Does data assetisation improve corporate liquidity and corporate growth? Evidence from “hidden champion” SMEs in China

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-11-01 DOI:10.1016/j.bir.2024.07.008

Lili Chen

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Abstract

Our study explores the association between data assetisation and corporate liquidity and growth. By examining China's “hidden champion” small and medium-sized enterprises (SMEs) sample from 2011 to 2021, we find that “hidden champion” SMEs with higher data assets exhibit higher liquidity and corporate growth (including promoting sales growth, increasing profitability and corporate value, and enhancing corporate resilience). Furthermore, corporate liquidity mediates the relationship between data assetisation and corporate growth. Regarding the influencing factors, when companies are in a mature stage, this can promote the enhancing effect of data assetisation on corporate liquidity, whereas when companies are in a decline stage, this inhibits the enhancing effect of data assetisation on corporate liquidity. Companies with higher industry competition and lower macroeconomic development enhance the effect of data assetisation on corporate liquidity. Our findings emphasise the development of data assetisation and its role in improving financing decisions and promoting the survival and sustainable development of “hidden champion” SMEs.

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数据资产化能否改善企业流动性和企业增长？来自中国 "隐形冠军 "中小企业的证据

我们的研究探讨了数据资产化与企业流动性和增长之间的关联。通过对 2011 年至 2021 年中国 "隐形冠军 "中小企业样本的研究，我们发现，拥有较高数据资产的 "隐形冠军 "中小企业表现出更高的流动性和企业成长性（包括促进销售增长、提高盈利能力和企业价值、增强企业抗风险能力）。此外，企业流动性也是数据资产化与企业成长之间关系的中介。在影响因素方面，当企业处于成熟阶段时，会促进数据资产化对企业流动性的增强作用，而当企业处于衰退阶段时，则会抑制数据资产化对企业流动性的增强作用。行业竞争程度较高、宏观经济发展水平较低的企业会增强数据资产化对企业流动性的影响。我们的研究结果强调了数据资产化的发展及其在改善融资决策、促进 "隐形冠军 "中小企业生存和可持续发展方面的作用。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations