Data Asset Information Disclosure and Bond Financing Costs

Data assets have become an important driving force for enterprises to achieve innovative development in an uncertain environment. Based on the perspective of bond financing cost analysis of the financing function and mechanism of data assets, it is found that data asset disclosure can significantly reduce bond financing cost mainly through the information incremental effect, reputation effect and resource dependence effect. The heterogeneity analysis shows that for enterprises with low financing constraint degree, high corporate governance level, low economic policy uncertainty degree, low industry competition degree and good digital infrastructure environment, the reduction of bond financing cost by data asset disclosure is more significant. This paper enriches the information set for enterprise management decision-making from the perspective of data assets and provides a way for the management to evaluate the internal and external environmental risks of the enterprise and formulate scientific and reasonable financing strategies.