数据资产信息披露对股价同步性的影响研究

Research on the Impact of Data Asset Information Disclosure on Stock Price Synchronization

数字经济时代数据资产成为了企业的重要生产要素,其信息披露也受到社会的广泛关注。以2010~2022年我国A股上市公司样本为研究对象,实证检验了数据资产信息披露对股价同步性的影响。研究发现,数据资产信息披露降低了股价同步性,支持了“信息效率观”,研究结论在一系列内生性分析和稳健性检验后得以验证。从机制路径来看,数据资产信息披露通过促进分析师跟踪、提高信息透明度以及加快企业数字化转型,进而抑制了股价同步性。拓展性分析发现:数据资产信息披露对股价同步性的负向影响在媒体关注度高、行业竞争力强以及内部控制质量高的企业更加显著。研究结论为促进资本市场数据资产信息披露制度的完善具有一定的参考价值。

In the era of digital economy, data assets have become an important factor of production for enterprises, and their information disclosure has also been widely concerned by the society. Taking the sample of China’s A-share listed companies from 2010 to 2022 as the research object, the impact of data asset information disclosure on stock price synchronization is empirically tested. The research found that the information disclosure of data assets reduced the synchronization of stock price and supported the “information efficiency view”, and the research conclusions were verified after a series of endogenous analysis and robustness tests. From the perspective of mechanism path, the disclosure of data asset information suppresses the synchronization of stock prices by promoting analyst tracking, improving information transparency and accelerating the digital transformation of enterprises. The expansion analysis finds that the negative impact of data asset information disclosure on stock price synchronization is more significant in enterprises with high media attention, strong industry competitiveness and high internal control quality. The research conclusion has certain reference value for promoting the perfection of capital market data asset information disclosure system.