企业数据资产信息披露的同群效应研究

Peer effects in corporate data asset disclosure decisions

摘要:

基于2008—2022年中国A股上市公司的数据，研究中国上市企业数据资产信息披露的同群效应的存在性、作用机制、异质性及经济后果。研究发现，企业的数据资产信息披露水平受到行业同群企业的影响，即数据资产信息披露存在同群效应。具体而言，从内生驱动和外生推动两个层面进行机制分析，企业的竞争趋利、共生避险和声誉管理是同群行为产生的内生驱动力，共同分析师和共同股东则是触发企业同群行为的重要社会网络。此外，数据资产信息披露的行业同群效应存在异质性，即在数据知识产权保护程度较高的地区、数据信息含量丰富的行业及数字化应用能力较强的企业，数据资产信息披露的同群效应更为显著。最后，还进一步考察了数据资产信息披露同群效应产生的经济后果和非经济后果，发现数据资产信息披露同群效应不仅能改善行业融资环境，还有助于提升整个行业的媒体关注度。研究拓展了数据资产信息披露的影响因素和同群效应的研究边界，揭示了企业披露数据资产信息带来的正面效应，为企业制定数据资产信息披露决策提供了重要的经验证据。

Abstract:

Based on data from Chinese A-share listed companies between 2008 and 2022,the existence, mechanism, heterogeneity, and economic consequences of herd behaviour in data asset disclosure among Chinese listed firms was conducted. The findings reveal that firms’ data asset disclosure levels are influenced by their industry peers, confirming the presence of herd behaviour in this disclosure practice. Specifically, a dual-level analysis of endogenous drivers and exogenous catalysts reveals that firms' competitive profit-seeking, symbiotic risk avoidance, and reputation management constitute the endogenous drivers of herd behaviour. Concurrently, shared analysts and common shareholders serve as pivotal social networks triggering such collective actions. Furthermore, the industry-specific clustering effect in data asset disclosure exhibits heterogeneity. It is more pronounced in regions with stronger data intellectual property protection, industries rich in data content, and firms with advanced digital application capabilities. Finally, it further examines the economic and non-economic consequences of this group-following effect in data asset disclosure. The findings indicate that such group-following not only improves industry financing environments but also enhances media attention across the entire sector. It expands the boundaries of studies on the determinants and herd effects of data asset information disclosure, highlights the positive impacts of corporate data asset disclosure, and provides crucial empirical evidence for enterprises making data asset disclosure decisions.