Abstract：Based on a sample of Chinese A-share listed firms from 2010 to 2021, this study explores the role of firms’ “light-heavy” asset structure in the formation of digital stock excess returns from an asset pricing perspective. The study finds that asset-heavy firms are at a disadvantage in the transformation of digital economy due to the curse of resources. Analysis of asset portfolio reveals that the digital transformation of asset-heavy firms achieve lower excess stock returns than that of asset-light firms. Regression analysis of the individual stock cross-section proves that the pricing factor of asset structure can effectively explain the difference in digital excess returns between firms with light and heavy assets. Evidence from a micro panel of firms shows that the level of digitization excess returns is lower when the asset structure is heavier. Heterogeneity analysis reveals that the resource curse affecting of heavy-asset firms is more pronounced among those that are larger, located in the eastern region and non-state-owned.
刘静怡，朱超，易祯. 数字经济冲击下重资产企业的资源诅咒效应研究[J]. 管理学报, 2025, 22(5): 838-.
LIU Jingyi，ZHU Chao，YI Zhen. A Study on the Resource Curse Effect for Asset-Heavy Firms under the Impact of Digital Economy. Chinese Journal of Management, 2025, 22(5): 838-.
