摘要
在数字化转型的浪潮中,数据资产已成为推动经济增长和企业竞争力的关键资源,并深刻影响着企业的财务策略。基于2010-2023年的沪深A股上市企业的相关财务数据,探讨数据资产对企业债务融资成本的影响及其作用机制。研究发现,数据资产可以降低企业债务融资成本,企业数据资产越多,债务融资成本就越低。影响机制分析结果表明,企业数据资产可以通过降低违约风险和提升技术创新能力来减少债务融资成本。异质性分析结果表明,企业数据资产对债务融资成本的降低作用在国有企业、西部地区和非制造业的企业中更加明显。本文将数据资产纳入企业债务融资成本影响因素的相关研究中,从实证角度验证二者之间的关系,既丰富了数据资产对微观经济主体影响方面的研究,也为降低企业债务融资成本提供新思路。
In the wave of digital transformation,data assets have become a key resource for driving economic growth and corporate competitiveness,profoundly influencing corporate financial strategies.This paper,based on the financial data of Shanghai and Shenzhen A-shares listed enterprises from 2010 to 2023,explores the impact of data assets on corporate debt financing costs and its underlying mechanisms.The study finds that data assets can indeed significantly reduce corporate debt financing costs;the more data assets a company has,the lower its debt financing costs are.The analysis of the mechanism indicates that corporate data assets can reduce debt financing costs by lowering default risk and enhancing technological innovation capabilities.Heterogeneity analysis results show that the effect of corporate data assets in reducing debt financing costs is more pronounced in state-owned enterprises,companies with lower levels of technology,in the western regions,non-manufacturing industries,and enterprises with lower levels of marketization.This paper incorporates data assets into the study of factors affecting corporate debt financing costs,empirically verifying the relationship between the two and enriching the research on the impact of data assets on microeconomic entities,while also providing new ideas for reducing corporate debt financing costs.
作者
沈冰
汪缘
SHEN Bing;WANG Yuan(School of Economics and Management,Southwest University)
出处
《当代金融研究》
2025年第1期41-56,共16页
Journal of Contemporary Financial Research
基金
国家社会科学基金项目“金融风险传递共振机理与早期纠正机制研究”(24BJL114)
重庆市社会科学规划项目“大数据背景下上市公司中小投资者权益保护研究”(2020YBJJ55)。
关键词
数据资产
债务融资成本
违约风险
技术创新
Data Assets
Debt Financing Costs
Default Risk
Technological Innovation
作者简介
沈冰,博士,教授,西南大学经济管理学院,研究方向:金融市场与证券投资;汪缘,硕士研究生,西南大学经济管理学院,研究方向:金融市场。
