数据资产信息披露对股权融资成本的影响研究——基于文本分析的经验证据  

The Impact of Data Asset Information Disclosure on Equity Financing Costs:Empirical Evidence Based on Text Analysis

作　　者：韩塞雪 尉昊 Han Saixue;Wei Hao(School of Accounting,Lanzhou University of Finance and Economics,Lanzhou 730101,China)

机构地区：[1]兰州财经大学会计学院,兰州730101

出　　处：《无锡商业职业技术学院学报》2024年第5期30-40,共11页Journal of Wuxi Vocational Institute of Commerce

基　　金：甘肃省高校研究生“创新之星”项目“碳会计信息披露、融资约束与企业全要素生产率”(2023CXZX-710)。

摘　　要：在数字经济背景下,数据已成为企业获取竞争优势与商业机会的战略性资源。基于2011—2022年我国A股上市公司的数据,采用文本挖掘方法构建数据资产信息披露指标体系,实证检验数据资产信息披露对股权融资成本的影响,并进一步探讨信息不对称和监督成本的中介作用。研究结果表明,企业数据资产信息披露能够显著降低股权融资成本。具体而言,数据资产信息披露通过缓解信息不对称问题和减少监督成本的方式来降低股权融资成本。进一步研究发现,对于年报相似度低的企业以及非国有企业来说,数据资产信息披露的促进效应尤为明显。因此,我国上市公司应该完善数据资产信息披露制度,提高信息透明度,以此减少股权融资成本,提高企业价值。In the current context of the digital economy,data has become an important strategic resource for enterprises to gain competitive advantages and business opportunities.Based on the data of A-share listed companies in China from 2011 to 2022,this study uses text mining method to construct data asset information disclosure indicators,empirically tests the impact of data asset information disclosure on equity financing costs,and further explores the mechanism of information asymmetry and supervision costs.The results indicate that the disclosure of enterprise data asset information can significantly reduce the cost of equity financing.Specifically,data asset information disclosure reduces equity financing costs by alleviating information asymmetry and reducing supervision costs.In addition,further research has found that the promotion effect of data asset information disclosure is particularly significant in enterprises with low similarity in annual reports and private enterprises.Therefore,listed companies in China should improve and optimize data asset information disclosure system,and enhance information transparency,thereby reducing equity financing costs and increasing enterprise value.

关 键 词：数据资产信息披露 股权融资成本 企业价值 

分 类 号：F425[经济管理—产业经济]