数据要素参与对企业资本配置效率的影响研究

Research on the Influence of Data Factor Participation on Enterprises′Capital Allocation Efficiency

数据要素在产业间的深度融合将深刻改变要素市场的运行机制与逻辑。文章实证考察数据要素参与对企业资本配置效率的影响及其作用机制。研究发现:数据要素参与对制造企业资本配置效率呈现出显著的“U”型非线性影响,即当数据要素参与上升到适度阶段,其对企业资本配置效率的影响才转变为促进效应。进一步,仅从生产要素属性看,无论是国内数据要素参与还是国外数据要素参与,两者对企业资本配置效率的影响并无二致。机制检验表明,信息效应和资源效应是导致数据要素参与对企业资本配置效率产生“U”型影响的机制。其中,信息效应会同时影响“U”型关系的顶点和曲率,随着信息不对称程度增加,“U”型关系变强,并且顶点右移;而资源效应则影响“U”型关系的曲率,当企业融资约束程度较强时,“U”型关系变强。异质性分析发现,随着企业所有制类型、企业生命周期、行业要素密集度和地区市场化程度的不同,数据要素参与对资本配置效率“U”型关系拐点呈现出显著差异,民营企业、初创期企业、技术密集型行业、高市场化程度区域企业进入数据要素参与“适度区间”的阈值相对更低。

The deep integration of data factor among industries will profoundly change the operation mechanism and logic of factor markets.This paper empirically examines the impact of data factor participation on enterprises'capital allocation efficiency and its mechanism.It is found that:data factor participation has a significant‘U’-shaped non-linear effect on the capital allocation efficiency of manufacturing enterprises.This indicates that only when data factor participation rises to a moderate stage does its impact on the efficiency of firms'capital allocation turn into a facilitating effect.Further,only from the perspective of production factor attributes,whether it is domestic data factor participation or foreign data factor participation,there is no difference in the impact of both on the efficiency of enterprises'capital allocation.The mechanism test shows that the information effect and the resource effect are the mechanisms that lead to the‘U’shaped impact of data factor participation on the capital allocation efficiency of enterprises.Among them,the information effect affects both the apex and curvature of the‘U’-shaped relationship,and as the degree of information asymmetry increases,the‘U’-shaped relationship becomes stronger and the apex shifts to the right;while the resource effect affects the curvature of the‘U’relationship,and the resource effect affects the‘U’-shaped relationship,and the resource effect affects the‘U’-shaped relationship.The resource effect affects the curvature of the‘U’-shaped relationship,and the‘U’-shaped relationship becomes stronger when the degree of corporate financing constraints is stronger.Heterogeneity analysis reveals that the inflection point of the‘U’shape of data factor participation on capital allocation efficiency varies significantly with the type of enterprise ownership,enterprise life cycle,industry factor intensity,and degree of regional marketisation,with private enterprises,start-ups,technology-intensive industries,and highly marketised enterprises having relatively lower thresholds for entering the‘moderate zone’of data factor participation to improve capital allocation efficiency.