数据资源信息披露与资产误定价:价值信号还是噪声？

Data Resource Information Disclosure and Asset Mispricing:Value Signal or Noise?

中文关键词:  数据资源  信息披露  资产误定价  信息不对称  文本分析

英文关键词:data resource  information disclosure  asset mispricing  information asymmetry  text analysis

中文摘要:

      数字经济时代,文本分析技术的广泛应用实现了非财务信息的高度整合和深入挖掘,进而为投资者价值评估提供了增量信息。以2007—2022年中国沪深A股上市公司为研究对象,从资产误定价视角实证检验了数据资源的信息价值。研究发现,当企业披露数据资源时,可以缓解资产误定价,具体表现为同时缓解了高估和低估现象。机制检验显示,当企业披露数据资源时,可以通过提高信息披露质量和降低分析师预测偏差,进而缓解资产误定价。异质性分析表明,数据资源信息披露对资产误定价的缓解效应在管理层具有数字化背景、行业竞争程度高和环境不确定性大以及外部政策环境好时更大。进一步研究发现,相较于披露深度,披露广度更有利于缓解资产误定价。因此,企业应当充分认识数据资源信息披露的重要性；投资者应加强对企业信息披露的规范和监督；监管机构应完善基于中国本土情境下的数据资源信息披露体系框架,为数据资源的价值评估奠定信息基础。

英文摘要:

      In the era of the digital economy, the wide application of text analysis technology has facilitated the high integration and in-depth mining of non-financial information, thereby providing incremental information for investors' value assessment. Using data from China's A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2022, this study empirically investigates the informational value of data resources from the perspective of asset mispricing. The findings reveal that enterprises' disclosure of data resources mitigates asset mispricing. Specifically, it mitigates both stock overvaluation and undervaluation. Mechanism tests indicate that the mitigating effect is achieved mainly through improved information disclosure quality and reduced analyst forecast bias. Heterogeneity analysis indicates that the mitigating effect is more pronounced when the management has a digital background, industry competition is intense, environmental uncertainty is significant, and external policy conditions are favorable. Further research finds that the breadth of data resource information disclosure is more effective in mitigating asset mispricing compared to the depth of disclosure. Therefore, regulatory authorities should refine the framework for data resource information disclosure to enhance the value relevance of data asset information. Enterprises should fully recognize the importance of data resource information disclosure to establish a robust informational foundation for data resource valuation. Investors should enhance their ability to identify relevant information to make more rational investment decisions. 