The Impact of Data Asset Recognition on Stock Price Synchronicity
DOI:
https://doi.org/10.54097/d3d3ey68Keywords:
Data asset recognition, Stock price synchronicity, Capital market pricing, DID, Information environment.Abstract
Since the implementation of the data asset recognition policy, corporate data resources have gradually changed from off-balance-sheet descriptions into accounting information that can be recognized and reported. However, its capital market effects have not been fully examined. Using A-share listed firms from 2020 to 2025 as the sample, this paper applies a PSM-DID model to examine the effect of data asset recognition on stock price synchronicity. The empirical results show that data asset recognition significantly increases firms’ stock price synchronicity. Stock turnover has a mediating effect in this relationship. Heterogeneity tests further show that the effect is significant mainly among firms with low institutional ownership and high analyst attention. This paper enriches the literature on the economic effects of data asset recognition and provides empirical evidence for improving data asset recognition rules and guiding investors to price firms more rationally.
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