【摘要】 在数字经济时代，企业的长期发展有赖于对数据资产的管理和运用。然而，现有研究大多聚焦于数字化转型、大数据应用等对企业生产效率、市场价值和绩效表现等方面的影响，直接探讨数据资产对企业发展影响及其作用机理的研究甚是匮乏。通过构建理论模型，将数据资产与企业发展联系起来，给出了衡量企业数据资产价值的指标，并利用2010—2020年沪深A股上市公司样本实证考察了企业数据资产对自身发展的影响及其机理。研究发现：企业数据资产能够显著促进自身发展水平的提高，这一结论在考虑内生性问题以及一系列稳健性检验后仍然成立。机制分析表明，这一促进作用是通过降低信息不对称程度、降低交易成本和提高企业创新能力三种路径实现的。数据资产对企业发展的促进作用在小规模企业和非国有企业、高新技术企业和制造业、建设有大数据交易平台的地区和经济政策不确定性较低的地区中效果相对更明显。此外，在第一产业中，数据资产对企业发展的促进作用相对更大，呈总体递增趋势。研究结论为企业实现持续发展提供了“新视野”,也为加快数字产业化、推动数字经济与实体经济深入融合发展提供了经验证据和重要启示。更多还原

【Abstract】 In the era of digital economy, firms’ long-term development depends on the management and application of data assets. However, existing research has largely focused on the impact of enterprises’ digital transformation and big data applications on firm production efficiency, market value, performance, and other aspects. Research on the impact of data assets on firm development and its mechanism is quite scarce. By building a theoretical model, this paper links data assets with firm development and provides indicators to measure the value of firm data assets. Using a sample of China’s A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2020, this paper also examines the impact of firm data assets on their own development and its mechanism empirically. The results show that firm data assets can significantly promote the improvement of firm development. This result remains reliable after considering endogenous issues and a series of robustness tests. Mechanism analysis shows that this promotion effect is achieved through three paths: reducing the degree of information asymmetry, reducing transaction costs, and improving firm innovation capability. In small-scale firms and non-state-owned firms, high-tech enterprises, manufacturing industries, regions with big data exchange platforms and regions with low economic policy uncertainty, this promotion effect is more pronounced. In addition, data assets play a relatively greater role in promoting the development of firms in the primary industry, and this effect shows an overall increasing trend. This research provides new perspectives for firms to achieve sustainable development and provides important empirical evidence for accelerating digital industrialization and promoting the deeply integrated development of the digital economy and real economy.更多还原