数据资产化与企业资本定价效率

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-24 DOI:10.1016/j.frl.2025.108548

Siqi Wang , Li Hou

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引用次数: 0

摘要

随着数据要素市场发展的深入，数据资产化已成为企业提高信息披露质量、提高市场认可度的重要手段。本文基于2003 - 2023年中国a股上市公司数据，构建基于文本的数据资产化指标，实证分析其对企业资本定价效率的影响。研究发现，数据资产化显著提高了企业资本定价效率。此外，融资约束在数据资产化与资本定价效率的关系中起调节作用，融资约束越大，数据资产化对资本定价效率的正向影响越显著。此外，数据资产化对非国有企业和技术密集型企业资本定价效率的促进作用更为显著。本文有助于深入理解数据资产的市场功能，并为相关政策制定和企业实践提供实证支持。

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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Data assetization and corporate capital pricing efficiency

As the development of the data factor market deepens, data assetization has become a key instrument for enterprises to enhance the quality of information disclosure and improve market recognition. Based on data from Chinese A-share listed companies from 2003 to 2023, this paper constructs a text-based data assetization indicator and empirically analyzes its impact on corporate capital pricing efficiency. The study finds that data assetization significantly enhances the efficiency of corporate capital pricing. Furthermore, financing constraints play a moderating role in the relationship between data assetization and capital pricing efficiency—specifically, the greater the financing constraints, the more pronounced the positive effect of data assetization on capital pricing efficiency. Additionally, the facilitative effect of data assetization on capital pricing efficiency is more significant among non-state-owned enterprises and technology-intensive firms. This paper contributes to a deeper understanding of the market function of data assets and provides empirical support for relevant policy formulation and corporate practices.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance