The Impact of Data Asset Information Disclosure on Equity Financing Costs:Empirical Evidence Based on Text Analysis
In the current context of the digital economy,data has become an important strategic resource for enterprises to gain competitive advantages and business opportunities.Based on the data of A-share listed companies in China from 2011 to 2022,this study uses text mining method to construct data asset information disclosure indicators,empirically tests the impact of data asset information disclosure on equity financing costs,and further explores the mechanism of information asymmetry and supervision costs.The results indicate that the disclosure of enterprise data asset information can significantly reduce the cost of equity financing.Specifically,data asset information disclosure reduces equity financing costs by alleviating information asymmetry and reducing supervision costs.In addition,further research has found that the promotion effect of data asset information disclosure is particularly significant in enterprises with low similarity in annual reports and private enterprises.Therefore,listed companies in China should improve and optimize data asset information disclosure system,and enhance information transparency,thereby reducing equity financing costs and increasing enterprise value.
data asset information disclosureequity financing costsenterprise value
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