数据资产信息披露与企业投资效率的研究进展

Research Progress on Data Asset Information Disclosure and Corporate Investment Efficiency

摘要: 数据作为数字经济时代的重要生产要素，正深刻改变企业价值创造与资源配置方式。随着数据资源会计处理制度逐步落地，数据资产信息披露成为连接企业数据能力与资本市场信息需求的重要纽带。现有研究表明，数据资产信息披露有助于改善信息环境、降低资本成本、缓解融资约束并提升企业价值；投资效率研究则主要从委托代理、信息不对称和融资约束等视角解释企业非效率投资行为。基于核心期刊及经典国际文献，本文系统梳理数据资产信息披露影响企业投资效率的理论基础、研究进展与经济后果，并构建整合性分析框架。研究认为，数据资产信息披露可能通过缓解融资约束、改善内部控制和提升人力资本等路径提高企业投资效率。未来研究可进一步完善披露质量测度，强化作用机制检验，并关注制度环境、竞争效应及企业异质性的影响。

Abstract: As a critical factor of production in the digital economy era, data has profoundly transformed corporate value creation and resource allocation. With the gradual implementation of accounting regulations for data resources, data asset information disclosure has become an important link connecting firms’ data capabilities with the information demands of capital markets. Existing studies indicate that data asset information disclosure contributes to improving the information environment, reducing capital costs, alleviating financing constraints, and enhancing firm value. Research on investment efficiency mainly explains inefficient corporate investment behavior from the perspectives of agency theory, information asymmetry, and financing constraints. Based on core Chinese journal articles and influential international literature, this paper systematically reviews the theoretical foundations, research progress, and economic consequences of data asset information disclosure and its impact on corporate investment efficiency, and develops an integrated analytical framework. The review suggests that data asset information disclosure may improve corporate investment efficiency through several channels, including easing financing constraints, strengthening internal control, and enhancing human capital. Future research should further refine the measurement of disclosure quality, strengthen the examination of underlying mechanisms, and pay greater attention to the roles of institutional environments, competitive effects, and firm heterogeneity.