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Does data asset disclosure reduce corporate financing costs? Evidence from China

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  • Wang, Yong

Abstract

Using a panel dataset of Chinese A-share listed firms from 2016 to 2023, this study systematically examines the effect of data asset disclosure on corporate financing costs. The empirical results indicate that higher-quality data asset disclosure significantly reduces firms’ financing costs. Mechanism analyses reveal that this effect operates primarily through two channels: mitigating corporate default risk and enhancing corporate transparency. Heterogeneity analyses further show that the cost-reducing effect of data asset disclosure is more pronounced among non-state-owned enterprises, firms with higher governance quality, and firms located in regions with more advanced informatization levels. Moreover, a moderating effect analysis demonstrates that digital financial development amplifies the negative relationship between data asset disclosure and financing costs. This study extends the literature on corporate information disclosure and financing costs and provides new insights into the role of data assets in corporate financial management.

Suggested Citation

  • Wang, Yong, 2026. "Does data asset disclosure reduce corporate financing costs? Evidence from China," Finance Research Letters, Elsevier, vol. 92(C).
    • Handle: RePEc:eee:finlet:v:92:y:2026:i:c:s1544612326000991
    DOI: 10.1016/j.frl.2026.109568
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