Abstract:
With the accelerating marketization of data elements, the value of data assets has become increasingly prominent. However, data asset concept hype tends to trigger abnormal stock market volatility, undermining market pricing efficiency and financial stability. In light of this, this paper uses data from Shanghai and Shenzhen A-share listed companies from 2010 to 2023 to empirically examine the impact of data asset concept hype on stock market stability and its underlying mechanisms. The findings reveal that data asset concept hype significantly exacerbates stock price crash risk, undermining the smooth operation of the stock market. Mechanism tests indicate that data asset concept hype amplifies analyst forecast dispersion and elevates investor optimism, thereby intensifying stock price crash risk. Heterogeneity analysis shows that in subsamples where companies are located closer to local China Securities Regulatory Commission bureaus and in regions with strong Confucian culture, the crash effect induced by data asset concept hype is significantly mitigated. The research conclusions provide reference value for preventing corporate impression management behavior and promoting healthy capital market development.
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