数据资产治理与权益资本成本  

Data Governance and the Cost of Equity

作　　者：郑晓佳 蔡欣妮 胡昌誉 杨格 ZHENG Xiaojia;CAI Xinni;HU Changyu;YANG Ge(School of International Trade and Economics,University of International Business and Economics,Beijing,100029;Business School,University of International Business and Economics,Beijing,100029)

机构地区：[1]对外经济贸易大学国际经济贸易学院 [2]对外经济贸易大学国际商学院

出　　处：《中国经济问题》2024年第3期54-69,共16页China Economic Studies

基　　金：国家自然科学基金青年项目(72202035,72102041,72302048);对外经济贸易大学中央高校基本科研业务费专项资金(CXTD14-01);对外经济贸易大学国际商学院创新工程实验室科研项目课题专项资金(102/78220301)。

摘　　要：本文以2003—2019年中国A股上市公司为样本,采用文本分析方法构建数据资产指标,试图从权益资本成本的视角实证检验企业数据资产的治理价值,以提供来自企业融资方面的微观证据。结果表明,企业拥有数据资产能够显著降低其权益资本成本;在企业经营难度较大(市场竞争激烈、信息相对复杂、多元化程度较高)、治理机制较弱(股权制衡度低、存在异地独董、地区市场化较不发达)时,数据资产对股权资本成本的影响更为突出。进一步研究发现,数据资产降低了公司风险水平、抑制了代理问题、缓解了信息不对称程度。Using a sample of Chinese A-share listed firms from 2003 to 2019,this paper studies the governance value of corporate data assets from the cost of equity perspective to provide micro evidence from corporate financing.The results show that corporate data assets significantly reduce firms'cost of equity.The effect of data assets is stronger in firms that are difficult to operate(i.e.,firms in industry with fierce competition,firms with complex information,firms with high diversification)and have weak governance(i.e.,firms with low level of control contestability,firms with non-local independent directors,firms located in regions with low level of marketization).Further research shows that data assets alleviate corporate operational risks,agency problems,and information asymmetry.

关 键 词：数据资产 股权资本成本 公司风险 公司治理 信息不对称 

分 类 号：F275[经济管理—企业管理] F49[经济管理—国民经济] F832.51