{"title":"数据资产化能否改善企业流动性和企业增长?来自中国 \"隐形冠军 \"中小企业的证据","authors":"Lili Chen","doi":"10.1016/j.bir.2024.07.008","DOIUrl":null,"url":null,"abstract":"<div><div>Our study explores the association between data assetisation and corporate liquidity and growth. By examining China's “hidden champion” small and medium-sized enterprises (SMEs) sample from 2011 to 2021, we find that “hidden champion” SMEs with higher data assets exhibit higher liquidity and corporate growth (including promoting sales growth, increasing profitability and corporate value, and enhancing corporate resilience). Furthermore, corporate liquidity mediates the relationship between data assetisation and corporate growth. Regarding the influencing factors, when companies are in a mature stage, this can promote the enhancing effect of data assetisation on corporate liquidity, whereas when companies are in a decline stage, this inhibits the enhancing effect of data assetisation on corporate liquidity. Companies with higher industry competition and lower macroeconomic development enhance the effect of data assetisation on corporate liquidity. Our findings emphasise the development of data assetisation and its role in improving financing decisions and promoting the survival and sustainable development of “hidden champion” SMEs.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1205-1226"},"PeriodicalIF":6.3000,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does data assetisation improve corporate liquidity and corporate growth? Evidence from “hidden champion” SMEs in China\",\"authors\":\"Lili Chen\",\"doi\":\"10.1016/j.bir.2024.07.008\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Our study explores the association between data assetisation and corporate liquidity and growth. By examining China's “hidden champion” small and medium-sized enterprises (SMEs) sample from 2011 to 2021, we find that “hidden champion” SMEs with higher data assets exhibit higher liquidity and corporate growth (including promoting sales growth, increasing profitability and corporate value, and enhancing corporate resilience). Furthermore, corporate liquidity mediates the relationship between data assetisation and corporate growth. Regarding the influencing factors, when companies are in a mature stage, this can promote the enhancing effect of data assetisation on corporate liquidity, whereas when companies are in a decline stage, this inhibits the enhancing effect of data assetisation on corporate liquidity. Companies with higher industry competition and lower macroeconomic development enhance the effect of data assetisation on corporate liquidity. Our findings emphasise the development of data assetisation and its role in improving financing decisions and promoting the survival and sustainable development of “hidden champion” SMEs.</div></div>\",\"PeriodicalId\":46690,\"journal\":{\"name\":\"Borsa Istanbul Review\",\"volume\":\"24 6\",\"pages\":\"Pages 1205-1226\"},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-11-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Borsa Istanbul Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2214845024001145\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214845024001145","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Does data assetisation improve corporate liquidity and corporate growth? Evidence from “hidden champion” SMEs in China
Our study explores the association between data assetisation and corporate liquidity and growth. By examining China's “hidden champion” small and medium-sized enterprises (SMEs) sample from 2011 to 2021, we find that “hidden champion” SMEs with higher data assets exhibit higher liquidity and corporate growth (including promoting sales growth, increasing profitability and corporate value, and enhancing corporate resilience). Furthermore, corporate liquidity mediates the relationship between data assetisation and corporate growth. Regarding the influencing factors, when companies are in a mature stage, this can promote the enhancing effect of data assetisation on corporate liquidity, whereas when companies are in a decline stage, this inhibits the enhancing effect of data assetisation on corporate liquidity. Companies with higher industry competition and lower macroeconomic development enhance the effect of data assetisation on corporate liquidity. Our findings emphasise the development of data assetisation and its role in improving financing decisions and promoting the survival and sustainable development of “hidden champion” SMEs.
期刊介绍:
Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations