How do data assets affect firm investment?

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-08-20 DOI:10.1016/j.irfa.2025.104526

Shengpeng Xiao , Kedong Wu , Xiao Xiao , Changqing Lin

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引用次数: 0

Abstract

This paper utilizes matched data from the Wind and CSMAR databases from 2010 to 2022 to examine the impact of data assets on firm investment at different levels, such as firm and industry. It is found that (1) we constructs an analytical framework based on financial data of data assets and firm investment; (2) we find that data assets help to significantly enhance firm investment, and the larger the scale of data assets, the more significant the enhancement effect on firm investment; (3) mechanism tests reveal that data assets can promote the expansion of the scale of firm investment by financing constraint alleviation and information asymmetry reduction; (4) moderating effect tests reveal that the level of firm management and executive incentives have a positive moderating effect on the impact of data assets on firm investment; (5) heterogeneity test indicate that data assets are more conducive to increasing the investment scale of large firms, private firms and information service firms. In addition, spillover analyses show that data assets at the industry level have a significant boosting effect on firm investment, but data assets at the city level inversely inhibit the expansion of firm investment scale.

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数据资产如何影响企业投资？

本文利用Wind和CSMAR数据库2010 - 2022年的匹配数据，从企业和行业等不同层面考察了数据资产对企业投资的影响。研究发现：(1)数据资产首次对企业投资有显著的促进作用，且数据资产规模越大，对企业投资的促进作用越显著；(2)缓解融资约束机制和减少信息不对称机制是数据资产促进企业投资规模扩大的重要影响渠道；(3)企业管理水平和高管激励对数据资产赋能型企业投资具有正向调节作用，即企业管理水平和高管激励的提高会强化数据资产对企业投资的促进作用；(4)数据资产大幅提升了大型企业、民营企业和信息服务企业的投资规模。此外，对溢出效应的研究表明，行业层面的数据资产对企业投资有显著的促进作用，而城市层面的数据资产对企业投资规模的扩大有反向抑制作用。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.