Abstract：

Data assets, as an emerging factor of production, are profoundly changing a firm's capital structure, business model, and way of thinking. This paper uses data from Chinese A-share listed companies from 2013 to 2023 as a sample to investigate the direction and path through which data capitalization affects term mismatch in corporate investment and financing. The study finds that data capitalization reduces the level of term mismatch in corporate investment and financing. Mechanism analysis shows that data capitalization alleviates term mismatch in corporate investment and financing by enhancing a firm's ability to obtain long-term funds and improving resource utilization efficiency.

Key Words：

data capitalization; term mismatch in investment and financing; corporate financing; resource utilization efficiency