数据资产何以影响实体企业真实盈余管理？

How Do Data Assets Affect Real Earnings Management of Entity Enterprises?

摘要: 数据资产作为实体企业数字化转型的核心要素，可能对企业财务治理质量产生重要影响。本文基于真实盈余管理视角，以2012~2024年中国A股上市公司为样本，实证考察数据资产的公司治理效应与作用机制。研究发现：数据资产能够显著抑制企业的真实盈余管理行为，该结论在一系列内生性检验与稳健性分析后仍然成立；机制分析表明，数据资产主要通过提升信息透明度和强化内部控制发挥治理功能，并与外部治理机制存在替代效应，在非四大审计与机构投资者持股水平较低的企业中抑制作用更为显著；异质性分析表明，该治理效应在非国企、小规模企业中更为显著。本研究从抑制盈余管理的新视角揭示了数据资产的公司治理价值，为理解数字化时代实体企业治理模式演进提供了经验证据。

Abstract: As a core element in the digital transformation of entity enterprises, data assets may exert a significant impact on the quality of corporate financial governance. From the perspective of real earnings management, this paper adopts the data of Chinese A-share listed companies from 2012 to 2024 to investigate the corporate governance effect and mechanism of data assets, and carries out empirical tests. The study finds that data assets can significantly restrain enterprises’ real earnings management behaviors, and this conclusion remains valid after a series of endogeneity tests and robustness analyses. Mechanism analysis demonstrates that data assets perform their governance function on corporate earnings management mainly by improving information transparency and strengthening internal control. Moreover, there exists a substitution effect with external governance mechanisms: the restraining effect of data assets on corporate real earnings management is more prominent in firms audited by non-Big Four accounting firms and firms with low institutional investor shareholding. Heterogeneity analysis shows that the governance effect of data assets on earnings management is more significant in non-state-owned enterprises and small-scale enterprises. This study reveals the corporate governance value of data assets from a new perspective of curbing earnings management, and provides empirical evidence for understanding the evolution of governance models of entity enterprises in the digital era.