资源重构与责任约束：数据资产化如何重塑企业环保投资？

Resource Restructuring and Responsibility Constraints: How does Data Assetization Reshape Corporate Environmental Investments?

马东山，周千宇，韩亮亮

2026 第 48 卷第 10 期页码 83-99

DOI: 10.16538/j.cnki.fem.20260409.201

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摘要

在数据要素市场建设与企业绿色转型的双重背景下，揭示数据资产化影响企业环保投资的微观机理，对引导企业可持续实践、构建数据驱动的环境治理体系具有重要价值。本研究基于2009—2023年中国A股上市公司数据，系统考察数据资产化对企业环保投资的作用效果、传导机制与边界条件。研究发现，数据资产化通过重塑企业资源基础与治理结构，能够显著提升企业环保投资水平。机制分析表明，数据资产化通过构建可验证的绿色信用助力企业获取绿色信贷，凭借高透明度运营生态吸引绿色投资者，从而协同缓解环保投资的资源约束并强化环境责任监督。异质性分析进一步揭示，该效应在外部制度环境更严格、数字基础设施更完善、内部具备更强环保导向（体现为重污染属性、高管高环保认知）的企业中更为显著，揭示了数据要素赋能的多层次情境依赖性。此外，研究区分了数据资产化的实现方式，自用型数据资产化主要驱动前端预防型环保投资，凸显其源头防控功能；交易型数据资产化则可能因注意力分散而抑制末端治理型投资。本研究为理解数据要素如何赋能企业绿色转型提供了微观证据，也为政策制定者与企业实施情境适配、分类引导的数据治理与环保投资策略提供了参考依据。

Against the dual backdrop of data element market development and corporate green transformation, understanding how data assetization affects corporate environmental investments at the micro level is crucial for guiding sustainable practices and building a data-driven environmental governance system. Using data from China’s A-share listed companies from 2009 to 2023, this paper systematically examines the effects, mechanisms, and boundary conditions of data assetization on corporate environmental investments. The study finds that data assetization significantly increases environmental investments by reshaping corporate resource bases and governance structures. Mechanism testing reveals that data assetization facilitates green credit through verifiable green credentials and attracts green investors via transparent operations, thereby easing resource constraints and strengthening environmental supervision. Heterogeneity analysis shows stronger effects under stricter regulations, better digital infrastructure, and stronger internal environmental orientation (e.g., high pollution intensity, executive awareness), highlighting contextual dependence. Notably, self-use data assetization mainly drives front-end preventive investments, while transactional data assetization may suppress end-of-pipe remedial investments due to attention diversion. This paper offers micro-level evidence for data-driven green transformation and provides insights for policymakers and firms in tailoring data governance and investment strategies.

关键词： 数据资产化,企业环保投资,绿色信贷,绿色投资者

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