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The impact of data elements marketization on corporate financing constraints: Quasi-experimental evidence from the establishment of data trading platforms in China

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  • Ouyang, Yingying
  • Hu, Mingzheng

Abstract

Utilizing data from Chinese A-share listed companies from 2010 to 2022, this paper develops a multi-time difference-in-differences model to explore the impact of data elements marketization on corporate financing constraints. Furthermore, we also explore the mediating roles of management effect and information effect and the heterogeneity effect across different companies. The research findings indicate that the marketization of data elements alleviates corporate financing constraints, and the effect varies across companies at different stages of the corporate life-cycle. The research conclusion offers insights for companies, especially those facing financing constraints, to actively engage in the data elements trading market.

Suggested Citation

  • Ouyang, Yingying & Hu, Mingzheng, 2024. "The impact of data elements marketization on corporate financing constraints: Quasi-experimental evidence from the establishment of data trading platforms in China," Finance Research Letters, Elsevier, vol. 69(PA).
    • Handle: RePEc:eee:finlet:v:69:y:2024:i:pa:s1544612324011619
    DOI: 10.1016/j.frl.2024.106132
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    References listed on IDEAS

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    Citations

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    Cited by:

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    2. Shengnian Wang & Qiuping Bai, 2026. "Data elements marketization and corporate greenwashing: evidence from China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-14, December.
    3. Fang Tang & Longpeng Zhang, 2025. "Impact of data element development on the application of artificial intelligence in enterprises," Empirical Economics, Springer, vol. 69(6), pages 3589-3634, December.
    4. Zhang, Xiaoru & Jiang, Wei & Wu, Chuanqing, 2026. "Does data factor marketisation effect labour income share? Evidence from Chinese A-share listed companies," Journal of Business Research, Elsevier, vol. 206(C).
    5. Yang, Shaoyu & Lu, Yang, 2025. "Government subsidies, data assets, and firm outward foreign direct investment," Finance Research Letters, Elsevier, vol. 85(PE).
    6. Ge, Shilong & Tu, Zhenyu & Chen, Yalin & Chong, Heap-Yih, 2025. "Data driven-sustainability: The impact of data trading platforms on corporate ESG performance," International Review of Financial Analysis, Elsevier, vol. 105(C).
    7. Xu, Ning & Xu, Longchao & Yan, Xiang-Wu, 2025. "Data factor marketization empowering enterprise innovation quality: New evidence from Chinese patent citations," International Review of Economics & Finance, Elsevier, vol. 103(C).
    8. Yan, Yingchuan & Tu, Yongqian & Zhu, Gaofeng & Tian, Grace Li, 2025. "Regional knowledge protection, innovation level, and data element level," International Review of Economics & Finance, Elsevier, vol. 100(C).
    9. Wu, Haoyue & Yin, Yingkai, 2025. "Data trading platforms and total factor productivity: Insights from biased technical progress," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 377-398.
    10. Weiwei Chen & Shunyi Li, 2025. "Data Factor Marketization and Urban Industrial Land Use Efficiency: Evidence from the Establishment of Data Trading Platforms in China," Sustainability, MDPI, vol. 17(6), pages 1-23, March.
    11. Wu, Shan & Zou, Mengqi & Jin, Tongen, 2025. "Data element marketization and corporate investment efficiency: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    12. Li, Wenchang & Yang, Weiqing & Zhou, Zhongsheng & Wu, Shuijuan & Mo, Changwei, 2025. "Analyzing the game pricing mechanism of data assets: Theoretical evidence considering market structure and competitive characteristics," International Review of Economics & Finance, Elsevier, vol. 99(C).
    13. Dandan Wang & Tongfei Yang, 2025. "Research on the Promotion Effect of the Marketization of Data Elements on the Digital Transformation of Manufacturing Enterprises: An Empirical Evaluation of a Multiperiod DID Model," Sustainability, MDPI, vol. 17(7), pages 1-23, April.

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