数据资产、知识取回能力与企业风险承担

Data Assets, Knowledge Retrieval Capabilities, and Corporate Risk-Taking

中文关键词:  数据资产  风险承担  知识取回能力  管理者短视  战略差异度

英文关键词:data assets  risk-taking  knowledge retrieval capabilities  managerial myopia  strategic divergence

中文摘要:

      企业适当承担风险有望抢占创新高地,实现跨越式发展。以2007—2022年中国A股上市企业为研究样本,实证检验了数据资产对企业风险承担的影响及作用机制。研究发现,数据资产能够显著提升企业风险承担水平。机制检验结果显示,数据资产通过提高企业知识取回能力进而提升了企业风险承担水平,且在管理者短视程度较低、战略差异度较低的企业中,数据资产对知识取回能力的正向影响更大。异质性分析发现,数据资产对风险承担水平的提升作用仅在位于信息化水平较低、知识产权保护力度较大地区的企业中显著。进一步研究表明,数据资产有助于企业实现风险承担向超额收益获取的稳步转化,提高企业风险承担收益。因此,企业应重视数据资产的开发应用,强化知识取回能力以构筑核心竞争优势,并立足区域特征,逐步提高风险承担水平,实现超额收益。

英文摘要:

      Appropriate risk-taking enables firms to seize innovation opportunities and achieve leapfrog development. Using China's A-share listed firms from 2007 to 2022, this study empirically investigates the impact of data assets on corporate risk-taking and its underlying mechanisms. The results reveal that data assets significantly enhance firms' risk-taking levels. Mechanism analysis demonstrates that data assets enhance firms' risk-taking level by strengthening knowledge retrieval capabilities, and the positive effect of data assets on knowledge retrieval capabilities is more pronounced in firms with lower levels of managerial myopia and less strategic divergence. Heterogeneity analysis indicates that the positive impact of data assets on risk-taking level is significant only for firms located in regions characterized by lower informatization levels and stronger intellectual property protection.Further analysis shows that data assets facilitate the steady transformation of risk-taking into excess returns, ultimately improving the return on risk-taking. Therefore, firms should prioritize the development and utilization of data assets, strengthen knowledge retrieval capabilities to establish core competitive advantages, and, in accordance with regional characteristics, progressively elevate their risk-taking levels to attain excess returns. 