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Relationship between digital asset impairment, credit ratings, and debt financing ability

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  • Sun, Yemeng
  • Li, Peiqing

Abstract

Owing to increased reliance on digital assets and rapid growth of the digital economy, understanding the financial implications of digital asset impairment has become crucial for businesses. This study yields five relevant results: (1) core digital asset impairment has a significant negative impact on corporate credit ratings, (2) the effect of core digital asset impairment on credit ratings exhibits heterogeneity between high- and nonhigh-tech enterprises, (3) core digital asset impairment significantly suppresses debt financing capabilities, (4) the impact of core digital asset impairment on high- and nonhigh-tech enterprises’ debt financing capability also displays heterogeneity, and (5) lagged period analysis indicates that the influence of core digital asset impairment on corporate financial conditions is persistent and demonstrates a lag effect. These findings contribute to the literature by providing novel empirical evidence on the financial consequences of digital asset impairment, revealing the heterogeneous effects across different industry types, and highlighting the dynamic persistence of such impairments, thereby offering valuable implications for corporate financial management and credit evaluation practices.

Suggested Citation

  • Sun, Yemeng & Li, Peiqing, 2026. "Relationship between digital asset impairment, credit ratings, and debt financing ability," Finance Research Letters, Elsevier, vol. 106(C).
    • Handle: RePEc:eee:finlet:v:106:y:2026:i:c:s1544612326005702
    DOI: 10.1016/j.frl.2026.110041
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