工业技术经济2025，Vol.44Issue(9)：77-86,10.DOI:10.3969／j.issn.1004－910X.2025.09.008
数据资产化对企业债务融资成本的影响研究
The Impact of Data Assetization on Corporate Debt Financing Costs
摘要
Abstract
As a new core factor of production and strategic resource for enterprises,data assets are reshaping corporate value creation models and capital structures.This paper examines A－share listed companies in China from 2010 to 2023,analyzing the impact of corporate data capitalization on the cost of debt financing by quantifying the extent of enterprise data assetization.The study finds that data capitalization significantly reduces the cost of debt financing.Specifically,data assetization reduces debt finan⁃cing costs not only through a defensive mechanism of lowering financial risk but also via a proactive mechanism of enhancing finan⁃cial flexibility.The research conclusion not only provides empirical support for clarifying the reduction path and functional boundary of debt financing costs by data assetization,but also offers theoretical support and policy guidance for further developing specific da⁃ta assets of enterprises.关键词
数据资产化/债务融资成本/财务风险/财务柔性/企业高质量发展/自用型数据资产/交易性数据资产/遮掩效应Key words
data assetization/debt financing cost/financial risk/financial flexibility/high-quality development/self-use data assets/transactional data assets/suppression effect分类
管理科学引用本文复制引用
卢相君,李霁航..数据资产化对企业债务融资成本的影响研究[J].工业技术经济,2025,44(9):77-86,10.基金项目
教育部春晖计划合作项目"基于TOE框架的东北制造业企业数字化转型创新路径分析"(项目编号:HZKY20220373). （项目编号:HZKY20220373）
