数据资产入表的价值效应与经济后果初探

管理评论 ›› 2024, Vol. 36 ›› Issue (12): 47-59.

数据资产入表的价值效应与经济后果初探

吕梦¹, 赵丽芳², 钟英才³

1. 武汉大学经济与管理学院, 武汉 430072;
2. 中国经济信息社有限公司, 北京 100052;
3. 天健会计师事务所(特殊普通合伙)上海分所, 上海 200122

收稿日期:2023-09-30 出版日期:2024-12-28 发布日期:2025-01-02
作者简介:吕梦,武汉大学经济与管理学院助理教授,博士;赵丽芳,中国经济信息社有限公司数据资产运营首席执行官,博士;钟英才,天健会计师事务所(特殊普通合伙)上海分所高级经理。
基金资助:
国家自然科学基金面上项目(72072137)。

A Preliminary Study on the Value Effect and Economic Consequence of Incorporating Data Assets into the Balance Sheet

Lyu Meng¹, Zhao Lifang², Zhong Yingcai³

1. Economics and Management School, Wuhan University, Wuhan 430072;
2. China Economic Information Service Co., Ltd., Beijing 100052;
3. Pan-China Certified Public Accountants LLP Shanghai Office, Shanghai 200122

Received:2023-09-30 Online:2024-12-28 Published:2025-01-02

摘要/Abstract

摘要： 本文采用事件研究法和入表操作模拟分析了企业数据资产入表的价值效应及经济后果。首先，利用事件研究法，分析了数据资产入表政策出台窗口期数据要素概念股与其他股的市场反应差异情况，发现数据要素概念股相比于其他股在政策出台窗口期呈现出显著的正向累计超额回报，说明投资者认为数据资产入表对于数据要素概念股而言是利好消息。其次，通过模拟企业入表实践，采用对比分析的方法研究数据资产入表给企业带来的经济后果，并重点分析对企业经济利益的影响，发现公司资产负债率、流动比率以及利润率等指标均会受到一定影响。数据资产入表虽有助于提升市场对数据资源价值的认可，但也可能为管理层操控报表提供潜在机会。本文研究结论表明，数据资产入表迈出了发挥数据要素价值的重要一步，但充分发挥数据要素价值还需要正式制度和市场中介的约束和完善。

关键词: 数据资源, 数据资产, 数据资产入表, 财务报表, 经济后果

Abstract: This paper uses the event study and case study methods to analyze the value effect and economic consequence of incorporating data assets into the balance sheet. First, this paper compares the market response to data-related companies vervus other companies around the releases of two key accounting policies related to the incorporation of data assets into the balance sheet. The findings indicate that the cumulative abnormal returns of data-related companies show a significant increase during the event window, suggesting that investors view the inclusion of data assets to the balance sheet as favorable news for these companies. Second, through simulating corporate accounting practices, the paper conducts a comparative analysis of the economic impact of data asset inclusion. It is found that companies’ liabilities, current ratios, and profit margins are all affected to a certain extent after incorporating data assets into the balance sheet. Although incorporating data assets into the balance sheet helps to enhance the market’s recognition of the value of data resources, it may also provide potential opportunities for management to manipulate financial statements. The paper concludes that accounting policies related to data assetization have taken an important step in leveraging the value of data resources, but the full realization of this value still requires the constraints of formal institutions and market intermediaries.

Key words: data resources, data assets, incorporating data assets into the balance sheet, financial statements, economic consequence

吕梦, 赵丽芳, 钟英才. 数据资产入表的价值效应与经济后果初探[J]. 管理评论, 2024, 36(12): 47-59.

Lyu Meng, Zhao Lifang, Zhong Yingcai. A Preliminary Study on the Value Effect and Economic Consequence of Incorporating Data Assets into the Balance Sheet[J]. Management Review, 2024, 36(12): 47-59.

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