会计学院知识库

近年来，随着互联网的普及和快速发展，互联网企业用户群体规模呈现出爆发式增长的态势。截至2023年6月，我国网民总数已达10.79亿，相较于2022年12月实现了1109万增幅，互联网普及率攀升至76.4%，为互联网企业的发展提供了广阔的市场前景与发展机遇。区别于传统企业，互联网企业更多地依赖于数据这一生产要素产生价值，在互联网企业运营过程中会积累大规模的原始数据，包括用户的基础信息、用户的偏好等数据，同时企业借助数据挖掘技术深入发掘更多有价值的信息，提升数据资产的价值。然而，现有的信息披露制度并未对数据资产披露作出规范，大多数互联网企业未对数据资产进行充分披露，导致企业价值在资本市场上被高估或低估，影响了企业的发展。

为了解决这种不对称性，文章首先综述国内外信息披露经济后果、不恰当信息披露行为、数据资产方面的研究现状，得知现有研究对实际应用中如何披露数据资产研究较少，对披露方式的建议较为简单和零散，尚未形成完善的披露体系。其次，本文以拥有丰富数据资产的互联网行业头部企业腾讯公司为研究对象，运用信息不对称、利益相关者、决策有用观等理论，分析腾讯公司数据资产信息披露现状及披露动机。并在此基础上，运用回归分析、Tobin-Q等方法研究腾讯公司数据资产信息披露的市场反应和对企业价值的影响，分析得出腾讯进行数据资产信息披露所传达的积极信号并未被资本市场接收到，市场仍专注于传统三大报表所披露的信息。最后，本文认为数据资产的特性及价值创造机制不同于常规资产，为了确保信息披露的相关性与可靠性，企业应从用户数据、产品数据、渠道数据及社会责任四方面构建第四张报表披露数据资产相关信息。并提出了第四张报表施行的保障措施：一是树立数据资产披露意识；二是建立第四张报表评价体系；三是如实披露数据资产信息。通过以上建议，期望互联网企业可以更规范、更全面的披露数据资产信息，提升信息透明度，获取投资者信任。

In recent years, with the popularization and rapid development of the Internet, the user group of Internet enterprises has shown an explosive growth trend. As of June 2023, the total number of Internet users in China has reached 1.079 billion, an increase of 11.09 million compared with December 2022, and the Internet penetration rate has climbed to 76.4%, providing broad market prospects and development opportunities for the development of Internet enterprises. Different from traditional enterprises, Internet enterprises rely more on data as a production factor to generate value. In the operation process of Internet enterprises, large-scale original data will be accumulated, including basic information of users, user preferences and other data. Meanwhile, enterprises will use data mining technology to further explore more valuable information and enhance the value of data assets. However, the existing information disclosure system does not regulate the disclosure of data assets, and most Internet enterprises do not fully disclose data assets, resulting in the enterprise value being overestimated or underestimated in the capital market, which affects the development of enterprises.

In order to solve this asymmetry, this paper first summarizes the current research status of economic consequences of information disclosure, inappropriate information disclosure behavior and data assets at home and abroad, and finds that there are few studies on how to disclose data assets in practical applications, and the suggestions on disclosure methods are simple and scattered, and a complete disclosure system has not yet been formed. Secondly, this paper takes Tencent, a leading enterprise in the Internet industry with abundant data assets, as the research object, and uses the theories of information asymmetry, stakeholders, and decision-making usefulness to analyze the current situation and motivation of Tencent's data asset information disclosure. On this basis, using regression analysis, Tobin-Q and other methods to study the market reaction of Tencent's data asset information disclosure and its impact on enterprise value, the analysis concludes that the positive signal conveyed by Tencent's data asset information disclosure has not been received by the capital market, and the market still focuses on the information disclosed in the traditional three statements. Finally, this paper believes that the characteristics and value creation mechanism of data assets are different from those of conventional assets. In order to ensure the relevance and reliability of information disclosure, enterprises should construct the fourth report from the aspects of user data, product data, channel data and social responsibility to disclose the relevant information of data assets. And put forward the safeguard measures for the implementation of the fourth statement: first, establish the awareness of data asset disclosure; The second is to establish the fourth report evaluation system; The third is the truthful disclosure of data asset information. Through the above suggestions, it is expected that Internet companies can disclose data asset information in a more standardized and comprehensive manner, enhance information transparency, and gain the trust of investors.