Using China’s Cybersecurity Law(CSL)as an exogenous shock,I examine how personal data security affects stock crash risk.I find that the stock crash risk of treatment firms(which collect personal data)significantly de...Using China’s Cybersecurity Law(CSL)as an exogenous shock,I examine how personal data security affects stock crash risk.I find that the stock crash risk of treatment firms(which collect personal data)significantly decreases after the CSL,and such decrease is larger when firms face greater personal data breach risk and have less transparent information environments before the CSL.Furthermore,treatment firms increase their investment in personal data protection after the CSL.Finally,enhanced personal data security increases firm value and promotes firms’social responsibility to stakeholders.Overall,I provide evidence of the importance of data security for the digital economy from the perspective of capital market stability,which may present implica-tions for data security policy worldwide.展开更多
With the development of the internet and the increasing role played by information technology in the economy,personal information protection has become one of the most significant legal and public policy problems.Sinc...With the development of the internet and the increasing role played by information technology in the economy,personal information protection has become one of the most significant legal and public policy problems.Since 2013,China has accelerated its legislation efforts towards protecting personal information.The Cybersecurity Law of the People's Republic of China took effect on June 1,2017.Legal scholars focus on the nature of personal information,discuss the necessity of enacting specific laws on protecting personal information,and attempt to propose relevant draft laws regarding personal information protection.Personal information protection,however,is not only a legal issue but also a political one.We need to look at the decision-making process about legislation on personal information protection in China.Why has China sped up its legislation on personal information protection since 2013?Is privacy,civil rights,or legal interest the main reason behind the legislation?Only after placing personal information protection legislation in a broader context,can we have a better understanding of the underlying logic and dynamics of personal information protection in China,and can perceive the potential content and possible future of these legislation.This paper argues that Internet industry development,the social consequences of personal information infringement,and national security are the main drivers of China's personal information protection legislation.展开更多
文摘Using China’s Cybersecurity Law(CSL)as an exogenous shock,I examine how personal data security affects stock crash risk.I find that the stock crash risk of treatment firms(which collect personal data)significantly decreases after the CSL,and such decrease is larger when firms face greater personal data breach risk and have less transparent information environments before the CSL.Furthermore,treatment firms increase their investment in personal data protection after the CSL.Finally,enhanced personal data security increases firm value and promotes firms’social responsibility to stakeholders.Overall,I provide evidence of the importance of data security for the digital economy from the perspective of capital market stability,which may present implica-tions for data security policy worldwide.
文摘With the development of the internet and the increasing role played by information technology in the economy,personal information protection has become one of the most significant legal and public policy problems.Since 2013,China has accelerated its legislation efforts towards protecting personal information.The Cybersecurity Law of the People's Republic of China took effect on June 1,2017.Legal scholars focus on the nature of personal information,discuss the necessity of enacting specific laws on protecting personal information,and attempt to propose relevant draft laws regarding personal information protection.Personal information protection,however,is not only a legal issue but also a political one.We need to look at the decision-making process about legislation on personal information protection in China.Why has China sped up its legislation on personal information protection since 2013?Is privacy,civil rights,or legal interest the main reason behind the legislation?Only after placing personal information protection legislation in a broader context,can we have a better understanding of the underlying logic and dynamics of personal information protection in China,and can perceive the potential content and possible future of these legislation.This paper argues that Internet industry development,the social consequences of personal information infringement,and national security are the main drivers of China's personal information protection legislation.
