| 以数“促”链：企业数据资产化的供应链融资效应 |
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| 引用本文：牛彪1，于翔2，苑泽明3.以数“促”链：企业数据资产化的供应链融资效应[J].财经理论与实践,2026,(3):90-99 |
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| 中文摘要:将2007—2022年沪深A股上市公司作为研究对象，采用文本分析方法构建企业数据资产化指标，考察企业数据资产化的供应链融资效应。结果显示：企业数据资产化不仅可以显著扩大商业信用的整体融资规模，还可以优化商业信用的融资结构。机制分析表明，企业数据资产化降低了企业与供应商之间的信息不对称、提升了信任水平并增强了运营能力，使企业的买方市场地位得到提高，进而促进了商业信用融资。异质性分析发现，企业数据资产化对商业信用融资的影响在非国有性质、中小规模和高科技属性、行业竞争激烈、金融生态环境好和经济政策不确定性高的企业中更加显著。鉴于此，应进一步加强数字基础设施建设，持续关注企业数据资产的融资效应，以真正释放数据要素的价值潜力。 |
| 中文关键词:企业数据资产化 商业信用融资 供应链关系 信息不对称 |
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| Using Data to “Promote” Chains: The Supply Chain Financing Effects of Corporate Data Assetization |
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| Abstract:This study examines the impact of corporate data assetization on supply chain financing by constructing a data assetization indicator using text analysis for A-share listed companies in Shanghai and Shenzhen from 2007 to 2022. The results show that data assetization not only significantly boosts the overall scale of commercial credit financing but also optimizes its structure. Mechanism analysis reveals that data assetization reduces information asymmetry between firms and suppliers, enhances trust, improves operational efficiency, and strengthens buyers’ market power, thereby facilitating commercial credit financing. Heterogeneity analysis indicates that these effects are more pronounced in non-state-owned, small and medium-sized, and high-tech firms, as well as in industries with intense competition, favorable financial ecosystems, and high economic policy uncertainty. These findings suggest that advancing digital infrastructure and leveraging the financing potential of data assets are crucial for unlocking the value of data. |
| keywords:corporate data assetization commercial credit financing supply chain relationships information asymmetry |
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