以数"促"链:企业数据资产化的供应链融资效应OACHSSCD

This study examines the impact of corporate data assetization on supply chain finan-cing by constructing a data assetization indicator using text analysis for A-share listed companies in Shanghai and Shenzhen from 2007 to 2022.The results show that data assetization not only significantly boosts the overall scale of commercial credit financing but also optimizes its struc-ture.Mechanism analysis reveals that data assetization reduces information asymmetry between firms and suppliers,enhances trust,improves operational efficiency,and strengthens buyers' market power,thereby facilitating commercial credit financing.Heterogeneity analysis indicates that these effects are more pronounced in non-state-owned,small and medium-sized,and high-tech firms,as well as in industries with intense competition,favorable financial ecosystems,and high economic policy uncertainty.These findings suggest that advancing digital infrastructure and leveraging the financing potential of data assets are crucial for unlocking the value of data.