常州大学学报（社会科学版）2026，Vol.27Issue(1)：51-59,9.DOI:10.3969/j.issn.2095-042X.2026.01.005
数据资产对企业风险承担水平的影响研究:基于中国A股上市公司的实证检验
The Impacts of Data Assets on Corporate Risk-Taking:An Empirical Test from China's A-Share Listed Companies
摘要
Abstract
In the era of digital economy,data assets as an emerging factor of production profoundly influence corporate strategic decision-making.Based on empirical evidence from China's A-share listed companies spanning 2010-2023,this study empirically examines how data assets affect corporate risk-taking and the underlying mechanisms.The results indicate that data assets significantly elevate corporate risk-taking levels,which remains valid after a series of robustness tests.Mechanism analysis reveals that the enhancing effect of data assets on corporate risk-taking operates through two channels:reducing information asymmetry(information effect)and alleviating financing constraints(financing effect).Heterogeneity tests further indicate that the impact is more pronounced in non-high-tech enterprises,firms with lower attention from analysts,and growth-and mature-stage firms.This research provides micro-level evidence for the value transformation of data factors and offers insights for optimizing corporate risk management and refining data asset institution.关键词
数据资产/风险承担/融资约束/信息不对称Key words
data assets/risk management/financing constraints/information asymmetry分类
管理科学引用本文复制引用
高利芳,张玉珍..数据资产对企业风险承担水平的影响研究:基于中国A股上市公司的实证检验[J].常州大学学报（社会科学版）,2026,27(1):51-59,9.基金项目
安徽省哲学社会科学重点项目"安徽省企业数据资产入表实践探索与企业韧性提升机制研究"(AHSKD2024D004). （AHSKD2024D004）
