TITLE:
The Impact of Data Assetization on the Cost of Equity Capital
AUTHORS:
Jianhong Tao, Xinyi Zhang
KEYWORDS:
Data Assetization, Cost of Equity Capital, Information Environment, Technological Innovation, Level of Digital Financial Development
JOURNAL NAME:
Open Journal of Business and Management,
Vol.14 No.5,
September
16,
2026
ABSTRACT: With the advent of the digital economy era, data assetization has become an important driver of corporate value creation. Based on information asymmetry theory and dynamic capabilities theory, this paper examines the impact of data assetization on the cost of equity capital and its underlying mechanisms. Using data from listed companies in China from 2011 to 2023, this study employs a two-way fixed effects model for empirical testing. The findings reveal that data assetization significantly reduces the cost of equity capital by improving the corporate information environment and enhancing technological innovation. Moreover, the level of digital financial development in the region where the firm is located plays a significant positive moderating role. Further analysis shows that the inhibitory effect of data assetization on the cost of equity capital is more pronounced in non-state-owned enterprises and firms with high operating risk. Therefore, enterprises and the government should work together to promote data assetization by enhancing transparency and improving the market, thereby jointly reducing the cost of equity capital.