数据资产赋能企业价值及其路径研究

Research on the Empowerment of Firm Value by Data Assets and Its Pathways

摘要: 伴随数字经济持续深化，数据资产正日渐成为企业锻造核心竞争优势的关键来源。依托2014~2024年中国A股上市公司样本，本文构建企业数据资产度量指标，并检验数据资产对企业价值的影响及其作用路径。实证结果显示：① 数据资产总体上能够显著抬升企业价值，但其价值效应呈现正向且边际递减的非线性特征；② 数据资产通过激发企业创新进而传导并提升企业价值；③ 数据资产借由提升成本效率、实现降本增效而增强企业价值。本文为数据资产价值实现提供了更为坚实的经验证据，并对企业数据治理实践与相关政策设计具有现实启示。

Abstract: As the digital economy continues to deepen, data assets are increasingly pivotal to firms’ ability to build and sustain core competitiveness. Using a sample of Chinese A-share listed companies from 2014 to 2024, this paper develops a metric of corporate data assets and evaluates their effects on firm value as well as the underlying channels. The evidence suggests that: (1) Data assets, on the whole, significantly enhance firm value, but their value effect is nonlinear—positive in sign yet characterized by diminishing marginal returns. (2) data assets further enhance firm value by stimulating corporate innovation; and (3) data assets strengthen firm value by improving cost efficiency—reducing costs while boosting operational effectiveness. These results add robust empirical support to the value realization of data assets and offer practical implications for corporate data governance and policymaking.