数据要素市场化如何驱动企业数字化转型?

How does data factor marketization drive the digital transformation of enterprises?

数据是企业数字化转型的核心驱动要素。将各地数据交易平台的建立作为数据要素市场化的准自然实验,基于2011—2021年中国上市公司数据,采用渐进式双重差分模型考察了数据要素市场化对企业数字化转型的影响。研究发现:数据要素市场化有效驱动了企业数字化转型,并且随着企业数字化转型的不断深入,这种驱动效果呈现边际递减特征。机制分析表明数据要素市场化主要通过成本节约效应、融资约束效应以及技术创新效应等渠道间接驱动企业数字化转型。异质性检验结果表明,数据要素市场化对所在地区产权保护水平、人才集聚水平以及科技支持力度较强的企业驱动效果更为显著;相比较于国有企业、成熟期和衰退期企业、制造业企业以及非高技术企业,数据要素市场化更能助推非国有企业、初创期企业、服务业企业以及高技术企业的数字化转型。研究结论不仅拓展了企业数字化转型驱动因素的相关研究,也为政府深入推进数据要素市场化改革提供了政策指向。

Data is the core driving factor of digital transformation among enterprises.The establishment of data trading platforms in different regions is taken as a quasi⁃natural experiment of data factor marketization.Based on the data of Chinese listed companies from 2011 to 2021,the impact of data factor marketization on enterprises'digital transformation is investigated through the use of a progressive differential model.Adopting this approach,it is found that the marketization of data elements effectively drives enterprises'digital transformation,and with the continuous deepening of enterprises'digital transformation,this driving effect presents the feature of diminishing marginal effect.Mechanism analysis,meanwhile,reveals that the marketization of data factors indirectly drives enterprises'digital transformation through the cost⁃saving effect,financing constraint effect,and technological innovation effect.Furthermore,the heterogeneity test results show that the marketization of data factors has a more significant driving effect on the enterprises with stronger property rights protection level,talent agglomeration level,and scientific and technological support.Compared with state⁃owned enterprises,mature and declining enterprises,manufacturing enterprises and non⁃high⁃tech enterprises,data factor marketization can better promote the digital transformation of non⁃state⁃owned enterprises,early⁃stage enterprises,service enterprises,and high⁃tech enterprises.This conclusion not only expands the relevant research on the driving factors of enterprise digital transformation;it also provides policy direction for the government to further promote the market⁃oriented reform of data factors.