Abstract: Adequate information disclosure is essential for the effective functioning of capital markets, while disclosure of corporate data assets is a crucial component in the information disclosure of listed companies. Taking Chinese A-share listed companies from 2007 to 2023 as samples, this paper investigates the effects and mechanisms of corporate data asset disclosure on firms' supply chain configurations. The findings reveal that data asset disclosure can improve a company's reputation, alleviate financing constraints, and promote technological innovation. Therefore, data asset information disclosure can reduce the concentration of a company's supply chain and promote the diversified development of its supply chain. The heterogeneity analysis shows that in companies with high analyst attention and companies in regions with good levels of financial technology development, data asset information disclosure is more effective in promoting the diversified development of enterprise supply chains. The economic consequence analysis shows that because data asset information disclosure promotes the diversified development of enterprise supply chains, it reduces the cash flow risk of enterprises. To this end, it is necessary to improve the system of data asset information disclosure and guide enterprises to actively fulfill their obligations of data asset information disclosure.

Key words: data asset information disclosure, supply chain configuration, corporate reputation, financing constraints, technological innovation