数据交易平台建设何以促进企业技术创新“增量提质”?——基于市场主体之间的信息不对称  

How does the construction of data trading platforms promote the quantity and quality of firms technological innovation?Based on information asymmetry between market entities

作　　者：虞涛 王兰芳 YU Tao;WANG Lanfang(School of Management,Shanghai University,Shanghai 200444,China;SILC Business School,Shanghai University,Shanghai 201800,China)

机构地区：[1]上海大学管理学院,上海200444 [2]上海大学悉尼工商学院,上海201800

出　　处：《产业经济研究》2025年第1期114-128,共15页Industrial Economics Research

基　　金：国家社会科学基金一般项目(20BGL048);国家自然科学基金青年项目(72202130);上海市哲学社会科学规划课题(2023EJB003)。

摘　　要：数据交易平台建设是数据要素市场化配置改革的重要举措,通过数据要素的流通与交易赋能微观企业高质量创新是形成新质生产力的关键。从政府、企业、投资者等市场主体之间的信息不对称问题出发,选取2010—2022年中国上市企业作为研究样本,运用多时点双重差分法,检验数据交易平台建设对企业技术创新数量和质量的影响及其机制。研究发现,数据交易平台建设能够实现企业技术创新的“增量提质”,这一结论通过了平行趋势与动态效应、异质性处理效应、安慰剂、工具变量等一系列稳健性检验。机制检验发现,数据交易平台建设促进技术创新的原因在于政策不确定性感知的降低、研发合作的加强以及会计信息质量的提高。异质性分析发现,对于技术密集型行业、金融发展水平较低的地区以及董事网络位置较低的企业,数据交易平台建设对技术创新的促进作用更为显著。上述结论不仅回答了数据交易平台如何缓解“政府-企业”“企业-企业”“企业-投资者”三类市场主体关系之间的信息不对称问题,实现数据赋能创新的作用,还为政府推动数据要素市场化配置改革提供宝贵的政策参考依据。The construction of data trading platforms is an important measure to achieve the market-oriented allocation of data elements.Promoting firms high-quality innovation through the circulation and trading of data elements is key to fostering new quality productive forces.This paper focuses on information asymmetry among market entities such as the government,enterprises,and investors using a sample of Chinese listed firms from 2010 to 2022 and a staggered difference-in-differences regression model to examine the impact of constructing data trading platforms on the quantity and quality of firm s technological innovation and the mechanism for this effect.We find that the construction of data trading platforms promotes the quantity and quality of firms technological innovation.This conclusion holds after a series of robustness tests including parallel trends and dynamic effects,heterogeneous treatment effects,placebo tests,and instrumental variable tests.Furthermore,the mechanism analysis shows that the impact of constructing data trading platforms on firm s technological innovation is partly attributable to the reduction of perceived policy uncertainty,strengthened R&D cooperation,and the improved quality of accounting information.Lastly,the heterogeneity analysis shows that the positive effect on firm s technological innovation is more pronounced in firms belonging to technology-intensive industries,firms located in regions with low levels of financial development,and firms with a low director-network location.The above findings answer the question of how data trading platforms can alleviate the information asymmetry in government-firm,firm-firm and firm-investor relationships to realize the role of data in driving innovation and provide a valuable policy reference for the government to promote the market-oriented allocation of data elements.

关 键 词：数据交易平台 企业技术创新 信息不对称 政策不确定性感知 研发合作 会计信息质量 

分 类 号：F062.9[经济管理—政治经济学]