关键词:

数据资产, 股权资本成本, 公司风险, 公司治理, 信息不对称

Abstract:

Using a sample of Chinese A-share listed firms from 2003 to 2019, this paper studies the governance value of corporate data assets from the cost of equity perspective to provide micro evidence from corporate financing. The results show that corporate data assets significantly reduce firms’ cost of equity. The effect of data assets is stronger in firms that are difficult to operate ( i.e. , firms in industry with fierce competition, firms with complex information, firms with high diversification) and have weak governance ( i.e. , firms with low level of control contestability, firms with non-local independent director, firms located in regions with low level of marketization ) . Further research shows that data assets alleviate corporate operational risks, agency problems, and information asymmetry.

Key words:

data assets, cost of equity, corporate risk, corporate governance, information asymmetry