Information asymmetry significantly influences the investment and financing decisions of tourism firms. This study extends signaling theory by introducing data assets as a novel signal to alleviate the maturity mismatch between the investment and financing. Using panel data from 2011 to 2022 of tourism firms listed on the China Stock Exchange, we conduct an empirical analysis using a fixed-effects model. The results indicate that data assets significantly mitigate the investment and financing maturity mismatch in tourism firms. This effect is more pronounced in regions with stronger bank competition and among firms with fewer collateral assets. These findings highlight the role of data assets as effective financial signals in the digital era, offering a new perspective on financing strategies in the tourism industry. Furthermore, this study expands the application of signaling theory and enriches the understanding of how digital resources can influence financial decision-making in tourism firms.
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