数据资产信息披露有助于稳定金融市场吗？ ——基于股价崩盘风险的分析

Does the Disclosure of Data Asset Help Stabilize the Financial Market?——An Analysis Based on Stock Price Crash Risk

关键词:  关键词：数据资产信息披露；股价崩盘风险；治理效应；金融市场稳定

Key words:  Key words：Data Assets Disclosure；Stock Price Crash Risk；Governing Effect；Financial Market Stability

摘要:

摘要：数据资产相关信息能否被有效披露并被市场识别，对于稳定市场预期、防范系统性风险具有重要意义。以2007－2023年沪深A股上市公司为样本，实证检验数据资产信息披露对企业股价崩盘风险的影响及作用机制。研究发现：上市公司数据资产信息披露显著降低股价崩盘风险，对我国金融市场稳定发挥重要作用。机制检验表明，数据资产信息披露通过信息效应、资本效应及治理效应影响股价崩盘风险；异质性分析表明，数据资产信息披露降低股价崩盘风险的作用在分析师关注度高、非四大审计和非国有企业中更为显著。研究丰富数据资产披露与股价崩盘风险相关文献，为企业数据资产信息披露实践和政府部门监管政策制定提供实证依据。

Abstract:

Abstract：The effective disclosure of data asset information,coupled with its subsequent recognition by the market,critically shapes the stabilization of market expectations and the mitigation of systemic risks.Using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2023,this study empirically examines the impact of data asset information disclosure on financial market stability from the perspective of stock price crash risk,along with its underlying mechanisms.The findings show that data asset information disclosure significantly reduces stock price crash risk,mechanism tests reveal that data asset information disclosure mitigates stock price crash risk through three key channels：the information effect,capital effect,and governance effect.Heterogeneity analysis indicates that the role of data asset information disclosure in reducing stock price crash risk is more pronounced in firms with high analyst coverage,non-Big Four auditors,and non-state-owned enterprises.This study contributes to the literature on data asset disclosure and stock price crash risk and provides empirical evidence to support firm data asset disclosure practices and government regulatory policy making.