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Does data element marketization policy reduce firm default risk? a quasi-natural experiment based on data trading platforms

Author

Listed:
  • Xuanjuan Chen
  • Qisheng Tang
  • Yetong Zhou

Abstract

Business operators, investment decision-makers and risk managers have increasingly emphasized data factors as drivers of development. This study uses data from Chinese A-share listed companies from 2012 to 2022 to examine how data element marketization (DEM) reduces corporate default risk. The results show that DEM and default distance have a significantly positive relationship, indicating that DEM lowers default risk. The study finds that external monitoring, information asymmetry and investment efficiency are the main mechanisms through which DEM affects default risk. Moreover, executives’ digital backgrounds can significantly strengthen DEM’s impact on default risk. Finally, DEM can significantly reduce the default risk of high-tech companies or those in the decline stage of the business life cycle. This research not only helps policymakers understand how DEM can mitigate firm default risk but can also be generalized globally.

Suggested Citation

  • Xuanjuan Chen & Qisheng Tang & Yetong Zhou, 2026. "Does data element marketization policy reduce firm default risk? a quasi-natural experiment based on data trading platforms," Applied Economics, Taylor & Francis Journals, vol. 58(33), pages 6663-6680, July.
    • Handle: RePEc:taf:applec:v:58:y:2026:i:33:p:6663-6680
    DOI: 10.1080/00036846.2025.2523016
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