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Data asset collateralization, credit risk pricing, and corporate digital transformation

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  • Wei, Caixia
  • Liu, Yongtao

Abstract

In the context of the digital economy, data assets have become a key production factor driving corporate transformation and upgrading. Based on data from Chinese A-share listed companies from 2015 to 2023, this study examines the mechanisms linking data asset collateralization, credit risk pricing, and corporate digital transformation (DT). We find that data asset collateralization significantly promotes DT; the level of credit risk pricing has a positive impact on DT; the facilitative effect of data asset collateralization on DT exhibits heterogeneous effects across firms with different degrees of digitalization; and credit risk pricing plays a mediating role between data asset collateralization and DT. These conclusions not only enrich the literature on the financialization of data assets and DT, but also provide empirical evidence for corporate financing practices and policy formulation.

Suggested Citation

  • Wei, Caixia & Liu, Yongtao, 2026. "Data asset collateralization, credit risk pricing, and corporate digital transformation," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025218
    DOI: 10.1016/j.frl.2025.109272
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