摘要
Abstract
Data assets are important production factors for the high-quality development of enterprises.Based on the data of A-share listed companies on Shanghai and Shenzhen Stock Exchanges from 2007 to 2021,this paper explores whether corporate data assets gain investor preference from the perspective of cost of equity capital.The results show that corporate data assets gain investor preference,which is reflected in that the cost of equity capital relative to its average value decreases by 1.36％for every 1％increase in the standard deviation of corporate data assets.The mechanism test shows that data assets reduce the cost of equity capital through the"information effect,""anticipation effect,"and"value empowerment effect."The heterogeneity analysis shows that the effect of data assets on reducing the cost of equity capital is more significant in non-state-owned enterprises,enterprises from technology-intensive industries,and enterprises with high levels of industry competition.This paper examines the economic consequences of corporate data assets from the perspective of capital market financing and provides insights and references for further promoting the value realization of corporate data assets.关键词
数据资产/权益资本成本/投资者偏好/信息不对称Key words
data assets/cost of equity capital/investor preference/information asymmetry分类
管理科学
