证券市场导报Issue(4)：62-71,80,11.
数据资产概念炒作与股票市场稳定
摘要
Abstract
With the accelerating marketization of data elements,the value of data assets has become increasingly prominent.However,data asset concept hype tends to trigger abnormal stock market volatility,undermining market pricing efficiency and financial stability.In light of this,this paper uses data from Shanghai and Shenzhen A-share listed companies from 2010 to 2023 to empirically examine the impact of data asset concept hype on stock market stability and its underlying mechanisms.The findings reveal that data asset concept hype significantly exacerbates stock price crash risk,undermining the smooth operation of the stock market.Mechanism tests indicate that data asset concept hype amplifies analyst forecast dispersion and elevates investor optimism,thereby intensifying stock price crash risk.Heterogeneity analysis shows that in subsamples where companies are located closer to local China Securities Regulatory Commission bureaus and in regions with strong Confucian culture,the crash effect induced by data asset concept hype is significantly mitigated.The research conclusions provide reference value for preventing corporate impression management behavior and promoting healthy capital market development.关键词
数据资产/概念炒作/股票市场稳定/分析师预测分歧/投资者情绪Key words
data asset/concept hype/stock market stability/analyst forecast dispersion/investor sentiment分类
管理科学引用本文复制引用
张忠杰,尉昊,赵甜甜..数据资产概念炒作与股票市场稳定[J].证券市场导报,2026,(4):62-71,80,11.基金项目
国家社会科学基金重点项目"数字经济赋能区域协调发展的理论机制与实现路径研究"(项目编号:24AJL008) （项目编号:24AJL008）
甘肃省科技厅软科学项目"甘肃培育发展新质生产力的机制与路径研究"(项目编号:24JRZA090) （项目编号:24JRZA090）
甘肃省高校研究生"创新之星"项目"产融合作与企业数字技术创新:理论机制与实证检验"(项目编号:2026CXZX-860) （项目编号:2026CXZX-860）
