数据资产信息披露与企业创新韧性

韩忠雪^a,b，袁翊菲^a,b

（湖北工业大学 a. 经济与管理学院；b. 湖北循环经济发展研究中心，湖北 武汉 430068）

摘要：在数字经济时代，数据资产与创新韧性均已成为企业构建核心竞争力的关键，企业的数据资产信息披露受到了社会的广泛关注。本文以2008—2023年中国沪深A股上市公司为样本，深入探讨了数据资产信息披露对企业创新韧性的影响及其传导机制。研究表明，数据资产信息披露增强了企业创新韧性。机制检验发现，数据资产信息披露通过激发高管创新意识、凝聚创新资源、提高技术创新效率三重路径，增强了企业应对外部冲击的持续性创新能力。异质性分析显示，在数字经济水平与要素市场发育程度较高的地区，以及数字化转型程度较高、公司治理水平较高、企业规模较小、数据密集型企业中，数据资产信息披露对企业创新韧性的提升作用更为突出。经济后果检验表明，数据资产信息披露通过增强企业创新韧性进一步提升了企业韧性和企业价值。研究结论为政府完善数据要素市场和引导企业释放数据资产价值提供了理论依据与实践启示。

基金项目：教育部人文社会科学研究规划青年基金项目“数据要素驱动视角下数据资产的确认计量、信息披露及经济后果研究”（24YJC630239）

关键词：数据资产；创新韧性；创新意识；创新资源；创新效率

作者简介：韩忠雪，湖北工业大学经济与管理学院/湖北循环经济发展研究中心教授、博士生导师；袁翊菲，湖北工业大学经济与管理学院/湖北循环经济发展研究中心硕士研究生。

引用格式：韩忠雪,袁翊菲.数据资产信息披露与企业创新韧性[J].首都经济贸易大学学报,2026,28(3):88-102.

Data Asset Information Disclosure and Enterprise Innovation Resilience

HAN Zhongxue, YUAN Yifei

（Hubei University of Technology, Wuhan 430068）

Abstract: In the contemporary landscape of rapid digital transformation, enhancing corporate innovation resilience has emerged as a critical strategic imperative for enterprises striving to navigate increasingly complex and volatile external environments while achieving sustainable, high-quality development. As data is formally recognized as a core factor of production, a pivotal research focus lies in exploring how to unlock its intrinsic value through transparent data asset information disclosure. Therefore, investigating the specific mechanisms through which data asset information disclosure facilitates data element circulation and fortifies corporate innovation resilience holds substantial theoretical significance and practical application value.

This study employs a comprehensive panel dataset comprising Chinese A-share listed companies from 2008 to 2023. The empirical analysis yields robust findings, revealing that the active disclosure of data assets significantly enhances firms' innovation resilience. Mechanism analysis indicates that such disclosure strengthens the sustainability of corporate innovation capabilities to withstand external shocks through stimulating executives' innovation consciousness and forward-looking risk awareness, aggregating internal and external innovation resources, and improving the efficiency of technological innovation processes. Heterogeneity analysis demonstrates that the positive effect of data asset disclosure on innovation resilience is more pronounced in regions characterized by an advanced digital economy and well-developed factor markets, as well as in firms that exhibit greater digital transformation maturity, superior corporate governance structures, smaller organizational size, and higher data intensity. Economic consequence tests further indicate that data asset disclosure improves overall corporate resilience and firm value by bolstering innovation resilience. Based on these findings, this study proposes actionable implications: Enterprises should prioritize the strategic value of data assets and accelerate the establishment of comprehensive, rational, and efficient data asset governance systems; and the government should strengthen top-level design, establish robust fundamental institutional frameworks for data assets, and promote the refinement of standardized disclosure protocols to activate the potential of data elements and empower high-quality economic development.

The marginal contributions of this study are threefold. First, distinct from existing literature, this study focuses specifically on the impact of data asset information disclosure on innovation resilience, thereby expanding the research boundaries regarding the economic consequences of data disclosure and the antecedents of corporate innovation resilience. Second, it provides new empirical evidence by verifying the mediating roles of managerial innovation consciousness, resource aggregation, and technical efficiency, offering a granular understanding of the underlying mechanisms. Lastly, by conducting heterogeneity analysis based on both internal and external factors, it enhances the situational adaptability and practical guidance value of the research conclusions for stakeholders in diverse environments.

Keywords: data assets; innovation resilience; innovation consciousness; innovation resources; innovation efficiency

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