数据资产化能否缓解“专精特新”中小企业融资约束

Does Data Assetization Alleviate Financing Constraints of SRDI SMEs

数据资产作为企业具有核心竞争力的关键生产要素和战略资产,能够发挥降本提质、交易增值和信用担保的作用,并有助于缓解“专精特新”中小企业融资约束。本文选取2011一2021年中国专精特新“小巨人”上市公司数据,运用文本分析方法构建数据资产文本词典,并提取企业年报中的关键词,刻画出企业数据资产化程度,实证考察了数据资产化对“专精特新”中小企业融资约束的影响。研究发现,数据资产化显著缓解了“专精特新”中小企业的融资约束,将数据资产划分为自用型数据资产和交易型数据资产两种类型,均能缓解企业融资约束。作用机制检验发现,企业数据资产化可以通过优化信贷资源配置和提高资金流动性缓解“专精特新”中小企业的融资约束。基于TOE框架的异质性检验发现,企业技术能力和客户关系能够增强数据资产化对企业融资约束的缓解效应,数字金融发展水平与数据资产化在一定程度上呈现替代关系。经济后果检验发现,数据资产化通过缓解融资约束提升了“专精特新”中小企业创新能力,尤其促进了“专精特新”中小企业突破式创新。本文丰富了数据资产微观领域的研究成果,为推动“专精特新”中小企业数字化转型和高质量发展提供了证据和经验借鉴。

Data assetization has emerged as a powerful driver of economic development in China,playing a crucial role in achieving high-quality growth and shaping a new development paradigm.As a novel asset class,data assets are vital production factors and strategic resources for enterprises.Their roles in reducing costs,improving quality,enhancing transaction value,and providing credit guarantees are essential for determining the future direction and core competitiveness of businesses.Specialized,refined,differential,and innovative(SRDI)small and medium-sized enterprises(SMEs)not only drive the development of the digital economy but also serve as the“main force”for digital transformation.These SMEs have accumulated substantial data assets,creating opportunities to ease financing constraints.This paper analyzes panel data of China's SRDI Giants SMEs listed firms from 2011 to 2021.Using text mining methods,it constructs a data asset text dictionary and extracts key terms from annual reports to measure the data assetization in these firms.This paper empirically examines the mechanisms,heterogeneity,and economic consequences of how data assetization affects the financing constraints of SRDI SMEs.The findings indicate that data assetization significantly alleviates financing constraints for SRDI SMEs.It distinguishes between two types of data assets-own-use and transactional,both of which can reduce financing constraints.The mechanism analysis shows that data assetization helps alleviate these constraints by optimizing credit resource allocation and improving funding liquidity.According to the TOE framework,technological capability and customer relationships enhance the effect of data assetization on alleviating financing constraints.while digital financial development partially substitutes for data assetization.The economic consequence analysis reveals that data assetization improves the innovation capabilities of SRDI SMEs by easing financing constraints,particularly fostering breakthrough innovations.This paper offers the following policy recommendations.First,government and regulatory agencies should enhance top-level design,coordinate institutional supply with technological empowerment,and foster an open,healthy,and secure data ecosystem to provide a favorable data asset financing environment for SRDI SMEs.Second,financial institutions such as banks should focus on enterprises'financing needs,innovate data asset financing models,and build a comprehensive data asset financial service system to increase credit allocation to SRDI SMEs and facilitate their financing.Third,SRDI SMEs should accelerate digital transformation,expand data asset trading activities,and establish a robust enterprise data asset management platform to enhance their financing capabilities and drive high-quality development through innovation.