数据资源信息披露对企业商业信用融资的抑制效应研究
Research on the Inhibitory Effect of Data Resource Information Disclosure on Corporate Trade Credit Financing
摘要: 2023年财政部出台政策，加速数据资源入表，数据资源信息披露成为衡量企业发展、赋能经营的重要抓手。文章立足供应链视角，聚焦数据资源披露对企业融资的影响，选取2014~2023年沪深A股上市公司为样本，借助文本分析法构建企业数据资源披露指标，实证检验其供应链融资维度经济后果。研究表明，数据资源信息披露会显著压低企业商业信用融资规模，该结果经多重稳健性检验后保持不变。机制检验显示，代理成本会缓解数据资源披露对商业信用融资的抑制效应；在异质性分析表明，供应链集中度高的企业中抑制作用更为突出，仅在非高科技企业中产生抑制作用。
Abstract: Policies issued by the Ministry of Finance in 2023 have accelerated the inclusion of data resources in corporate financial statements, rendering the information disclosure of data resources a critical benchmark for evaluating corporate development and empowering business operations. From the supply chain perspective, this paper focuses on the impact of data resource disclosure on corporate financing. Using A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2014 to 2023 as the research sample, this study constructs an indicator measuring corporate data resource disclosure via textual analysis and empirically examines its economic consequences in the dimension of supply chain financing. The empirical results reveal that information disclosure of data resources significantly curtails the scale of enterprises’ commercial credit financing, and this conclusion remains robust after a series of sensitivity tests. Mechanism tests verify that agency costs weaken the inhibitory effect of data resource disclosure on commercial credit financing. Heterogeneity analysis indicates that such inhibitory impact is more pronounced for firms with high supply chain concentration, and the restraining effect takes effect only in the sample of non-high-tech enterprises.
文章引用：曾艳. 数据资源信息披露对企业商业信用融资的抑制效应研究[J]. 现代管理, 2026, 16(9): 88-97. https://doi.org/10.12677/mm.2026.169201

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