How Does Data Asset Disclosure Affect Stock Price Crash Risk

ZHANG Shushan; LIU Zhaoning; YAO Xinyan

Volume 40 Issue 3

May 2025

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2025 > 40(3): 54-69

ZHANG Shushan, LIU Zhaoning, YAO Xinyan. How Does Data Asset Disclosure Affect Stock Price Crash Risk[J]. Journal of Guangdong University of Finance & Economics, 2025, 40(3): 54-69.

Citation:

ZHANG Shushan, LIU Zhaoning, YAO Xinyan. How Does Data Asset Disclosure Affect Stock Price Crash Risk[J]. Journal of Guangdong University of Finance & Economics, 2025, 40(3): 54-69.

ZHANG Shushan, LIU Zhaoning, YAO Xinyan. How Does Data Asset Disclosure Affect Stock Price Crash Risk[J]. Journal of Guangdong University of Finance & Economics, 2025, 40(3): 54-69.

Citation:

ZHANG Shushan, LIU Zhaoning, YAO Xinyan. How Does Data Asset Disclosure Affect Stock Price Crash Risk[J]. Journal of Guangdong University of Finance & Economics, 2025, 40(3): 54-69.

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How Does Data Asset Disclosure Affect Stock Price Crash Risk

1.
School of Economics and Management, Northeast Normal University, Changchun 130117, China
2.
School of Management, Tianjin University of Technology, Tianjin 300380, China

Received Date: 2025-04-02
Available Online: 2025-06-25
Publish Date: 2025-05-28

Abstract

Abstract

As an important strategic resource for enterprises, how the data asset disclosure mitigates stock price crash risk is crucial to maintaining financial security and promoting high-quality economic development. Based on a sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2023, and textual analysis of annual reports, the paper quantifies the level of data asset disclosure, and empirically examines the impact of data asset disclosure on the risk of stock price crash and its mechanism. The study finds that data asset disclosure significantly reduces the stock price crash risk, and this effect is realized through the dual path of attracting external market attention and driving internal digital change. Heterogeneity analysis shows that the risk-suppressing effect of data asset disclosure is more significant in enterprises with lower financial flexibility, less stable customers, and higher competitive pressure in the market. Further tests based on the patient capital perspective show that stable equity strengthens the risk-suppressing effect by enhancing the governance effect, while relational debt weakens the effect due to the constraint in debt repayment pressure. The findings provide theoretical support and policy references for promoting the full life cycle management of data asset, standardizing the information disclosure system, and preventing systemic risks in financial markets.
- data asset disclosure,
- stock price crash risk,
- market concerns,
- digital transformation,
- patient capital

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References(41)

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