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Financial data security, rule of law environment, and corporate financing efficiency

Author

Listed:
  • Tong, Jianhua
  • Yu, Yijia
  • Tu, Yongqian

Abstract

Against the backdrop of the rapid development of the digital economy and fintech, the impact of financial data security and the rule of law environment on corporate financing efficiency has drawn increasing attention. Using China's A-share listed firms from 2013 to 2023 as the research sample, this paper constructs a theoretical framework and econometric models to systematically examine the relationships among financial data security, the rule of law environment, and corporate financing efficiency. The findings are as follows: higher levels of financial data security significantly enhance firms' financing efficiency; the rule of law environment exerts a positive effect on financing efficiency; the rule of law environment positively moderates the relationship between financial data security and financing efficiency; and the promotion effect of financial data security on financing efficiency is more pronounced for firms in economically underdeveloped regions. This paper aims to reveal the pivotal roles of data security and the rule of law in optimizing corporate financing efficiency, providing theoretical support and policy insights for improving the digital finance governance system and strengthening firms' financing capabilities.

Suggested Citation

  • Tong, Jianhua & Yu, Yijia & Tu, Yongqian, 2026. "Financial data security, rule of law environment, and corporate financing efficiency," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325025620
    DOI: 10.1016/j.frl.2025.109313
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