Data Asset Information Disclosure and Stock Mispricing
DOI:
https://doi.org/10.54097/66vhg492Keywords:
Data Assets, Stock Mispricing, Capital Market Efficiency, Digital EconomyAbstract
This study focuses on Chinese A-share listed companies from 2011 to 2024, exploring the impact of data asset information disclosure on stock mispricing. Through the analysis of annual report texts, it was found that information disclosure significantly reduced mispricing and improved the efficiency of capital market pricing. This effect operates through four channels: promoting digital transformation, attracting analysts' attention, enhancing environmental, social and governance ratings, and curbing earnings management. This effect is more pronounced in non-state-owned enterprises and high-tech companies. The research results provide empirical guidance for information disclosure regulation and data governance in the digital economy.
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