Data Asset Information Disclosure and the Cultivation of Patient Capital

Data asset information disclosure serves as a vital pathway for firms to effectively transmit long-term value signals to the market and cultivate patient capital in the digital economy era. Using a sample of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2012 to 2024, this study empirically finds that corporate data asset information disclosure helps expand the scale of patient capital, a conclusion that remains valid after a series of robustness tests. Mechanism analysis indicates that data asset information disclosure effectively constructs a dual pathway of attracting and retaining patient capital by alleviating information asymmetry, improving governance structures, and enhancing operational efficiency. Heterogeneity analysis reveals that this cultivation effect is more pronounced under conditions of more timely information disclosure, broader dissemination scope, and a more mature market information environment. Economic consequences test confirms that by aggregating patient capital through data asset information disclosure, firms can significantly strengthen their capability for independent innovation, thereby vigorously enhancing new quality productive forces. This study not only unveils the micro-mechanisms of data elements in optimizing the resource allocation of the capital market, but also provides policy implications for firms to build a long-term investment ecosystem and empower the development of new quality productive forces by refining the information disclosure system.