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论文编号：	16058
作者编号：	2120233671
上传时间：	2026/6/4 17:02:19
中文题目：	数据资产的非对称性信息披露对股价同步性的影响研究
英文题目：	Research on the Impact of Asymmetric Disclosure of Data Asset Information on Stock Price Synchronicity
指导老师：	李姝
中文关键字：	数据资产；非对称性信息披露；股价同步性
英文关键字：	Data Assets; Asymmetric Information Disclosure; Stock Price Synchronicity
中文摘要：	数字化时代，数字经济已成为我国经济社会高质量发展的核心战略，数据已成为驱动经济增长与企业价值提升的关键生产要素，数据资产也从概念层面全面走向实践落地。自2024年财政部施行《企业数据资源相关会计处理暂行规定》以来，数据资产入表从政策设计逐步走向企业实践，但整体仍处于探索阶段，数据资产信息的计量和披露原则尚未形成统一规范，企业多以描述性披露为主，信息可比性和验证性不足，易出现“多言寡行”或“言多数穷”式的非对称性信息披露行为，加剧资本市场信息不对称。股价同步性是衡量资本市场信息效率的核心指标，数据资产信息的非对称披露可能对资本市场产生“噪音”，阻碍公司特质信息融入股价。为此，本研究探究数据资产信息的非对称披露对股价同步性的影响及其机制，对相关研究领域边界做出拓展。 本研究以2010-2024年沪深A股上市公司为样本，在相关理论和文献综述的基础上研究了企业数据资产信息的非对称性披露对股价同步性的影响。研究结果发现：第一，企业数据资产信息的非对称性披露显著提升股价同步性。第二，机制检验发现，数据资产信息的非对称性披露会提高信息不对称程度、抑制分析师对其的持续关注，导致股价同步性进一步提高。第三，通过调节效应分析发现，数据资产信息非对称性披露的影响在不同行业属性、外部信息环境和会计信息质量下有着显著差异：高科技行业企业数据资产信息的非对称性披露更容易对股价同步性起到提升作用；媒体关注会抑制企业数据资产信息的非对称性披露下股价同步性的走高；较低质量的会计信息会强化企业数据资产信息的非对称性披露对股价同步性的提升作用。本研究拓展了企业数据资产信息披露的经济后果研究，为监管机构和资本市场正确规范和识别企业数据资产信息披露模式提供了参考，有利于推动资本市场资源有效配置。
英文摘要：	In the digital era, the digital economy has become the core strategy for China's high-quality economic and social development. Data has become a key production factor driving economic growth and enterprise value enhancement, and data assets have moved from the conceptual level to practical implementation. Since the Ministry of Finance implemented the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" in 2024, the inclusion of data assets in financial statements has gradually moved from policy design to enterprise practice. However, it is still in the exploratory stage overall, and the measurement and disclosure principles of data asset information have not yet formed a unified standard. Enterprises mainly rely on descriptive disclosure, which lacks comparability and verifiability of information, and is prone to asymmetric information disclosure behaviors, exacerbating information asymmetry in the capital market. Stock price synchronicity is a core indicator for measuring the information efficiency of the capital market. Asymmetric disclosure of data asset information may generate "noise" in the capital market, hindering the integration of company-specific information into stock prices. Therefore, this study explores the impact and mechanism of asymmetric disclosure of data asset information on stock price synchronicity, expanding the boundaries of related research areas. This study takes listed companies on the Shanghai and Shenzhen A-share markets from 2010 to 2024 as samples and investigates the impact of asymmetric disclosure of enterprise data asset information on stock price synchronicity on the basis of relevant theories and literature review. The research findings reveal that: firstly, asymmetric disclosure of enterprise data asset information significantly enhances stock price synchronicity. Secondly，mechanism analysis indicates that the asymmetric disclosure of data asset information will exacerbate information asymmetry, inhibit analysts' continuous coverage, and further enhance stock price synchronicity. Thirdly, moderating effect analysis finds that the impact of asymmetric disclosure of data asset information varies significantly across different industry attributes, external information environment and quality of accounting information: asymmetric disclosure of data asset information in high-tech industries is more likely to enhance stock price synchronicity; however, media attention can inhibit the rise of stock price synchronicity resulting from asymmetric disclosure of enterprise data asset information; Lower quality of accounting information can intensify the enhancement effect of asymmetric disclosure of corporate data asset information on stock price synchronicity. This study expands the research on the economic consequences of enterprise data asset information disclosure, provides a reference for regulators and capital market to correctly regulate and identify enterprise data asset information disclosure patterns, and is conducive to promoting effective resource allocation in the capital market.
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