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Digital finance development and pricing efficiency of enterprise data assets

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  • Wang, Yaqi
  • Shan, Zidan
  • Zhang, Shuchen

Abstract

Data is a key component of corporate assets and have important implications for firm valuation. Grounded in an extensive sample covering listed firms in China between 2015 and 2024, this study demonstrates that digital finance development can greatly enhance the pricing efficiency of firms’ data assets. The positive effect is larger for digitally-intensive firms and those operating in data-driven industries. Mechanism tests reveal that enhanced information disclosure and reduced financial frictions associated with enterprise data are vital mediators. The findings remain valid under a series of econometric estimations. Overall, this research enriches the literature on asset pricing and digital economics.

Suggested Citation

  • Wang, Yaqi & Shan, Zidan & Zhang, Shuchen, 2026. "Digital finance development and pricing efficiency of enterprise data assets," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325026765
    DOI: 10.1016/j.frl.2025.109427
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