Does Data Assetization Alleviate Financing Constraints of SRDI SMEs
Data assetization has emerged as a powerful driver of economic development in China,playing a crucial role in achieving high-quality growth and shaping a new development paradigm.As a novel asset class,data assets are vital production factors and strategic resources for enterprises.Their roles in reducing costs,improving quality,enhancing transaction value,and providing credit guarantees are essential for determining the future direction and core competitiveness of businesses.Specialized,refined,differential,and innovative(SRDI)small and medium-sized enterprises(SMEs)not only drive the development of the digital economy but also serve as the"main force"for digital transformation.These SMEs have accumulated substantial data assets,creating opportunities to ease financing constraints.This paper analyzes panel data of China's SRDI Giants SMEs listed firms from 2011 to 2021.Using text mining methods,it constructs a data asset text dictionary and extracts key terms from annual reports to measure the data assetization in these firms.This paper empirically examines the mechanisms,heterogeneity,and economic consequences of how data assetization affects the financing constraints of SRDI SMEs.The findings indicate that data assetization significantly alleviates financing constraints for SRDI SMEs.It distinguishes between two types of data assets-own-use and transactional,both of which can reduce financing constraints.The mechanism analysis shows that data assetization helps alleviate these constraints by optimizing credit resource allocation and improving funding liquidity.According to the TOE framework,technological capability and customer relationships enhance the effect of data assetization on alleviating financing constraints.while digital financial development partially substitutes for data assetization.The economic consequence analysis reveals that data assetization improves the innovation capabilities of SRDI SMEs by easing financing constraints,particularly fostering breakthrough innovations.This paper offers the following policy recommendations.First,government and regulatory agencies should enhance top-level design,coordinate institutional supply with technological empowerment,and foster an open,healthy,and secure data ecosystem to provide a favorable data asset financing environment for SRDI SMEs.Second,financial institutions such as banks should focus on enterprises'financing needs,innovate data asset financing models,and build a comprehensive data asset financial service system to increase credit allocation to SRDI SMEs and facilitate their financing.Third,SRDI SMEs should accelerate digital transformation,expand data asset trading activities,and establish a robust enterprise data asset management platform to enhance their financing capabilities and drive high-quality development through innovation.
data assetizationfinancing constraintscredit resource allocationfunding liquiditySRDI SMEs
NETL
NSTL
万方数据
