Data-Driven Financial Strategy Transformation: The Impact of Corporate Data Capital Utilization on The Level of Financial Asset Allocation

This paper empirically investigates the impact of corporate data capital utilization on the level of financial asset allocation and its underlying mechanisms, based on a sample of listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2021. The study finds that the level of corporate data capital utilization has a significant positive effect on the level of financial asset allocation, a conclusion that remains robust after conducting various methods of robustness checks. Mechanism analysis indicates that operational acumen positively moderate the relationship between data capital utilization and the level of financial asset allocation. Heterogeneity analysis reveals that the positive impact of corporate data capital utilization on financial asset allocation is more significant in companies located in central regions, non-state-owned enterprises, and companies with high ESG ratings. This research provides insights for promoting the transformation of corporate financial strategies and optimizing the structure of asset allocation.