The impact of data elements marketization on corporate financing constraints: Quasi-experimental evidence from the establishment of data trading platforms in China

IF 4.4 2区化学 Q2 MATERIALS SCIENCE, MULTIDISCIPLINARY

ACS Applied Polymer Materials Pub Date : 2024-09-17 DOI:10.1016/j.frl.2024.106132

Yingying Ouyang , Mingzheng Hu

引用次数: 0

Abstract

Utilizing data from Chinese A-share listed companies from 2010 to 2022, this paper develops a multi-time difference-in-differences model to explore the impact of data elements marketization on corporate financing constraints. Furthermore, we also explore the mediating roles of management effect and information effect and the heterogeneity effect across different companies. The research findings indicate that the marketization of data elements alleviates corporate financing constraints, and the effect varies across companies at different stages of the corporate life-cycle. The research conclusion offers insights for companies, especially those facing financing constraints, to actively engage in the data elements trading market.

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数据要素市场化对企业融资约束的影响：来自中国数据交易平台建立的准实验证据

本文利用 2010 年至 2022 年中国 A 股上市公司的数据，建立了一个多时差模型来探讨数据要素市场化对企业融资约束的影响。此外，我们还探讨了管理效应和信息效应的中介作用以及不同公司之间的异质性效应。研究结果表明，数据元素市场化缓解了企业融资约束，而且在企业生命周期的不同阶段对不同企业的影响也不尽相同。研究结论为企业，尤其是面临融资约束的企业积极参与数据元素交易市场提供了启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

ACS Applied Polymer Materials Multiple-

CiteScore

7.20

自引率

6.00%

发文量

810

期刊介绍： ACS Applied Polymer Materials is an interdisciplinary journal publishing original research covering all aspects of engineering, chemistry, physics, and biology relevant to applications of polymers. The journal is devoted to reports of new and original experimental and theoretical research of an applied nature that integrates fundamental knowledge in the areas of materials, engineering, physics, bioscience, polymer science and chemistry into important polymer applications. The journal is specifically interested in work that addresses relationships among structure, processing, morphology, chemistry, properties, and function as well as work that provide insights into mechanisms critical to the performance of the polymer for applications.