This paper utilizes data from Chinese A-share listed companies and, based on the limited attention theory, reexamines the impact of data asset disclosure on capital market pricing efficiency. The study finds that the economic consequences of data asset disclosure are not static but exhibit a significant marginal decreasing feature as the overall market disclosure level rises. Specifically, when the overall market disclosure level is low, corporate disclosure of data asset information can significantly reduce stock price synchronization and enhance capital market pricing efficiency by increasing the supply of idiosyncratic information, enhancing information diffusion, and accelerating information integration. However, with the recent widespread disclosure behavior, there is no evidence that the above mechanisms remain effective. Further analysis indicates that disclosure behavior can maintain its positive effect only when the overall market disclosure level of data assets is low, and the firm's disclosed idiosyncratic information is relatively limited, the information dissemination environment is favorable, or institutional investor attention is not excessively diffused. This paper expands the boundaries of the limited attention theory, extending the research perspective to the dimension of the dispersion of investor attention by homogenized information, and reveals the value dilution problem faced by data asset information disclosure in the context of universalization.