The Mechanism by Which Data Asset Information Disclosure Mitigates the Risk of Stock Price Crash

数据资产作为经济社会数字化转型过程中的新型资产类型，其披露所带来的经济后果一直备受学术界关注。本文基于2007~2022年A股上市公司样本，实证检验了数据资产信息披露对股价崩盘风险的影响。实证结果表明，提高数据资产信息披露水平会抑制股价崩盘风险，该结论经过内生性检验和稳健性检验后仍然成立。机制检验表明，数据资产信息披露会增加投资者关注度并且提高企业的信息披露质量，从而降低企业股价崩盘风险。Data assets, as a new type of asset in the process of digital transformation of the economy and society, have consistently attracted significant academic attention regarding the economic implications of their disclosure. This article empirically examines the impact of data asset information disclosure on the risk of stock price crash based on a sample of A-share listed companies from 2007 to 2022. Empirical results indicate that enhancing the level of data asset information disclosure can mitigate the risk of stock price crashes, and this conclusion remains valid even after tests for endogeneity and robustness. Mechanism verification indicates that the disclosure of data asset information will increase investor attention and improve the quality of corporate information disclosure, thereby reducing the risk of corporate stock price collapse.