Market Effects of Financial Behavior Changes Induced by Data Resource Operations in Science and Technology Innovation Enterprises

Abstract

As the development of the digital economy continues, data has gradually begun to serve as a new form of productive resources, and thus many science and technology innovation enterprises have started to plan for the utilisation of data resources. This paper studies the impact of the above operations on the financial behaviour and market valuation of STI companies listed on the China STAR Market. Based on the panel data of the 487 STAR Market-listed companies from 2019 to 2023, a multi-dimensional data resource operation intensity index was constructed and this index was used to study its effect on the return on total assets (ROA) and Tobin’s Q. Using fixed-effect panel regression and a difference-in-differences approach around China’s January 2024 asset accounting reform, we find that increased data resource operation intensity is positively correlated with both financial performance indicators. Based on the analysis above, it was determined that the main reasons for the improvement in performance are better information disclosure and weaker financing constraints. According to the results of the heterogeneity test, among the various types, large enterprises and high-tech enterprises approved by the government had a relatively greater positive effect. Based on the above results, a data-asset-formalisation plan for China and management ideas on how to use big data in the financial strategy of innovation-oriented enterprises can be put forward.