“锦上添花”还是“雪中送炭”——数据要素对股票流动性的区域异质性影响

“Icing on the Cake”or“Help in Need”——Regional Heterogeneity of Data Elements'Impact on Stock Liquidity

基于2015—2023年2 687家沪深A股上市公司的10 493条面板数据进行实证分析,探究企业数据要素对其股票流动性的影响以及企业所在区域数据要素环境水平对该影响的调节作用。结果表明,企业数据要素能力的提升对其资本市场表现有显著正向影响,且随着企业所在区域数据要素环境水平的提升,企业数字化转型对其资本市场表现的促进作用会增强,数据要素的“锦上添花”效应高于“雪中送炭”效应。研究对政府促进新质生产力发展顶层设计和企业数据要素化高质量发展具有一定参考意义。

Based on a panel dataset of 10493 observations from 2687 A-share listed companies in Shanghai and Shenzhen between 2015 and 2023,this paper conducted an econometric analysis to investigate the impact of corporate data elements on stock liquidity,and the moderating effect of the regional data element environment level on this impact.The results showed that,enhancements in corporate data capabilities had a significantly positive effect on their market performance.Furthermore,as the level of the regional data element environment in which a company operated has improved,the facilitating effect of the firm's digital transformation on its market performance has also been augmented,indicating that the"icing on the cake"effect of data elements outweighed the"help in need"effect.This study provided valuable insights for the top-level design of fostering the development of new forms of productive forces,and guiding corporations toward high-quality development through the leveraging of data elements.