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

摘要： 本文基于2011—2023年中国A股上市企业样本,实证检验了企业数据资产信息披露对耐心资本的影响。研究发现:数据资产信息披露显著促进了企业对耐心资本的吸引,且这一效果在企业内部控制与风险承担水平较高、营商环境较差以及企业位于金融资产投资公司股权投资试点城市时更为明显。机制分析表明,数据资产信息披露通过降低内外部信息不对称、提高企业资本配置效率、抑制管理层短视行为,从而吸引耐心资本。进一步分析表明,相较于成熟期和衰退期企业,数据资产信息披露对吸引耐心资本的促进作用在成长期企业中更为显著。经济后果检验发现,数据资产信息披露通过吸引耐心资本进而提升了企业供应链韧性。本文研究构建了数据资产信息披露与耐心资本的传导机制,揭示了数据资产信息披露在长期价值传递与资本引导中的核心作用,为企业完善数据资产信息披露、吸引耐心资本、增强供应链韧性提供了经验证据,也为推动数据要素市场化、壮大耐心资本、促进产业升级与高质量发展提供实践参考。

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