数据资产对企业风险承担水平的影响研究:基于中国A股上市公司的实证检验OA

In the era of digital economy,data assets as an emerging factor of production profoundly influence corporate strategic decision-making.Based on empirical evidence from China's A-share listed companies spanning 2010-2023,this study empirically examines how data assets affect corporate risk-taking and the underlying mechanisms.The results indicate that data assets significantly elevate corporate risk-taking levels,which remains valid after a series of robustness tests.Mechanism analysis reveals that the enhancing effect of data assets on corporate risk-taking operates through two channels:reducing information asymmetry(information effect)and alleviating financing constraints(financing effect).Heterogeneity tests further indicate that the impact is more pronounced in non-high-tech enterprises,firms with lower attention from analysts,and growth-and mature-stage firms.This research provides micro-level evidence for the value transformation of data factors and offers insights for optimizing corporate risk management and refining data asset institution.