Abstract: In the era of digital economy, the application of data assets is extremely complex, which undoubtedly requires the coordination of human capital and data assets, so as to drive the strategic change of enterprises. The research sample of this paper is the A-share listed enterprises in China from 2010 to 2022. Theoretical analysis and empirical test are conducted to examine how the synergy between data assets and human capital affects the strategic transformation of enterprises. The results show that the collaboration of data assets and human capital can significantly promote the strategic change of enterprises, and this conclusion is verified by a series of endogenous analysis and robustness tests. The test of the mechanism of action shows that data assets and human capital cooperate through the opportunity utilization mechanism, resource management mechanism and risk response mechanism (or, to be specific, by improving the absorption and innovation ability, the resource acquisition and allocation ability, and the financial management and risk bearing ability of enterprises) to promote the strategic change of enterprises. The expansion study finds that for enterprises in the growth stage, enterprises with low organizational inertia, and when the industry competition is high and the economic policy uncertainty is low, the synergistic effect of data assets and human capital on the strategic change of enterprises is more significant. The collaboration between data assets and human capital can promote the strategic change of enterprises, ultimately realize the increase of market value of enterprises, and promote the sustainable development of enterprises. This paper expands the research on the collaboration between data assets and human capital, and provides a new way for enterprises to carry out strategic reform.

Key words: data assets, human capital, factor coordination, enterprise strategy change