关键词: 数据资产信息披露, 耐心资本, 信息不对称, 资本配置效率, 管理层短视

Abstract: Based on the sample of Chinese A-share listed firms from 2011 to 2023, this paper empirically examines the impact of corporate data asset information disclosure on patient capital. The findings show that data asset information disclosure significantly promotes firms ability to attract patient capital, and that this effect is more pronounced for firms with higher levels of internal control and risk-taking, in regions with poorer business environment, and for those firms located in pilot cities for equity investment by financial asset investment companies. Mechanism analysis reveals that data asset information disclosure attracts patient capital by reducing internal and external information asymmetry, improving capital allocation efficiency, and curbing managerial myopia. Further analysis indicates that, compared with mature and declining firms, the promotional effect of data asset information disclosure on patient capital is stronger for growth-stage firms. The economic consequence test demonstrates that data asset information disclosure enhances corporate supply chain resilience by attracting patient capital. This study constructs a transmission mechanism between data asset information disclosure and patient capital, and reveals the core role of data asset information disclosure in long-term value transmission and capital guidance. This study provides empirical evidence for firms to improve data asset information disclosure, attract patient capital, and strengthen supply chain resilience. It also offers practical references for advancing the marketization of data factors, expanding patient capital, and facilitating industrial upgrading and high-quality development.

Key words: Data Asset Information Disclosure, Patient Capital, Information Asymmetry, Capital Allocation Efficiency, Managerial Myopia