数据资产、投资者情绪与民营企业融资约束

Data Assets, Investor Sentiment and Financing Constraints of Private Enterprises

摘要: 在新时代背景下，数据资产已经成为了企业高质量发展的关键生产要素，民营企业作为中国经济中的重要组成部分，融资难、融资贵的问题也有待解决。本文以2011~2023年426个A股上市民营企业为样本，从投资者情绪视角探索数据资产对民营企业融资约束问题的影响。研究结果显示：数据资产能够缓解企业的融资约束问题，具体表现为企业数据资产每增加1%，企业融资约束水平降低了7.43%。调节效应分析发现，数据资产通过增加投资者对企业盈利能力的预期、提振投资者情绪，缓解民营企业的融资约束问题。异质性分析发现，数据资产对融资约束的缓解作用在中、东部地区及非管制行业更强。本文从民营企业自身生产经营方面、投资者情绪及民营企业综合策略方面为民营企业融资问题提出建议，为进一步推动企业数据资产的价值实现提供了启示和参考。

Abstract: In the context of the new era, data assets have become a key production factor for the high-quality development of enterprises, and private enterprises, as an important part of China’s economy, have yet to solve the problem of difficult and expensive financing. Based on a sample of 426 A-share listed private enterprises from 2011 to 2023, this paper explores the impact of data assets on the financing constraints of private enterprises from the perspective of investor sentiment. The results show that data assets can alleviate the financing constraints of enterprises, which is manifested in the fact that the financing constraint level of enterprises is reduced by 7.43% for every 1% increase in enterprise data assets. The moderating effect analysis finds that data assets alleviate the financing constraints of private enterprises by increasing investors’ expectations of corporate profitability and boosting investor sentiment. Heterogeneity analysis shows that the alleviating effect of data assets on financing constraints is stronger in the central and eastern regions and unregulated industries. This paper puts forward suggestions for the financing of private enterprises from the aspects of their own production and operation, investor sentiment and comprehensive strategy of private enterprises, and provides enlightenment and reference for further promoting the value realization of enterprise data assets.