Data Resource Information Disclosure and Corporate Commercial Credit Financing
JING Rui1,2, QI Baolei1, SUN Zeyu3
1. School of Management, Xi'an Jiaotong University, Xi'an 710049, China; 2. School of Business, City University of Hong Kong, Hong Kong 999077, China; 3. Bay Area International Business School, Beijing Normal University, Zhuhai 519087, China
Abstract Data resources are the main carriers of data elements. The management, application and effective disclosure of data resources have a significant impact on the financing behavior of enterprises. Based on the data of A-share listed companies on Shanghai and Shenzhen Stock Exchanges from 2007 to 2023, this paper examines the impact of data resource information disclosure on corporate commercial credit financing. The results indicate that data resource information disclosure can significantly enhance the level of corporate commercial credit financing. Mechanism analysis shows that data resource information disclosure can improve corporate information transparency and enhance corporate reputation, thereby exerting a positive effect on corporate commercial credit financing. Cross-sectional analysis reveals that the positive effect of data resource information disclosure on corporate commercial credit financing is more pronounced in companies with higher economic policy uncertainty, lower market positions, greater financing constraints and poorer audit quality. This paper not only provides a useful reference for listed companies to fully explore the value of data resources, promote the realization of data resources value and improve financing decisions, but also offers enlightenment and lessons for improving the information disclosure system with Chinese characteristics.
2025, Vol. 42 
