数据要素市场化能抑制企业投资“羊群行为”吗?——基于数据交易平台设立的准自然实验  

Can the Marketization of Data Elements Inhibit the"Herd Behavior"of Enterprise Investment?——A Quasi-Natural Experiment Based on the Establishment of a Data Trad⁃ing Platform

作　　者：陈晔婷 柴艺 黄曾媛 刘金涛 Chen Yeting;Chai Yi;Huang Zengyuan;Liu Jintao(School of Economics,Yunnan Normal University,Kunming 650000,Yunnan,China)

机构地区：[1]云南师范大学经济学院,云南昆明650000

出　　处：《金融发展研究》2025年第3期37-48,共12页Journal Of Financial Development Research

基　　金：国家社会科学基金青年项目“中国—东盟跨境数据共享机制研究”(22CGJ036);云南省数字金融开发与管理重点实验室一般项目“绿色金融赋能乡村振兴效果的实证研究”(SZJRYB200403)。

摘　　要：数据要素作为数字经济时代的关键生产要素,已全面融入经济价值创造中,成为经济增长的新引擎。基于2011—2022年沪深A股上市公司数据,将数据交易平台设立视为准自然实验,构建双重差分模型研究数据要素市场化对企业投资决策行为的影响。研究发现:第一,数据要素市场化能有效抑制企业投资“羊群行为”,且经过一系列稳健性检验和内生性检验后该结论仍成立;第二,数据要素市场化可以通过提高信息分散程度、提升信息质量和缓解信息不对称来改善企业投资行为;第三,数据要素市场化对企业投资“羊群行为”的抑制作用在投资经验缺乏和处在竞争激烈行业的企业中更为显著。研究结论丰富了数据要素市场化的相关研究,为企业把握数字经济发展机遇和提升决策能力提供新的理论释义和现实依据。The data element,as a key production factor in the era of digital economy,has been fully integrated into economic value creation and has become a new engine of economic growth.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2022,the establishment of data trading platform is regarded as a quasi-natural experiment,and a double-difference model is constructed to study the impact of data factor marketization on the behavior of corporate investment decision-making.The study finds that,firstly,the marketization of data factors can effectively inhibit the"herd behavior"of enterprise investment,and this conclusion still holds after a series of robustness tests and endogeneity tests;second,data factor marketization can improve enterprise investment behavior by increasing the degree of information dispersion,improving information quality and alleviating information asymmetry;third,the inhibitory effect of data factor marketization on enterprise investment"herd behavior"is more significant in enterprises that lack investment experience and are in highly competitive industries.The conclusions of the study enrich the research related to the marketization of data elements,and provide new theoretical interpretations and practical basis for enterprises to grasp the opportunities of the development of digital economy and improve their decisionmaking ability.

关 键 词：数据要素市场化 “羊群行为” 信息经济 公司治理 企业投资 

分 类 号：F830[经济管理—金融学]