Data asset information disclosure and corporate default risk: causal evidence from double-debiased machine learning

We investigate the influence of data asset information disclosure on corporate default risk via the double-debiased machine learning approach. Based on Chinese listed firms between 2010 and 2023, we demonstrate that greater disclosure significantly reduces the probability of default. This result remains robust across a range of rigorous checks. Mechanism analysis suggests that disclosure lowers default risk by reducing internal costs and enhancing information transparency. Heterogeneity analysis further shows that the effect is more significant among state-owned and high-tech enterprises.