数字经济浪潮中，数据资产已成为企业转型的战略引擎与核心竞争要素。企业主动披露数据资产信息如何驱动价值创造，以及对其内在机制的探讨尚待深入。基于信息不对称理论、资源基础理论与委托代理理论，构建多层次分析框架，以2008—2023年我国A股上市公司为研究样本，探究数据资产信息披露对企业价值创造的影响效应、作用路径及边界条件。研究发现：①数据资产信息披露能显著促进企业价值创造，这一结论在经过工具变量法、Heckman两阶段模型、倾向得分匹配法等一系列稳健性检验后依然成立。②机制分析表明，数据资产信息披露通过提升企业盈余水平和降低企业权益资本成本两条路径实现价值创造。③异质性分析发现，数据资产信息披露的价值创造效应在行业竞争激烈、地区数据市场化水平较高、内部治理完善的企业中更为显著，这表明外部市场环境与内部治理机制是强化其正面效应的关键情境因素。研究从“增利”和“降本”双重视角揭示数据资产信息披露驱动企业价值创造的内在机理，拓展了数字经济时代企业价值创造理论研究，为完善数据要素市场化配置提供了决策参考，并为企业优化数据披露策略、提升市场竞争力提供了经验证据。

In the rapidly evolving digital economy, data assets have emerged as a pivotal strategic resource, driving corporate transformation and playing an increasingly vital role in creating enterprise value. As businesses grow more reliant on data-driven decision-making, the disclosure of data assets has become a key factor influencing corporate performance and market competitiveness. Existing literature has explored either the direct impact of data asset disclosure on enterprise value or its indirect role through the lens of cost of equity capital in enhancing capital market efficiency in resource allocation. However, there remains a lack of systematic analysis regarding the underlying mechanisms through which data asset disclosure drives enterprise value creation. Most studies have yet to unpack the "black box" linking disclosure to enterprise value, failing to identify the specific pathways through which such disclosures exert their influence or the contextual conditions under which these effects are more pronounced.
To address this gap, this study conducts a comprehensive empirical analysis to investigate the impact of data asset disclosure on corporate value creation. The sample consists of 27 141 firm-year observations of Chinese A-share listed companies from 2008 to 2023, primarily drawn from the CSMAR database and firms′ annual financial reports. The dependent variable is Tobin′s Q, used to measure enterprise value creation, as it captures both current market valuation and expectations of future growth, and offers superior data availability and comparability in the context of China′s capital markets. Data asset disclosure constructed from firms′ annual reports is selected as the key explanatory variable.
The empirical findings yield several key conclusions. First, data asset disclosure exerts a statistically significant and economically meaningful positive effect on corporate value creation. This suggests that firms proactively disclosing their data assets are better positioned to unlock value, as such disclosures enhance transparency and signal the firm′s capacity to leverage data for competitive advantage. Second, a detailed mechanism analysis identifies two primary pathways: (1) improving surplus levels by optimizing operational efficiency and profitability via the strategic use of data assets; and (2) reducing the cost of equity capital, as increased transparency mitigates information asymmetry and lowers investor risk perceptions. These findings underscore the dual financial benefits of data asset disclosure, reinforcing its importance in corporate strategy. Furthermore, heterogeneity analysis reveals that the positive impact of data asset disclosure is not uniform across firms but varies with contextual factors. Specifically, the value-enhancing effect is more pronounced in firms operating in highly competitive industries, where data-driven insights provide a critical edge in sustaining market positions. Additionally, the benefits are stronger for firms located in regions with higher data marketization, where institutional support and infrastructure facilitate the effective utilization of data assets. Finally, firms with robust internal governance structures exhibit a more significant valuation premium from data asset disclosure, suggesting that strong governance amplifies the strategic benefits of data transparency.
This study makes several important contributions to theory and practice. Theoretically, it advances understanding of data asset disclosure as a strategic tool in the digital economy, highlighting its role in shaping enterprise value through financial and market-based channels. Practically, the findings offer actionable insights for corporate managers seeking to optimize disclosure strategies, emphasizing the importance of data asset transparency in enhancing competitiveness. Moreover, the study provides policymakers with empirical evidence supporting the promotion of data element marketization, suggesting that regulatory frameworks encouraging data disclosure can foster more efficient capital allocation and economic growth.
In summary, this study underscores the critical role of data asset disclosure in the digital era and provides a foundation for future studies exploring the intersection of data strategy, corporate finance, and market dynamics. Its implications extend beyond the Chinese context, offering valuable lessons for firms and regulators worldwide navigating the challenges and opportunities of the data-driven economy.