现代财经(天津财经大学学报)

数据资产给企业带来了巨大的价值，企业的数据资产信息披露也受到社会的广泛关注。本文基于2007—2020年A股上市公司数据，运用文本挖掘方法构建数据资产信息披露指标，并利用混合OLS模型实证检验数据资产信息披露对企业价值的影响及机构投资者异质性的调节效应。研究发现：企业披露的数据资产信息越多，企业价值越大。从机制路径来看，数据资产信息披露通过提升信息透明度、吸引技术型人力资本、缓解融资约束，进而促进企业价值提升。此外，压力抵制型机构投资者发挥着正向的调节效应，压力敏感型机构投资者没有发挥调节效应。进一步研究发现，数据资产信息披露的促进作用在金融科技数字化发展水平较高地区的企业、行业内竞争程度高的企业、高科技属性的企业以及研发强度高的企业中尤为显著。因此，相关部门需完善数据资产信息披露制度准则，以增强企业数据资产信息披露水平，提高信息透明度，缓解融资约束，实现企业价值提升。

Data assets bring great value to enterprises, and the disclosure of enterprise data assets information is also widely concerned by the society. Based on the data of A-share listed companies from 2007 to 2020, this paper uses text mining method to construct data asset information disclosure index, and empirically tests the impact of data asset information disclosure on enterprise value and the moderating effect of institutional investor heterogeneity by mixed OLS model. The research results show that, first, the more data asset information an enterprise discloses, the greater the enterprise value will be. From the perspective of mechanism path, data asset information disclosure can promote enterprise value by improving information transparency, attracting technological human capital, and alleviating financing constraints. Moreover, pressure-resistant institutional investors play a positive moderating effect, while pressure-sensitive institutional investors do not play a moderating effect. Further research shows that the promotion effect of data asset information disclosure on enterprise value is particularly significant in the regions with high level of fintech digital development, high degree of competition in the industry, high-tech attributes and high R&D intensity. Therefore, relevant departments need to improve the rules of data asset information disclosure system, so as to enhance the level of enterprise data asset information disclosure, improve information transparency, alleviate financing constraints, and achieve enterprise value enhancement.