济管理》2025年第3期64-84,共21页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金一般项目“数据资产对制造业上市公司高质量发展的影响机制与协同路径研究”(23BGL109);教育部人文社会科学研究青年项目“数据资源对制造业企业供应链韧性的影响研究”(23YJC630110)。

摘　　要：数据资产作为新型战略资产,在企业价值创造中的作用日益凸显。在投资者对数据资产关注度不断攀升的背景下,企业数据资产能否引导投资者价值投资、实现市场资源有效配置?本文基于2008—2022年A股上市企业数据,实证检验企业数据资产对资本市场价值发现的影响及作用机制。研究发现,企业数据资产有利于资本市场价值发现,即促进市场定价的相对提升。机制分析发现,企业数据资产可以驱动企业内在价值成长和信息环境改善,由此实现企业的资本市场价值发现。拓展性研究表明,企业数据资产尤其能够助力市场发现被低估企业的投资价值,推动企业股价回归正常估值,但不会在市场高估企业价值的定价偏离中进一步提高股价,从而实现更有效的市场资源配置。数据资产提升市场资源配置有效性的可能原因是,企业数据资产能够与传统财务报告发挥乘数效应,提升了会计信息系统的决策有用性。研究结论为数据资产促进企业内在价值与市场价值共同成长提供了经验证据,也为数字时代构筑企业竞争新优势提供重要支撑。As a new type of strategic asset,data assets are playing an increasingly prominent role in corporate value creation.Against the backdrop of growing attention from investors to data assets,the capital market should spontaneously reveal the production and operation achievements of enterprises based on data assets.Therefore,the main issues explored in this paper are:Can enterprise data assets enhance the value of the capital market?Can enterprise data assets guide investors to make value investments and achieve the effective allocation of market resources?This paper empirically examines the impact and mechanism of enterprise data assets on the value discovery of the capital market,based on the relevant data of A-share listed enterprises from 2008 to 2022.The study finds that enterprise data assets are conducive to the value discovery of the capital market,that is,the relative increase in market pricing.The mechanism analysis reveals that enterprise data assets can drive the growth of the enterprise’s intrinsic value and the improvement of the information environment,thus achieving the value discovery of the enterprise in the capital market.The extended research shows that enterprise data assets can especially help the market discover the investment value of undervalued enterprises and promote the return of the enterprise’s stock price to its normal valuation.However,they will not further increase the stock price when there is a pricing deviation in the overvaluation of the enterprise’s value in the market,thereby achieving a more effective allocation of market resources.The possible reason is that enterprise data assets can have a multiplier effect with traditional financial reports,enhancing the decision-making usefulness of the accounting information system.The marginal contributions of this paper are as follows:First,it examines the economic consequences of enterprise data assets at the capital market level.Different from digital transformation which emphasizes the application of digital technology,data ass

关 键 词：数据资产 资本市场价值发现 资源配置有效性 企业内在价值 信息环境 

分 类 号：F275[经济管理—企业管理]