数据资产如何赋能制造业企业融资能力

How do Data Assets Empower Financing Capability of Manufacturing Enterprises

基于2008—2022年制造业上市企业面板数据,探究数据资产对企业融资能力的影响。研究发现:数据资产价值的提高能显著扩大企业融资规模、增加股权融资比例和提升融资效率;数据资产通过促进企业高质量发展、提高信息透明化程度和加强风险管控,增强企业融资能力;在机构投资者持股比例较高的企业和数字产品制造业企业中,数据资产对融资规模、股权直接融资偏好和融资效率的优化作用较为明显。

Based on the panel data of listed manufacturing enterprises from 2008 to 2022,the paper explored the impact of data assets on the financing capability of enterprises.It was found that:the increase in the value of data assets could significantly expand the financing scale of enterprises,increase the proportion of equity financing in the financing structure,and enhance financing efficiency.Data assets could enhance the financing capability of enterprises by promoting the high-quality development of enterprises,improving information transparency and strengthening risk management.The optimizing effect of data assets on financing scale,preference for direct equity financing,and financing efficiency was more evident in enterprises with a higher proportion of institutional investor holdings and those manufacturing enterprises producing digital products.