数据要素对中小企业融资约束的缓解机制：抵押替代效应的实证研究

The Mechanism of Data Elements Alleviating SMEs Financing Constraints: An Empirical Study of the Collateral Substitution Effect

摘要: 在数字经济深度融合的背景下，数据要素已成为重塑企业信用体系的关键驱动力。然而中小企业因“硬资产”匮乏长期面临严峻的融资约束问题。本文旨在探讨数据要素能否突破传统信贷模式的路径依赖，发挥对实物抵押担保的“替代效应”。基于2015~2024年深交所中小板与创业板上市公司数据，本文运用文本挖掘技术构建企业数据要素应用指标，通过双向固定效应模型进行实证检验。研究发现：第一，企业数据要素应用程度的提升显著缓解了融资约束，验证了数据要素的“增信”功能；第二，数据要素应用显著降低了企业信贷获取对固定资产抵押的依赖度，证实了“数据信用”对“实物抵押”的替代效应；第三，相较于民营企业，该替代效应在国有企业中更为显著。本文为推进数据资产入表、创新“数据贷”金融产品及破解中小企业融资困境提供了政策启示。

Abstract: In the context of the deep integration of the digital economy, data elements have emerged as a key driver reshaping the corporate credit system. However, SMEs have long faced severe financing constraints due to a lack of collateralizable “hard assets.” This paper investigates whether data elements can exert a “substitution effect” on physical collateral. Using data from listed companies on the SME Board and ChiNext Board of the Shenzhen Stock Exchange from 2015 to 2024, we construct an index of corporate data element application via text mining. The empirical results from a two-way fixed effects model indicate that: First, Enhanced data element application significantly alleviates SME financing constraints; Second, Data application significantly reduces reliance on fixed asset collateral, confirming a “substitution effect”; Third, this effect is more pronounced in state-owned enterprises. These findings provide policy implications for promoting data asset capitalization and resolving the “collateral shortage” dilemma for SMEs.