摘要
抑制企业杠杆操纵行为是新时代防范化解重大风险的重要环节。以2010—2023年中国A股上市公司为样本,探讨数据资产对企业杠杆操纵行为的影响及作用机制。研究发现:数据资产有助于抑制企业杠杆操纵行为,并以抑制表外负债和明股实债为主;作用机制表明,数据资产通过发挥治理约束效应和资源优化效应来抑制企业杠杆操纵行为。这一抑制现象在数据资源丰富地区、数据密集型行业及数据泄露风险较低的企业中表现更为明显。拓展性分析表明,数据资产有利于企业通过“增权”方式实现去杠杆。为此,企业应充分利用数据资产抑制杠杆操纵,并充分发挥数据资产在公司治理和资源优化方面的重要作用,提供差异化政策供给,精准施策:对数据资源丰富地区,应推进数据要素市场化建设;对数据密集型行业,应强化数据资产在风险识别与内部控制中的应用效能;对数据泄露风险低的企业,应发挥其示范引领效应,以提升数据驱动治理水平。
Curbing corporate leverage manipulation is a crucial part of preventing and mitigating major risks in the new era.Using a sample of A-share listed companies of China from 2010 to 2023,this study investigates the impact of data assets on corporate leverage manipulation behavior and its underlying mechanisms.The findings reveal that data assets help curb corporate leverage manipulation,primarily by curbing off balance sheet liabilities and debt like equity.Mechanism analysis indicates that data assets inhibit leverage manipulation through governance constraints and resource optimization effects.This curbing effect is more pronounced in regions with abundant data resources,data-intensive industries,and enterprises with lower data breach risks.Extended analysis shows that data assets facilitate corporate deleveraging through an"empowerment"approach.To this end,enterprises should fully leverage data assets to curb leverage manipulation,effectively utilize the critical role of data assets in corporate governance and resource optimization,and provide targeted policy measures with precise implementation.In regions abundant with data resources,the market oriented development of data elements should be advanced;as for data intensive industries,the application efficacy of data assets in risk identification and internal control should be enhanced;enterprises with low risk of data leakage would serve as exemplary models to promote their data driven governance capabilities.
作者
胡元林
赵宇恒
HU Yuanlin;ZHAO Yuheng(Faculty of Management and Economics,Kunming University of Seience and Technology,Kunming 650500,Yunnan,China)
出处
《昆明理工大学学报(社会科学版)》
2026年第1期115-128,共14页
Journal of Kunming University of Science and Technology(Social Sciences)
基金
国家自然科学基金项目“传统制造企业数字化转型研究:动因解析、绩效影响与行为反馈”(72262022)。
关键词
数据资产
杠杆操纵
治理约束效应
资源优化效应
数据资产治理
data assets
leverage manipulation
governance constraint effect
resource optimization effect
data assets governance
