现代财经--天津财经大学学报

数据资产作为企业核心战略资源，为企业创新发展注入了新动力，其信息披露也日益受到学术界关注。然而，现有研究对数据资产信息披露与企业创新投资之间的关联仍缺乏充分探讨。本文立足微观视角，以2011—2023年中国沪深A股上市公司为研究对象，实证分析数据资产信息披露对企业创新投资的作用机制，并进一步考察创新投资的增加是否带来了数字化水平的跃升，以及数字化能力增强对后续数据资产披露行为的促进作用。研究发现，数据资产信息披露通过提高外部资源可获性、增加内部盈利和抑制管理层短视提升了企业的创新投资水平。在国有产权、非数字行业企业、高管具有海外背景和行业竞争更激烈的情况下，数据资产信息披露对企业创新投资的影响更为突出。进一步地，企业在加大创新投入后，获得了数字化发展的跃升，在后期更为主动披露数据资产，形成持续正向循环。本文拓展了自愿性信息披露与企业创新关系的理论探索，对优化我国信息披露制度、构建以信息驱动创新和数字化转型的长效促进机制亦有重要启示。

Data assets, as the core strategic resources of enterprises, have injected new impetus into the innovative development of enterprises, and their information disclosure has also increasingly attracted the attention of the academic community. However, existing research still lacks sufficient exploration of the correlation between data asset information disclosure and corporate innovation investment. From a micro perspective, this paper takes the A-share listed companies on the Shanghai and Shenzhen stock exchanges in China from 2011 to 2023 as the research objects, empirically analyzes the mechanism of the effect of data asset information disclosure on enterprise innovation investment, and further examines whether the increase in innovation investment has led to a leap in the level of digitalization and the promoting effect of enhanced digital capabilities on subsequent data asset disclosure behaviors. It is found that, the disclosure of data asset information enhances an enterprise's level of innovation investment by improving the availability of external resources, increasing internal profits, and curbing the short-sightedness of management. In the context of state-owned property rights, non-digital industry enterprises, executives with overseas backgrounds, and more intense industry competition, the impact of data asset information disclosure on enterprises' innovation investment is more prominent. Furthermore, after increasing their investment in innovation, enterprises have achieved a leap in digital development and have become more proactive in disclosing their data assets in the later stage, thus forming a continuous positive cycle. This paper expands the theoretical exploration of the relationship between voluntary information disclosure and enterprise innovation, and also has important implications for optimizing China's information disclosure system and establishing a long-term promotion mechanism for information-driven innovation and digital transformation.