金融经济学研究

基于《企业数据资源相关会计处理暂行规定》(以下简称《暂行规定》)这一外生冲击，以A股上市公司2022年数据为研究样本，运用事件研究法考察资本市场对于企业数据资源入表的反应。研究发现，资本市场对企业数据资源入表的反应显著为正，即存在市场价值增加效应；随着企业数字化信息披露和投资者数字化关注水平提升，企业数据资源入表的市场反应越积极；异质性分析表明，在数字经济核心产业、数字化水平较高的地区、非国有企业、高透明度公司以及中小板和创业板市场，《暂行规定》引起的正面市场反应更为显著。基于上述研究结论，应加强对企业数据资源信息披露的政策支持以及监管力度，鼓励企业积极推进数据资源入表进程，充分释放数据资源价值以促进资本市场高质量发展。

This study treated the “Interim Regulation on the Accounting Treatment of Enterprise Data Resources”(hereinafter referred to as the “Regulation”) as an exogenous shock and employed 2022 data from A-share listed enterprises to investigate the capital market's response to the recognition of enterprise data resources on financial statements, using an event-study approach.The results revealed a significantly positive market reaction, indicating an increase in market value.As the level of corporate digital information disclosure and investors' digital awareness increased, the market reaction to the inclusion of enterprise data resources became increasingly positive.Heterogeneity analysis demonstrated that this Regulation induced a more pronounced favorable market response in core industries of the digital economy and in regions with higher levels of digitalization.This effect was also more significant among non-state-owned enterprises, firms with higher transparency, and those listed on the SME Board and ChiNext Board.Based on these findings, it is suggested to strengthen policy support and regulatory oversight on the disclosure of enterprise data resources, encourage enterprises to advance the recognition of data resources on financial statements, and fully unlock their value to promote high-quality development in the capital market.