数据资产信息披露对企业投资效率的影响机制研究

Research on the Influence Mechanism of Data Asset Information Disclosure on Enterprise Investment Efficiency

摘要: 在数字经济与实体经济深度融合背景下，数据资产已成为企业核心战略资源，其信息披露的价值效应备受关注。本文以2013~2024年沪深A股上市公司为样本，实证检验数据资产信息披露对企业投资效率的影响与传导机制。结果表明，数据资产信息披露能够显著抑制非效率投资、提升资本配置效率，结论稳健。机制检验显示，内部控制在其中发挥部分中介作用，即数据资产信息披露通过改善内部控制质量提升投资效率。本文验证了数据资产信息披露对投资效率的传导路径，明确了内部控制的中介作用，可为企业治理完善与监管部门规则制定提供参考。

Abstract: Against the deep integration of the digital economy and the real economy, data assets have become core strategic resources for enterprises, and the value effect of their information disclosure has attracted wide attention. Using Shanghai and Shenzhen A-share listed firms from 2013 to 2024 as samples, this paper empirically examines the impact and transmission mechanism of data asset information disclosure on corporate investment efficiency. The results show that data asset information disclosure can significantly restrain inefficient investment and improve capital allocation efficiency, and the conclusion is robust. Mechanism tests indicate that internal control plays a partial mediating role; that is, data asset information disclosure enhances investment efficiency by improving internal control quality. This paper verifies the transmission path of data asset disclosure on investment efficiency and clarifies the mediating role of internal control, which can provide references for corporate governance improvement and regulatory rule-making.