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The impact of data asset transparency on stock price efficiency in China: The role of verifiability, understandability, and information asymmetry

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  • Feng, Shanshan
  • Li, Yilin
  • Xu, Xiaodong

Abstract

Using Chinese A-share firms, we examine how data asset transparency affects price efficiency. Greater disclosure lowers stock price synchronicity, indicating more informative prices, and the effect strengthens when disclosures are more verifiable and understandable. Mechanism tests show disclosure reduces information asymmetry, increases institutional investor participation, and eases financing constraints. The impact is larger in nonhigh-tech firms and in firms with higher disclosure quality. Decomposition results indicate that tech-related disclosure drives synchronicity reductions more than scenario-oriented disclosure.

Suggested Citation

  • Feng, Shanshan & Li, Yilin & Xu, Xiaodong, 2026. "The impact of data asset transparency on stock price efficiency in China: The role of verifiability, understandability, and information asymmetry," Finance Research Letters, Elsevier, vol. 99(C).
    • Handle: RePEc:eee:finlet:v:99:y:2026:i:c:s1544612326004265
    DOI: 10.1016/j.frl.2026.109897
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