Data Asset Information Disclosure and Capital Market Efficiency: Empirical Research Based on Big Data Text Mining

Abstract

In the era of big data, the significance of data has skyrocketed. It has transformed into a new type of asset and a significant element of production, which contributes immensely to the sustainable development and competitiveness enhancement of enterprises.This research focuses on the A-share listed companies in China over the period of 2007 to 2022, and uses Word2Vec neural network model and deep learning text mining method to investigate the ramifications and mechanism of data asset information disclosure on the effectiveness of corporate capital market. The findings indicate that: 1) data asset information disclosure noticeably enhances the efficiency of corporate capital market; 2) data asset information disclosure have a positive impact on corporate capital market efficiency by enhancing corporate governance, increasing institutional investors’ shareholding and improving stock liquidity; 3) the data asset information disclosure has a more pronounced improvement effect on corporate capital market efficiency in growing and mature firms, and stronger in high-technology, state-owned, media-focused and investor-focused enterprises. The research conclusions are of great significance to improve the behavior of enterprise data assets information disclosure, enhance the capital market operation efficiency, as well as fostering the development of a robust and superior quality capital market.