【摘要】 数字经济时代，数据资产作为新型生产要素深刻影响企业战略决策。文章基于2010—2023年中国A股上市公司数据，实证检验数据资产对企业风险承担水平的影响及其作用机制。研究结果表明：数据资产显著提升企业风险承担水平，该结论在经过一系列稳健性检验后依然成立。作用机制分析发现，数据资产对企业风险承担水平的提升，通过降低信息不对称（信息效应）与缓解融资约束（融资效应）两条路径实现。异质性检验进一步揭示，上述效应在非高科技企业、分析师关注度较低的企业和成长期/成熟期企业中更为显著。研究为数据要素的价值转化提供了微观证据，对优化企业风险管理与完善数据资产制度具有启示意义。更多还原

【Abstract】 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.更多还原