Taking 2702 manufacturing companies listed on China's A-share market from 2010 to 2022 as a sample,the Word2Vec neural network model was used to build a text dictionary to obtain data asset information disclosure indicators,and explore the relationship between data asset information disclosure and debt financing costs of manufacturing companies.The study found that the higher the degree of data asset information disclosure,the lower the debt financing costs of manufacturing companies;further research found that data asset information disclosure reduces the debt financing costs of manufacturing companies through two paths:improving the accuracy of analysts'earnings forecasts and reducing debt default risks.Moreover,the promotion effect of data asset information disclosure is more significant in non-state-owned manufacturing companies and manufacturing companies with higher governance levels.Therefore,the information disclosure standards for data assets of listed companies should continue to be improved to alleviate the information asymmetry between companies and creditors,thereby optimizing the company's financial resource allocation capabilities.
NETL
NSTL
万方数据
