Abstract: As a strategic resource for enterprises in the digital economy era, the disclosure of data assets has attracted widespread attention from society. However, there are still limited empirical researches on the disclosure of data asset information. Taking China’s A-share listed companies from 2007 to 2022 as samples, this study empirically examines the impact of data asset information disclosure on the pricing efficiency of the capital market. The findings show that disclosure of data asset information can reduce a company’s stock price synchronicity. The analysis of the intermediate mechanism reveals that the disclosure of data asset information can reduce the degree of asymmetry between internal and external information of a company and increase investors’ attention to the company, thus reducing the synchronicity of stock prices. The heterogeneity testing reveals that in companies with higher institutional investor participation and analyst attention, the effect of data asset information disclosure on reducing stock price synchronicity is more significant. Therefore, in order to improve the pricing efficiency of the capital market, enterprises should actively promote the development and utilization of data assets. The relevant departments should strengthen the supervision of data asset information disclosure.

Key words: data asset information disclosure, stock price synchronicity, capital market pricing efficiency, text analysis