What question did this study set out to answer?

This study aims to analyze the impact of data assets on the capital market performance of Chinese circulation enterprises within the context of Industry 4.0.

July 5, 2026Journal of Advanced Manufacturing Systems

Data Assets, Supply Chain Resilience, and Capital Market Performance: An Empirical Analysis of Chinese Circulation Enterprises in the Context of Industry 4.0

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Authors

JZJiehui Zhang SYSen YangHong Kong University of Science and Technology

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Implication

Randomized trial examines how data assets affect capital market performance in Chinese enterprises, suggesting insights for strategic asset accumulation and resilience building.

Key Points

This study aims to analyze the impact of data assets on the capital market performance of Chinese circulation enterprises within the context of Industry 4.0.
Examined data from Chinese A-share listed circulation enterprises between 2012 and 2023.
Used mechanistic analysis to determine the mediating role of supply chain resilience.
Conducted heterogeneity analysis based on enterprise ownership and technological capacity.
Data assets enhance stock liquidity and positively affect Tobin’s Q, indicating improved firm valuation.
Supply chain resilience partially mediates the relationship between data assets and capital market performance.
State-owned enterprises show stronger short-term liquidity effects, while nonstate-owned firms perform better in long-term valuation.

Cite This Study

Zhang et al. (2026) studied this question.

synapsesocial.com/papers/6a49f68df5d1d45b28800e69 https://doi.org/10.1142/s0219686728500163

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Implication

Randomized trial examines how data assets affect capital market performance in Chinese enterprises, suggesting insights for strategic asset accumulation and resilience building.

Data Assets, Supply Chain Resilience, and Capital Market Performance: An Empirical Analysis of Chinese Circulation Enterprises in the Context of Industry 4.0

Discussion

Member takes

Implication

Key Points

Cite This Study

Data Assets, Supply Chain Resilience, and Capital Market Performance: An Empirical Analysis of Chinese Circulation Enterprises in the Context of Industry 4.0

Discussion

Member takes

Implication

Key Points

Cite This Study

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