数据要素市场化对企业投资效率的影响研究——基于技术创新机制的实证分析  

Research on the Impact of Data Factor Marketization on Corporate Investment Efficiency:An Empirical Analysis Based on Technological Innovation Mechanisms

作　　者：谢磊[1,2] 舒巧峰 XIE Lei;SHU Qiaofeng(Guilin University of Technology;School of Foreign Languages and International Business,Guilin University of Aerospace Technology)

机构地区：[1]桂林理工大学 [2]桂林航天工业学院外语外贸学院

出　　处：《金融经济》2025年第1期51-61,共11页Finance Economy

基　　金：国家社科基金一般项目“数字贸易对中国产业转型升级的影响机理和路径研究”(21BTJ060)。

摘　　要：数字经济时代,数据要素已成为企业高质量投资的核心驱动力。本文以我国数据交易平台的兴起作为准自然实验背景,利用2011—2023年中国A股上市公司数据,应用渐进式双重差分法评估数据要素市场化对企业投资效率的影响及其作用机制。研究发现,数据要素市场化能显著提升企业投资效率,展现投资优化与治理效能。进一步的机制检验表明,数据要素市场化通过激励企业加大技术创新投入,间接促进了投资效率的提升。异质性检验显示,高新技术企业、大规模企业、东部地区企业及国有企业在数据要素市场化进程中受益更为显著。本文深化了对企业投资效率影响因素的探讨,为政府推进数据要素市场化改革提供了有益参考。In the era of the digital economy,data factors have become a core driver of high-quality corporate investment.This study takes the rise of data trading platforms in China as a natural experimental setting and uses data from A-share listed companies in China from 2011 to 2023 to evaluate the impact of data factor marketization on corporate investment efficiency and its mechanisms using a progressive difference-in-differences approach.The findings reveal that data factor marketization significantly enhances corporate investment efficiency,demonstrating the efficacy of investment optimization and governance.Further mechanism tests indicate that data factor marketization indirectly promotes investment efficiency by incentivizing enterprises to increase technological innovation investments.Heterogeneity tests show that high-tech enterprises,large-scale enterprises,enterprises in the eastern region,and state-owned enterprises benefit more significantly from the process of data factor marketization.This study not only deepens the exploration of factors influencing corporate investment efficiency but also provides valuable insights for governments promoting data factor marketization reforms.

关 键 词：数字经济 数据要素市场化 数据交易平台 技术创新 企业投资效率 

分 类 号：F49[经济管理—产业经济] F27