Data Utilization and Corporate Value Creation: An Investment and Financing Perspective

Data have become a strategic resource for firms seeking to strengthen competitiveness and create value in the digital economy. Using panel data from Chinese A-share listed companies between 2010 and 2024, this study examines whether and how data utilization enhances corporate value creation from an investment and financing perspective. The results show that data utilization significantly enhances corporate value creation, and the findings remain robust after addressing endogeneity and conducting various robustness checks. Mechanism analyses indicate that data utilization creates value by improving investment efficiency, reducing financing costs, and better aligning the maturities of investment and financing. Further analysis reveals nonlinear heterogeneity across firms with different efficiency levels. More efficient firms capture greater returns from data utilization, whereas less efficient firms face capability constraints, although marginal returns diminish at the highest efficiency levels. This nuanced pattern is consistent with a “rich get richer” effect. These findings extend understanding of how data resources contribute to corporate value creation and provide practical implications for corporate data strategies and government policies aimed at promoting high-quality development in the digital economy.