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Data assetization and corporate capital pricing efficiency

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  • Wang, Siqi
  • Hou, Li

Abstract

As the development of the data factor market deepens, data assetization has become a key instrument for enterprises to enhance the quality of information disclosure and improve market recognition. Based on data from Chinese A-share listed companies from 2003 to 2023, this paper constructs a text-based data assetization indicator and empirically analyzes its impact on corporate capital pricing efficiency. The study finds that data assetization significantly enhances the efficiency of corporate capital pricing. Furthermore, financing constraints play a moderating role in the relationship between data assetization and capital pricing efficiency—specifically, the greater the financing constraints, the more pronounced the positive effect of data assetization on capital pricing efficiency. Additionally, the facilitative effect of data assetization on capital pricing efficiency is more significant among non-state-owned enterprises and technology-intensive firms. This paper contributes to a deeper understanding of the market function of data assets and provides empirical support for relevant policy formulation and corporate practices.

Suggested Citation

  • Wang, Siqi & Hou, Li, 2025. "Data assetization and corporate capital pricing efficiency," Finance Research Letters, Elsevier, vol. 86(PC).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pc:s1544612325018021
    DOI: 10.1016/j.frl.2025.108548
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