数据要素市场化对企业数字创新的影响研究  

Impact of Data Factor Marketization on Enterprises’Digital Innovation

作　　者：舒浩 别奥 李红萍 SHU Hao;BIE Ao;LI Hongping(School of Economics and Management,Anhui Agricultural University,Hefei 230036,China;School of Business,East China University of Science and Technology,Shanghai 200237,China)

机构地区：[1]安徽农业大学经济管理学院,合肥230036 [2]华东理工大学商学院,上海200237

出　　处：《商业研究》2025年第2期118-128,共11页Commercial Research

基　　金：国家自然科学基金青年基金项目“‘区块链+’信贷融资中信用保险的机制设计与应用研究”,项目编号:72101003;教育部人文社会科学研究青年项目“‘双碳’视阈下的企业碳风险研究:指标测度、投资决策后果及管治策略”,项目编号:24YJC790149;安徽农业大学人才科研资助项目“碳风险与企业资本结构:测度方法、影响机制和效果评估”,项目编号:rc402405。

摘　　要：数据要素作为数字经济时代的基础性和战略性资源,其市场化配置能否促进企业数字创新,进而驱动新质生产力发展引发了学术界和实务界的高度关注。本文以各地成立数据交易平台作为数据要素市场化的准自然实验,采用2010—2022年沪深A股上市公司数据,通过构建多期DID模型考察数据要素市场化对企业数字创新的影响。研究发现:数据要素市场化促进了企业数字创新,缓解企业融资约束、节约企业成本和优化企业人力资本结构等是数据要素市场化促进企业数字创新的主要作用渠道。异质性分析发现,数据要素市场化对数字创新的促进作用在非国有企业、技术密集型企业、自主式创新型企业以及位于经济发达地区、数字经济发展支持度高的地区和数据开放高水平地区的企业中更为显著。Data is fundamental and strategic resources in the digital economy.Can data factor marketization promote enterprises’digital innovation and drive the development of new quality productivity has become a topic of concern in academic and practice.The study takes the establishment of data trading platforms in different regions as a quasi-natural experiment of data factor marketization,and examines the impact of data factor marketisation on enterprises’digital innovation by using a multi-temporal difference-in-difference model based on the data from companies listed on Shanghai’s and Shenzhen’s A-share markets between 2010 to 2022.The empirical evidence shows that data factor marketisation can promote corporate digital innovation,and reducing financing constraints,saving costs of firms and optimizing human capital structure are the main channels.Heterogeneity analysis finds that data factor marketisation promotes digital innovation is particularly evident in SOEs,technology-intensive firms and autonomous innovation firms,and in firms located in areas with economically developed,high support levels for the development of the digital economy and high levels of data openness.

关 键 词：数据要素市场化 企业数字创新 融资约束 企业成本 人力资本结构 

分 类 号：F832.51[经济管理—金融学] F272.3