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随着数据成为数字时代的新型生产要素，数据安全已成为驱动数字经济发展和供应链安全管控的关键支撑。基于2009—2023年沪深A股上市公司数据，构造企业数据安全治理指数，在验证该指数有效性的基础上，实证考察数据安全治理对商业信用融资的影响。研究发现，企业数据安全治理正向影响商业信用融资。异质性分析表明，这一正向影响在非国有企业、非成熟期和高国际化水平的样本中更显著。机制检验发现，企业数据安全治理可通过降低违约风险和提高供应链信任度双重渠道有效提高商业信用融资。同时，供应链数据依赖度和数据安全规范性会增强数据安全治理的融资效应。进一步研究还发现，数据安全治理能够通过提升商业信用融资进一步赋能供应链韧性提升。基于此，建议政府部门持续健全数据安全治理的政策法规，引导企业立足自身实际强化数据安全治理，将数据安全优势转化为融资优势，为数字经济背景下供应链韧性提升注入新动力。
Abstract：As data has become a new type of production factor in the digital era,data security has become a key driving force for the development of China' s digital economy and the security management and control of supply chains.Based on the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2023,this paper constructs a corporate data security governance index.On the basis of verifying the validity of this index,it examines the impact of data security governance on trade credit financing.The results show that corporate data security governance has a positive impact on trade credit financing.Heterogeneity analysis indicates that this positive impact is more significant in samples of non-state-owned enterprises,non-mature enterprises,and enterprises with a high level of internationalization.Mechanism tests reveal that corporate data security governance improves trade credit financing through two channels:reducing default risks and enhancing supply chain trust.Meanwhile,the degree of supply chain data dependence and the standardization of data security can strengthen the financing effect of data security governance.Further research finds that data security governance can further empower the improvement of supply chain resilience by enhancing trade credit financing.Based on these findings,this study suggests that government should further improve policies and regulations related to data security governance,guide enterprises to strengthen data security governance in light of their actual conditions,transform data security into a financing advantage,and inject new impetus into the improvement of supply chain resilience in the digital economy.
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(1)软件和信息技术服务业企业本身更关注数据安全，经笔者统计，该行业数据安全治理水平普遍较高。这种特殊性可能使该行业成为异常值，影响数据分布和模型稳定性。因此，本文在研究设计中剔除这部分观测值，并在稳健性检验中加入该行业观测值重新回归，结果一致。
基本信息:
中图分类号:F275;F279.2;F49
引用信息:
[1]李旭思,马晨.“安全感”的价值：企业数据安全治理与商业信用融资[J].金融经济学研究().
基金信息:
国家社会科学基金后期资助项目（24FGLB067）
2026-05-12
2026-05-12
2026-05-12