东北大学学报（社会科学版）

东北大学学报（社会科学版） ›› 2025, Vol. 27 ›› Issue (1): 64-75.DOI: 10.15936/j.cnki.1008-3758.2025.01.008

• 经济与管理 • 上一篇    下一篇

数据要素如何影响企业投资行为？

马 橙， 任曙明， 周 梦   

  1. （大连理工大学 经济管理学院， 辽宁 大连 116024）
  • 收稿日期:2023-10-23 修回日期:2023-10-23 接受日期:2023-10-23 发布日期:2025-02-10
  • 通讯作者: -
  • 作者简介:马 橙，大连理工大学博士研究生； 任曙明，大连理工大学教授，博士生导师； 周 梦，大连理工大学博士研究生。
  • 基金资助:
    国家社会科学基金(22FZXB071); 山西省高等学校人文社会科学重点研究项目(2022J002)。国家自然科学基金项目（72173014）。

How Do Data Elements Affect Firm Investment Behavior?

MA Cheng, REN Shuming, ZHOU Meng   

  1. (School of Economics and Management, Dalian University of Technology, Dalian 116024, China)
  • Received:2023-10-23 Revised:2023-10-23 Accepted:2023-10-23 Published:2025-02-10
  • Contact: -
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摘要： 数据要素进入企业生产流程可有效提升管理层对投资项目前景的认知判断，优化企业投资行为；然而，管理层的认知惯性和行动惯性会阻碍这一优化作用。基于2011—2020年中国A股制造业上市公司数据，实证检验了数据要素对企业投资行为的影响。研究发现：数据要素显著扩大企业投资规模，抑制非效率投资，减缓企业投资不足。数据要素通过监管强化来优化企业投资行为，且投资者专业化程度越高，优化作用越强。由于认知惯性和行动惯性的存在，管理层投资视野不足和实施传统竞争战略会弱化数据要素对企业投资的优化作用；当成本领先战略与差异化战略有效融合时，数据要素能够缩减单一战略带来的非效率投资。

关键词: 数据要素； 企业投资行为； 监管强化； 认知惯性； 行动惯性

Abstract: The integration of data elements into the production process of firms can effectively enhance the managements cognitive judgment of the prospects of investment projects and optimize firm investment behavior. However, the cognitive inertia and action inertia of the management will hinder this optimization effect. Based on the data of Chinas Ashare manufacturing listed companies from 2011 to 2020, this study empirically examines the impact of data elements on firm investment behavior. The results show that data elements significantly increase the scale of firm investment, suppress inefficient investment, and slow down insufficient firm investment. Data elements optimize firm investment behavior through supervision strengthening, and the higher the degree of investor specialization, the stronger the optimization effect. Due to the existence of cognitive inertia and action inertia, insufficient investment vision of management and implementation of traditional competitive strategies will weaken the optimization effect of data elements on firm investment. When cost leadership strategy and differentiation strategy are effectively integrated, data elements can reduce the inefficient investment brought by a single strategy.

Key words: data elements; firm investment behavior; supervision strengthening; cognition inertia; action inertia

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